# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0000940400-25-005168
**Filing Date:** 2025-10
**Character Count:** 335253
**Document Hash:** 2e46ce9a1d679cde14824591a8e8b67f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005168.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000940400-25-005168

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET FUNDS INC
- **CENTRAL INDEX KEY:** 0000863520

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06110
- **FILM NUMBER:** 251412378

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-454-2760

**MAIL ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **STREET 2:** 7TH FLOOR
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LM INSTITUTIONAL FUND ADVISORS I INC
- **DATE OF NAME CHANGE:** 19980818

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN ASSET TRUST INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Western Asset High Yield Fund (Series ID: S000000716)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002086 | Class I      | WAHYX           |
| C000066991 | Class IS     | WAHSX           |
| C000113710 | CLASS A      | WAYAX           |
| C000113711 | CLASS C      | WAYCX           |
| C000113712 | CLASS R      | WAYRX           |

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** | **Corporate Bonds & Notes — 82.5%** |
| **Communication Services — 12.0%** | **Communication Services — 12.0%** | **Communication Services — 12.0%** | **Communication Services — 12.0%** | **Communication Services — 12.0%** |
| *Diversified Telecommunication Services — 1.7%* | *Diversified Telecommunication Services — 1.7%* | *Diversified Telecommunication Services — 1.7%* | *Diversified Telecommunication Services — 1.7%* | *Diversified Telecommunication Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; $277971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1111110<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 371,526<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 317,873<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 701785<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 652300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 319000<br>| &nbsp;&nbsp;&nbsp; 303466<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252489<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *3988520* |
| *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 568750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 679085<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 458062<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 713185<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 378000<br>| &nbsp;&nbsp;&nbsp; 326450<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1780000<br>| &nbsp;&nbsp;&nbsp; 1200726<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *3946258* |
| *Media — 6.9%* | *Media — 6.9%* | *Media — 6.9%* | *Media — 6.9%* | *Media — 6.9%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 416640<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 454844<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; 4140000<br>| &nbsp;&nbsp;&nbsp; 3597815<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 425484<br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 498172<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129450<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 437687<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 148753<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1017273<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 793420<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 1325000<br>| &nbsp;&nbsp;&nbsp; 1427244<br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 459036<br>| &nbsp;&nbsp;&nbsp; 453372<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQM Midstream Partners LP, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1187000<br>| &nbsp;&nbsp;&nbsp; 1155307<br>|
| &nbsp;&nbsp;&nbsp; EW Scripps Co., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 479914<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 64106<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 382239<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 492942<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 51632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 192000<br>| &nbsp;&nbsp;&nbsp; 146395<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McClatchy Media Co. LLC, Senior Secured Notes (11.000% Cash or 12.500% <br> PIK) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 1791666<br>| &nbsp;&nbsp;&nbsp; 1999947<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 550509<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 400413<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; $183114<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *15706672* |
| *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp;&nbsp; 1624618<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 386643<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 824821<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 424290<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 589514<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *3849886* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **27491336** |
| **Consumer Discretionary — 16.1%** | **Consumer Discretionary — 16.1%** | **Consumer Discretionary — 16.1%** | **Consumer Discretionary — 16.1%** | **Consumer Discretionary — 16.1%** |
| *Automobile Components — 2.2%* | *Automobile Components — 2.2%* | *Automobile Components — 2.2%* | *Automobile Components — 2.2%* | *Automobile Components — 2.2%* |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 291750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1086511<br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 591002<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 217282<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 617309<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1054722<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/14/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 328801<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 854072<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *5041449* |
| *Automobiles — 1.7%* | *Automobiles — 1.7%* | *Automobiles — 1.7%* | *Automobiles — 1.7%* | *Automobiles — 1.7%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1286426<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 813389<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; 2320000<br>| &nbsp;&nbsp;&nbsp; 1841973<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *3941788* |
| *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education Inc., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 438000<br>| &nbsp;&nbsp;&nbsp; 436521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carriage Services Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 519374<br> <sup>(a)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *955895* |
| *Hotels, Restaurants & Leisure — 8.6%* | *Hotels, Restaurants & Leisure — 8.6%* | *Hotels, Restaurants & Leisure — 8.6%* | *Hotels, Restaurants & Leisure — 8.6%* | *Hotels, Restaurants & Leisure — 8.6%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 500360<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 269033<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 656518<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 466252<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 533400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1798176<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 220019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1149769<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71686<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1351188<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 500656<br>|
| &nbsp;&nbsp;&nbsp; Life Time Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 323604<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marston's Issuer PLC, Secured Notes (SONIA + 2.669%) | &nbsp;&nbsp; 6.738% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 1232000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 1465351<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 357862<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

 **Western Asset High Yield 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; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/17/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; $573037<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 484023<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp;&nbsp; 1735411<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; 580000<br>| &nbsp;&nbsp;&nbsp; 589630<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 454390<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 646755<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 187795<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500391<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 795881<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1530805<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 391000<br>| &nbsp;&nbsp;&nbsp; 391599<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 49000<br>| &nbsp;&nbsp;&nbsp; 48747<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 569150<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/26/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 268662<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219717<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 937027<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *19796894* |
| *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 888514<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 328050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 334527<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *1551091* |
| *Specialty Retail — 2.3%* | *Specialty Retail — 2.3%* | *Specialty Retail — 2.3%* | *Specialty Retail — 2.3%* | *Specialty Retail — 2.3%* |
| &nbsp;&nbsp;&nbsp; Foot Locker Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 881608<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198436<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; 1360590<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1175445<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 571190<br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1089501<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *5276770* |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Second Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 388800<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Third Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp;&nbsp; 8730<br> <sup>(a)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *397530* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **36961417** |
| **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** | **Consumer Staples — 0.4%** |
| *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings Inc./Triton Water Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *382985*<br> <sup>(a)</sup><br>|
| *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./<br> Simmons Feed Ingredients Inc., Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *461457*<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **844442** |
| **Energy — 9.7%** | **Energy — 9.7%** | **Energy — 9.7%** | **Energy — 9.7%** | **Energy — 9.7%** |
| *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 569923<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* | *Energy Equipment & Services — continued* |
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; $888055<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1457978* |
| *Oil, Gas & Consumable Fuels — 9.1%* | *Oil, Gas & Consumable Fuels — 9.1%* | *Oil, Gas & Consumable Fuels — 9.1%* | *Oil, Gas & Consumable Fuels — 9.1%* | *Oil, Gas & Consumable Fuels — 9.1%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp; 1422935<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 903105<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 579062<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19932<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1502940<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 11/3/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52366<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 446524<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 <br> mo. USD LIBOR + 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169325<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/15/48 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1271013<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 459140<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 589839<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term <br> SOFR + 5.750%) | &nbsp;&nbsp; 10.051% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1229730<br>| &nbsp;&nbsp;&nbsp; 1211284<br> <sup>(a)(e)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 756152<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193674<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500463<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 272000<br>| &nbsp;&nbsp;&nbsp; 296144<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1006312<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40771<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; 150000<br>| &nbsp;&nbsp;&nbsp; 153694<br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 842044<br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 224515<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 177791<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 229566<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 278363<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 453479<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 573124<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 151543<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 <br> then 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1619685<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1318300<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; 280000<br>| &nbsp;&nbsp;&nbsp; 307299<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; 90000<br>| &nbsp;&nbsp;&nbsp; 100267<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; 1820000<br>| &nbsp;&nbsp;&nbsp; 1911136<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 987609<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *20749396* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **22207374** |
| **Financials — 11.5%** | **Financials — 11.5%** | **Financials — 11.5%** | **Financials — 11.5%** | **Financials — 11.5%** |
| *Banks — 2.7%* | *Banks — 2.7%* | *Banks — 2.7%* | *Banks — 2.7%* | *Banks — 2.7%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Junior Subordinated Notes (9.625% to 11/21/33 then <br> 5 year Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 945019<br> <sup>(e)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

 **Western Asset High Yield 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; Bank of Nova Scotia, Junior Subordinated Notes (8.000% to 1/27/29 then 5 <br> year Treasury Constant Maturity Rate + 4.017%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/27/84 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; $469946<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year <br> Treasury Constant Maturity Rate + 4.899%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/16/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 736910<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (8.000% to 8/22/31 then 5 year <br> Treasury Constant Maturity Rate + 3.727%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/22/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 255416<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 214202<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (7.200% to 5/15/29 then 5 year <br> Treasury Constant Maturity Rate + 2.905%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 681117<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 then <br> 5 year Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 329463<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (6.750% to 6/27/26 <br> then 5 year Treasury Constant Maturity Rate + 4.815%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/27/26 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 293084<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 <br> then 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1044331<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Junior Subordinated Notes (7.250% to 7/31/29 then <br> 5 year Treasury Constant Maturity Rate + 2.977%) | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/31/84 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 489450<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to 10/31/27 <br> then 5 year Treasury Constant Maturity Rate + 4.075%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 10/31/82 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 760062<br> <sup>(e)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *6219000* |
| *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then <br> 10 year Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 412009<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 627021<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4040000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 390860<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 507738<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.000% to 8/10/30 then USD 5 <br> year SOFR ICE Swap Rate + 3.077%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 427104<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5 <br> year SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 224518<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.750% to 4/12/31 then USD 5 <br> year SOFR ICE Swap Rate + 4.160%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 4/12/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 235452<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year <br> Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 571188<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%) | &nbsp;&nbsp; 9.016% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 510819<br> <sup>(a)(e)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3906709* |
| *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* |
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 127739<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 529495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 488300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 349226<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 371342<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *1866102* |
| *Financial Services — 4.3%* | *Financial Services — 4.3%* | *Financial Services — 4.3%* | *Financial Services — 4.3%* | *Financial Services — 4.3%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 544456<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 764325<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield 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; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; $472069<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 788665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 251500<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 411000<br>| &nbsp;&nbsp;&nbsp; 397233<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; 1350000<br>| &nbsp;&nbsp;&nbsp; 1411328<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; 320000<br>| &nbsp;&nbsp;&nbsp; 321709<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; 30000<br>| &nbsp;&nbsp;&nbsp; 31020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 737774<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 607479<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 345985<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1308205<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 411273<br>| &nbsp;&nbsp;&nbsp; 365615<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 379124<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 222527<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114476<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 857555<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *9921045* |
| *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 215624<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 571124<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 342543<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1129291* |
| *Mortgage Real Estate Investment Trusts (REITs) — 1.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.5%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 558073<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 552021<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 88582<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1020586<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 220333<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 927507<br> <sup>(a)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *3367102* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26409249** |
| **Health Care — 7.0%** | **Health Care — 7.0%** | **Health Care — 7.0%** | **Health Care — 7.0%** | **Health Care — 7.0%** |
| *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 416196<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 422784<br> <sup>(a)</sup><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; 590000<br>| &nbsp;&nbsp;&nbsp; 606841<br> <sup>(a)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1445821* |
| *Health Care Providers & Services — 3.6%* | *Health Care Providers & Services — 3.6%* | *Health Care Providers & Services — 3.6%* | *Health Care Providers & Services — 3.6%* | *Health Care Providers & Services — 3.6%* |
| &nbsp;&nbsp;&nbsp; Akumin Inc., Senior Secured Notes (8.000% Cash or 9.000% PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 283598<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1026806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 43177<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 726789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1409110<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; $861932<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/95 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 728458<br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1506789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 121399<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1157632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 343000<br>| &nbsp;&nbsp;&nbsp; 303555<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *8169245* |
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *314194*<br> <sup>(a)</sup><br>|
| *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* | *Pharmaceuticals — 2.7%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1195018<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 463574<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 756000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 320784<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co. I Sarl/Endo US Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 402132<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 449000<br>| &nbsp;&nbsp;&nbsp; 446738<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 218524<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 739286<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 1490000<br>| &nbsp;&nbsp;&nbsp; 1522696<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *6064752* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **15994012** |
| **Industrials — 12.7%** | **Industrials — 12.7%** | **Industrials — 12.7%** | **Industrials — 12.7%** | **Industrials — 12.7%** |
| *Aerospace & Defense — 1.7%* | *Aerospace & Defense — 1.7%* | *Aerospace & Defense — 1.7%* | *Aerospace & Defense — 1.7%* | *Aerospace & Defense — 1.7%* |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 834128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 226583<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 113983<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 302102<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1056000<br>| &nbsp;&nbsp;&nbsp; 1114647<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 679525<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 145756<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 240030<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 309283<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *3966037* |
| *Building Products — 1.3%* | *Building Products — 1.3%* | *Building Products — 1.3%* | *Building Products — 1.3%* | *Building Products — 1.3%* |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 235307<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 518481<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 711727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 384360<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1135174<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *2985049* |
| *Commercial Services & Supplies — 3.1%* | *Commercial Services & Supplies — 3.1%* | *Commercial Services & Supplies — 3.1%* | *Commercial Services & Supplies — 3.1%* | *Commercial Services & Supplies — 3.1%* |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 <br> Sarl, Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 342377<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; Clean Harbors Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; $451207<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 157000<br>| &nbsp;&nbsp;&nbsp; 154413<br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1270858<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1345725<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 317469<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 606206<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 554859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 262710<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reworld Holding Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 329000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1013665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 517887<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *7166376* |
| *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* | *Construction & Engineering — 1.6%* |
| &nbsp;&nbsp;&nbsp; AECOM, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 857934<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 365387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Empire Communities Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1092738<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1247039<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *3563098* |
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Gates Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *333118*<br> <sup>(a)</sup><br>|
| *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1094168<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; XPO CNW Inc., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 376871<br>|
| &nbsp;&nbsp;&nbsp; XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 314867<br> <sup>(a)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *1785906* |
| *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* |
| &nbsp;&nbsp;&nbsp; ATS Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 574429<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 545616<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 722663<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 487019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 521532<br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2851259* |
| *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* | *Marine Transportation — 0.2%* |
| &nbsp;&nbsp;&nbsp; Stena International SA, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *336872*<br> <sup>(a)</sup><br>|
| *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 636468<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1017114<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 1740000<br>| &nbsp;&nbsp;&nbsp; 1750691<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 348062<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes <br> (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 927520<br>| &nbsp;&nbsp;&nbsp; 438253<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 564000<br>| &nbsp;&nbsp;&nbsp; 555390<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *4745978* |
| *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 364497<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 430396<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; $674069<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *1468962* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **29202655** |
| **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** |
| *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1522000<br>| &nbsp;&nbsp;&nbsp; 1505639<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 682979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 312924<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 770786<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *3272328* |
| *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 452911<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 669842<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1122753* |
| *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Amentum Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 521789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 277549<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 570620<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1651257* |
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *672732*<br> <sup>(a)</sup><br>|
| *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 542625<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 599137<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 405871<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elastic NV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 366074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 329857<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Open Text Corp., Senior Secured Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 270047<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rackspace Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 694200<br>| &nbsp;&nbsp;&nbsp; 335946<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2849557* |
| *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* | *Technology Hardware, Storage & Peripherals — 0.5%* |
| &nbsp;&nbsp;&nbsp; CA Magnum Holdings, Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 10/31/26 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 537968<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 360564<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 294205<br> <sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1192737* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **10761364** |
| **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** |
| *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 564365<br>|
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 201548<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *765913* |
| *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *170498*<br> <sup>(a)</sup><br>|
| *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* |
| &nbsp;&nbsp;&nbsp; ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 2008031<br>| &nbsp;&nbsp;&nbsp; 80321<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance <br> PLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; $183688<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance <br> PLC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330274<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *594283* |
| *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 380267<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1106912<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1129523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 2308316<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; 460000<br>| &nbsp;&nbsp;&nbsp; 464833<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1420875<br>|
| &nbsp;&nbsp;&nbsp; Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 768891<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *7579617* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **9110311** |
| **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** |
| *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* |
| &nbsp;&nbsp;&nbsp; IIP Operating Partnership LP, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/25/26 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 539902<br>|
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 230917<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 559298<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 252536<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 283286<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1048680<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *2914619* |
| *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* | *Health Care REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 377164<br>|
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 790480<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *1167644* |
| *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* | *Hotel & Resort REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 888907<br>|
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 764145<br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *1653052* |
| *Real Estate Management & Development — 0.3%* | *Real Estate Management & Development — 0.3%* | *Real Estate Management & Development — 0.3%* | *Real Estate Management & Development — 0.3%* | *Real Estate Management & Development — 0.3%* |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 225331<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes, Step bond <br> (10.500% to 11/15/25 then 11.000%) | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 520543<br>| &nbsp;&nbsp;&nbsp; 525311<br> <sup>(a)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *750642* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6485957** |
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 340468<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 605264<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 531553<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 913615<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2390900* |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; $*274572*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 551968<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransAlta Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 582585<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *1134553* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3800025** |
| **Total Corporate Bonds & Notes (Cost — $188,818,198)** | **Total Corporate Bonds & Notes (Cost — $188,818,198)** | **Total Corporate Bonds & Notes (Cost — $188,818,198)** | **Total Corporate Bonds & Notes (Cost — $188,818,198)** | &nbsp;&nbsp; **189268142** |
| **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** | **Asset-Backed Securities — 7.1%** |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2021-11A E (3 mo. Term SOFR + 6.622%) | &nbsp;&nbsp; 10.939% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251444<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%) | &nbsp;&nbsp; 6.725% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 408439<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%) | &nbsp;&nbsp; 10.825% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 531497<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.800%) | &nbsp;&nbsp; 7.971% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 290725<br> <sup>(a)(e)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%) | &nbsp;&nbsp; 9.425% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 458841<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR + 3.100%) | &nbsp;&nbsp; 7.419% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 646749<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%) | &nbsp;&nbsp; 8.219% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 449997<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 7.225% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 279337<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-30A DR (3 mo. Term SOFR + 3.300%) | &nbsp;&nbsp; 7.618% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400998<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bridge Street CLO Ltd., 2025-1A D1A (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 7.175% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 246269<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.325% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371926<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%) | &nbsp;&nbsp; 6.868% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280002<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2025-35A D1A (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.822% | &nbsp;&nbsp; 7/25/36 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280671<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2018-25A D1RR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 6.960% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 301125<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2020-8A DRR (3 mo. Term SOFR <br> + 2.900%) | &nbsp;&nbsp; 7.225% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 290952<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.780% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 232434<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.506% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 319996<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2021-17A DR (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.818% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 511855<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 9.018% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 566676<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.771% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 492450<br> <sup>(a)(e)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marble Point CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.792%) | &nbsp;&nbsp; 8.117% | &nbsp;&nbsp; 1/20/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 497786<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR + 3.382%) | &nbsp;&nbsp; 7.699% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249173<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR + 3.400%) | &nbsp;&nbsp; 7.571% | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311163<br> <sup>(a)(e)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Mountain CLO Ltd., 5A D1R (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 7.475% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 321656<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.568% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 574821<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 3.400%) | &nbsp;&nbsp; 7.725% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 805973<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2014-5A DRR (3 mo. Term SOFR + 3.712%) | &nbsp;&nbsp; 8.032% | &nbsp;&nbsp; 10/13/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 299044<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2024-16A D1 (3 mo. Term SOFR + 3.300%) | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 707864<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 7.175% | &nbsp;&nbsp; 7/19/37 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 331176<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 7.275% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 463604<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2022-3A CR (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.318% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 379840<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-3A C (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 7.184% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 441998<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.325% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 541335<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAD CLO Ltd., 2023-21A D1R (3 mo. Term SOFR + 2.600%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 663297<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.071% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 471763<br> <sup>(a)(e)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2020-22A DR (3 mo. Term SOFR + 3.300%) | &nbsp;&nbsp; 7.629% | &nbsp;&nbsp; 4/18/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250686<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2021-25A D (3 mo. Term SOFR + 3.862%) | &nbsp;&nbsp; 8.187% | &nbsp;&nbsp; 4/19/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249606<br> <sup>(a)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield 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; Trestles CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.297% | &nbsp;&nbsp; 6/11/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; $329825<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.012%) | &nbsp;&nbsp; 7.329% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 426158<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2025-5A D1 (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 7.104% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 321113<br> <sup>(a)(e)</sup><br>|
| **Total Asset-Backed Securities (Cost — $16,092,486)** | **Total Asset-Backed Securities (Cost — $16,092,486)** | **Total Asset-Backed Securities (Cost — $16,092,486)** | **Total Asset-Backed Securities (Cost — $16,092,486)** | &nbsp;&nbsp; **16250264** |
| **Senior Loans — 6.0%** | **Senior Loans — 6.0%** | **Senior Loans — 6.0%** | **Senior Loans — 6.0%** | **Senior Loans — 6.0%** |
| **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** |
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%) | 10.958% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 129668<br>| &nbsp;&nbsp;&nbsp; 126936<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 748326<br> <sup>(k)(l)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *875262* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK) | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 925337<br>| &nbsp;&nbsp;&nbsp; 812562<br> <sup>(c)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Television Inc., Term Loan F (1 mo. Term SOFR + 5.250%) | 9.604% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 10600<br>| &nbsp;&nbsp;&nbsp; 10619<br> <sup>(e)(k)(l)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *823181* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1698443** |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* | *Automobile Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | 6.816% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 496256<br>| &nbsp;&nbsp;&nbsp; 497000<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR + <br> 5.262%) | 9.570% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 325550<br>| &nbsp;&nbsp;&nbsp; 311104<br> <sup>(e)(k)(l)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *808104* |
| *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education Inc., 2024 Second Repricing Term Loan (1 mo. <br> Term SOFR + 2.750%) | 7.066% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 139223<br>| &nbsp;&nbsp;&nbsp; 139570<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + 6.800%) | 11.121% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 537390<br>| &nbsp;&nbsp;&nbsp; 495407<br> <sup>(e)(k)(l)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *634977* |
| *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* |
| &nbsp;&nbsp;&nbsp; Light and Wonder International Inc., Term Loan B2 (1 mo. Term SOFR + <br> 2.250%) | 6.610% | &nbsp;&nbsp; 4/14/29 | &nbsp;&nbsp; 243792<br>| &nbsp;&nbsp;&nbsp; 244706<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Peninsula Pacific Entertainment LLC, Delayed Draw Term Loan |  | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 68210<br>| &nbsp;&nbsp;&nbsp; 68381<br> <sup>(h)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Peninsula Pacific Entertainment LLC, Term Loan B |  | &nbsp;&nbsp; 8/14/32 | &nbsp;&nbsp; 290790<br>| &nbsp;&nbsp;&nbsp; 291517<br> <sup>(h)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR + 2.000%) | 6.316% | &nbsp;&nbsp; 3/14/31 | &nbsp;&nbsp; 859125<br>| &nbsp;&nbsp;&nbsp; 859662<br> <sup>(e)(k)(l)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1464266* |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Petco Health and Wellness Co. Inc., First Lien Initial Term Loan  |  | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *251822*<br> <sup>(m)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3159169** |
| **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** |
| *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 Term Loan Facility (1 mo. Term SOFR + 2.000%) | 6.316% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 243822<br>| &nbsp;&nbsp;&nbsp; 244686<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (3 mo. Term <br> SOFR + 7.012%) | 11.307% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199416<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + <br> 4.000%) | 8.316% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150188<br> <sup>(e)(k)(l)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *594290* |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%)  | 8.416% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 1152722<br>| &nbsp;&nbsp;&nbsp; $*1150468*<br> <sup>(e)(k)(l)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1744758** |
| **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; EyeCare Partners LLC, Term Loan B (3 mo. Term SOFR + 1.100%) | 5.227% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 611473<br>| &nbsp;&nbsp;&nbsp; 476075<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%) | 8.068% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 222824<br>| &nbsp;&nbsp;&nbsp; 221592<br> <sup>(e)(k)(l)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *697667* |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)  | 7.104% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 464143<br>| &nbsp;&nbsp;&nbsp;&nbsp; *464725*<br> <sup>(e)(k)(l)</sup><br>|
| *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Amendment No. 1 Term Loan (1 mo. Term <br> SOFR + 3.500%)  | 7.816% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *332475*<br> <sup>(e)(h)(k)(l)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1494867** |
| **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%)  | 6.566% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 528675<br>| &nbsp;&nbsp;&nbsp;&nbsp; *529172*<br> <sup>(e)(k)(l)</sup><br>|
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Term Loan B (3 mo. Term SOFR + 5.100%)  | 9.429% | &nbsp;&nbsp; 4/11/29 | &nbsp;&nbsp; 303025<br>| &nbsp;&nbsp;&nbsp;&nbsp; *295260*<br> <sup>(e)(k)(l)</sup><br>|
| *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming Inc., Initial Term Loan B (3 mo. Term SOFR + 1.750%)  | 6.046% | &nbsp;&nbsp; 4/10/31 | &nbsp;&nbsp; 506175<br>| &nbsp;&nbsp;&nbsp;&nbsp; *504380*<br> <sup>(e)(k)(l)</sup><br>|
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Term Loan B (3 mo. Term SOFR + 2.000%)  | 6.196% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 232038<br>| &nbsp;&nbsp;&nbsp;&nbsp; *232734*<br> <sup>(e)(k)(l)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1561546** |
| **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** |
| *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Global Tel Link Corp., Initial Term Loan (1 mo. Term SOFR + 7.500%)  | 11.816% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 1141375<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1118370*<br> <sup>(e)(k)(l)</sup><br>|
| *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* | *Software — 1.1%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + 7.000%) | 11.316% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 717585<br> <sup>(e)(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Red Planet Borrower LLC, Term Loan B |  | &nbsp;&nbsp; 8/7/32 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 524093<br> <sup>(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1292625<br> <sup>(k)(l)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2534303* |
| *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR + 7.750%)  | 12.046% | &nbsp;&nbsp; 6/16/26 | &nbsp;&nbsp; 36060<br>| &nbsp;&nbsp;&nbsp;&nbsp; *35553*<br> <sup>(e)(k)(l)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **3688226** |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan  | 10.000% | &nbsp;&nbsp; 12/31/27 | &nbsp;&nbsp; 535239<br>| &nbsp;&nbsp;&nbsp;&nbsp; **533380**<br> <sup>(g)(h)(k)(l)</sup><br>|
| **Total Senior Loans (Cost — $14,506,341)** | **Total Senior Loans (Cost — $14,506,341)** | **Total Senior Loans (Cost — $14,506,341)** | **Total Senior Loans (Cost — $14,506,341)** | &nbsp;&nbsp; **13880389** |
| **Convertible Bonds & Notes — 1.1%** | **Convertible Bonds & Notes — 1.1%** | **Convertible Bonds & Notes — 1.1%** | **Convertible Bonds & Notes — 1.1%** | **Convertible Bonds & Notes — 1.1%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 319778<br>| &nbsp;&nbsp;&nbsp;&nbsp; **651612**<br> <sup>(c)</sup><br>|
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* | *Hotels, Restaurants & Leisure — 0.2%* |
| &nbsp;&nbsp;&nbsp; DraftKings Holdings Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 359918<br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; $249606<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **609524** |
| **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* |
| &nbsp;&nbsp;&nbsp; Centrus Energy Corp., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **157080**<br> <sup>(a)</sup><br>|
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* |
| &nbsp;&nbsp;&nbsp; Two Harbors Investment Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; **660001**<br>|
| **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* |
| &nbsp;&nbsp;&nbsp; AeroVironment Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 438000<br>| &nbsp;&nbsp;&nbsp; **467565**<br>|
| **Total Convertible Bonds & Notes (Cost — $2,217,818)** | **Total Convertible Bonds & Notes (Cost — $2,217,818)** | **Total Convertible Bonds & Notes (Cost — $2,217,818)** | **Total Convertible Bonds & Notes (Cost — $2,217,818)** | &nbsp;&nbsp; **2545782** |
| **Sovereign Bonds — 0.6%** | **Sovereign Bonds — 0.6%** | **Sovereign Bonds — 0.6%** | **Sovereign Bonds — 0.6%** | **Sovereign Bonds — 0.6%** |
| *Argentina — 0.6%* | *Argentina — 0.6%* | *Argentina — 0.6%* | *Argentina — 0.6%* | *Argentina — 0.6%* |
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1881934<br>| &nbsp;&nbsp;&nbsp; 1302768<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 47045<br>| &nbsp;&nbsp;&nbsp; 32567<br> <sup>(d)</sup><br>|
| **Total Sovereign Bonds (Cost — $875,246)** | **Total Sovereign Bonds (Cost — $875,246)** | **Total Sovereign Bonds (Cost — $875,246)** | **Total Sovereign Bonds (Cost — $875,246)** | &nbsp;&nbsp; **1335335** |
|  |  |  | Shares/Units |  |
| **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; WW International Inc. | &nbsp;&nbsp;&nbsp; WW International Inc. |  | &nbsp;&nbsp; 10516 | &nbsp;&nbsp;&nbsp; **335,355**<br> \*<br>|
| **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | &nbsp;&nbsp;&nbsp; Chord Energy Corp. |  | &nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp; 211538<br>|
| &nbsp;&nbsp;&nbsp; Permian Production Partners LLC | &nbsp;&nbsp;&nbsp; Permian Production Partners LLC |  | &nbsp;&nbsp; 21667 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(g)(h)(i)</sup><br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **211538** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 255<br> \*<sup>(g)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 35875 | &nbsp;&nbsp;&nbsp; 43,768<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **44023** |
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. | &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. |  | &nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp; **12,354**<br> \*<sup>(g)(h)</sup><br>|
| **Total Common Stocks (Cost — $1,188,758)** | **Total Common Stocks (Cost — $1,188,758)** | **Total Common Stocks (Cost — $1,188,758)** | **Total Common Stocks (Cost — $1,188,758)** | &nbsp;&nbsp;&nbsp; **603270**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2025-RTL1 M1 (Cost — $309,998) | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; **313201**<br> <sup>(a)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date<br>| Warrants | Value |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $310,299) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 25490<br>| &nbsp;&nbsp;&nbsp; **$31,098**<br> \*<sup>(a)(g)(n)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $224,319,144)** | **Total Investments before Short-Term Investments (Cost — $224,319,144)** | **Total Investments before Short-Term Investments (Cost — $224,319,144)** | **Total Investments before Short-Term Investments (Cost — $224,319,144)** | &nbsp;&nbsp; **224227481** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $2,957,122)  | &nbsp;&nbsp; 4.246% |  | &nbsp;&nbsp; 2957122<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2957122**<br> <sup>(p)(q)</sup><br>|
| **Total Investments — 99.0% (Cost — $227,276,266)** | **Total Investments — 99.0% (Cost — $227,276,266)** | **Total Investments — 99.0% (Cost — $227,276,266)** | **Total Investments — 99.0% (Cost — $227,276,266)** | &nbsp;&nbsp; **227184603** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; 2313140 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$229497743** |

---

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

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | 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 Directors. <br>|
| <sup>(b)</sup> | The coupon payment on this security is currently in default as of August 31, 2025. |
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(d)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Directors.<br>|
| <sup>(e)</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>(f)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(k)</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>(l)</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>(m)</sup> | All or a portion of this loan has not settled as of August 31, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(n)</sup> | Restricted security (Note 3). |
| <sup>(o)</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>(p)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(q)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2025, the total market value of <br> investments in Affiliated Companies was $2,957,122 and the cost was $2,957,122 (Note 2).<br>|

---

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

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| GBP |  | British Pound |
| ICE |  | Intercontinental Exchange |
| LIBOR |  | London Interbank Offered Rate |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| SONIA |  | Sterling Overnight Index Average |
| USD |  | United States Dollar |

---

At August 31, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $8289670 | &nbsp;&nbsp;&nbsp;&nbsp; $8319625 | &nbsp;&nbsp;&nbsp; **$29955** |

---

At August 31, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Depreciation<br>|
| EUR | &nbsp;&nbsp; 2134546 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2522601 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $(17798) |
| EUR | &nbsp;&nbsp; 507414 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 597777 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (2349) |
| GBP | &nbsp;&nbsp; 2895292 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3953724 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; (38974) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(59121)** |

---

&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:** |
| EUR |  | Euro |
| GBP |  | British Pound |
| USD |  | United States Dollar |

---

At August 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>August 31, <br>2025<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>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;(Depreciation)<br>|
| American Airlines Group Inc., <br> 6.500%, due 7/1/25<br>| $849000 | 12/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5.059% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $(1760) | &nbsp;&nbsp;&nbsp;&nbsp; $(24035) | &nbsp;&nbsp;&nbsp;&nbsp; $22275 |
| Nabors Industries Inc., 9.125%, <br> due 1/31/30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 267000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5.757% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; (40841) | &nbsp;&nbsp;&nbsp;&nbsp; (37009) | &nbsp;&nbsp;&nbsp;&nbsp; (3832) |
| **Total** | **$1116000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(42601)** | &nbsp;&nbsp;&nbsp; **$(61044)** | &nbsp;&nbsp;&nbsp; **$18443** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>August 31, <br>2025<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made 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>|
| Transocean Inc., 8.000%, due 2/1/27 | $267000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4.768% | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$32670** | &nbsp;&nbsp;&nbsp; **$25932** | &nbsp;&nbsp;&nbsp; **$6738** |

---

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

See Notes to Schedule of Investments.

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Western Asset High Yield Fund 2025 Quarterly Report

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 **Western Asset High Yield Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <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>5</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.HY.44 Index | $3268000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$235409** | &nbsp;&nbsp;&nbsp; **$168786** | &nbsp;&nbsp;&nbsp; **$66623** |

---

&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> | Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve <br> as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied <br> credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter <br> into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or <br> other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for <br> the referenced entity or obligation.<br>|
| <sup>4</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive <br> from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> comprising the referenced index or (ii) receive 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 the underlying securities comprising the referenced index.<br>|
| <sup>5</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. |

---

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 High Yield Fund 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset High Yield Fund (the "Fund") is a separate diversified investment series of Western Asset Funds, Inc. (the "Corporation"). The Corporation, a Maryland corporation, 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 Directors (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 High Yield Fund 2025 Quarterly Report

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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;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $20996090 | &nbsp;&nbsp; $1211284 | &nbsp;&nbsp; $22207374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 26409249 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 26409249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 15994012 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 15994012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 124657507 | &nbsp;&nbsp; — | &nbsp;&nbsp; 124657507 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 16250264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16250264 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 2799271 | &nbsp;&nbsp; 359898 | &nbsp;&nbsp; 3159169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 1162392 | &nbsp;&nbsp; 332475 | &nbsp;&nbsp; 1494867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 533380 | &nbsp;&nbsp; 533380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 8692973 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8692973 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2545782 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2545782 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1335335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1335335 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; $335355 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 335355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; 211538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 211538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 43768 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12354 | &nbsp;&nbsp; 12354 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 313201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 313201 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 31098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31098 |
| Total Long-Term Investments | &nbsp;&nbsp; 590661 | &nbsp;&nbsp; 221187429 | &nbsp;&nbsp; 2449391 | &nbsp;&nbsp; 224227481 |
| Short-Term Investments† | &nbsp;&nbsp; 2957122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2957122 |
| **Total Investments** | &nbsp;&nbsp; **$3547783** | &nbsp;&nbsp; **$221187429** | &nbsp;&nbsp; **$2449391** | &nbsp;&nbsp; **$227184603** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $29955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $29955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $22275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 66623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66623 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$29955** | &nbsp;&nbsp; **$95636** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$125591** |
| **Total** | &nbsp;&nbsp; **$3577738** | &nbsp;&nbsp; **$221283065** | &nbsp;&nbsp; **$2449391** | &nbsp;&nbsp; **$227310194** |

---

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Western Asset High Yield Fund 2025 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $59121 | &nbsp;&nbsp; — | &nbsp;&nbsp; $59121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3832 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3832 |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$62953** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$62953** |

---

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

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>May 31, 2025<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | $1107459 | $742 |  | $(742)<br>| $103825 |
| &nbsp;&nbsp;&nbsp; Financials | 0<br> \*<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Health Care | 0<br> \*<br>|  |  |  |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>|  | (0)\*<br>|  | 2338 | 357560 |
| &nbsp;&nbsp;&nbsp; Health Care |  | 2 |  | 3298 | 329175 |
| &nbsp;&nbsp;&nbsp; Materials | 534536 |  |  | (1156)<br>|  |
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | 0<br> \*<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Materials | 11289 |  |  | 1065 |  |
| **Total** | **$1653284** | **$744** | **—** | **$4803** | **$790560** |

---

&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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>August 31, 2025<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>in securities <br>still held at <br>August 31, 2025<sup>1</sup> <br>|
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  | $1211284 | $(742)<br>|
| &nbsp;&nbsp;&nbsp; Financials |  |  |  | 0<br> \*<br>|  |
| &nbsp;&nbsp;&nbsp; Health Care |  |  |  | 0<br> \*<br>|  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>|  |  |  | 359898 | 2338 |
| &nbsp;&nbsp;&nbsp; Health Care |  |  |  | 332475 | 3298 |
| &nbsp;&nbsp;&nbsp; Materials |  |  |  | 533380 | (1156)<br>|
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  | 0<br> \*<br>|  |
| &nbsp;&nbsp;&nbsp; Materials |  |  |  | 12354 | 1065 |
| **Total** | **—** | **—** | **—** | **$2449391** | **$4803** |

---

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Western Asset High Yield Fund 2025 Quarterly Report

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

\* Amount represents less than $1.

<sup>1</sup> Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. 

**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 August 31, 2025. The following transactions were effected in such company for the period ended August 31, 2025. <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>May 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>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>|  | $10710169 | 10710169 | $7753047 | 7753047 |

---

&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>August 31, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $6737 |  | $2957122 |

---

**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 8/31/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br>Common Shares<br>| &nbsp;&nbsp; 209 | 3/25 | $2544 | $255 | &nbsp;&nbsp; $1.22 | 0.00<br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br>Warrants<br>| &nbsp;&nbsp; 25490 | 3/25 | 310299 | 31098 <br><sup>(b)</sup><br>| 1.22 | 0.01  |
|  |  |  | **$312843** | **$31353** |  | **0.01%**<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 High Yield Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Western Asset Funds Inc

- **b. Investment Company Act file number:** 811-06110

- **c. CIK number of Registrant:** 0000863520

- **d. LEI of Registrant:** 5493004NC00X8WKL1P34

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-877-721-1926

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

- **a. Name of Series:** Western Asset High Yield Fund

- **b. EDGAR series identifier (if any):** S000000716

- **c. LEI of Series:** 549300HG2T246COYEU52

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**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:** $233028227.53

**Total Liabilities:** $4172328.78

**Net Assets:** $228855898.75

**Delayed Delivery Securities:** $1560000.00

**Cash Not Reported:** $1363687.37

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 54.43000000 | **1-Year:** 1030.99000000 | **5-Year:** 7016.24000000 | **10-Year:** 5111.92000000 | **30-Year:** 281.11000000

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

- **3-Month:** 494.70000000 | **1-Year:** 21390.21000000 | **5-Year:** 38224.30000000 | **10-Year:** 4775.19000000 | **30-Year:** 87.88000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002086 | 1.94%                | 0.60%                | 1.45%                |
| Class ID C000066991 | 1.78%                | 0.61%                | 1.58%                |
| Class ID C000113710 | 1.91%                | 0.59%                | 1.42%                |
| Class ID C000113711 | 1.72%                | 0.52%                | 1.51%                |
| Class ID C000113712 | 1.89%                | 0.56%                | 1.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-178704.85              | $2749909.39                                |
| Month 2  | $493261.31               | $-199278.50                                |
| Month 3  | $-769014.36              | $2364746.31                                |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Corporate High Yield 2% Issuer Capped

- **Index Identifier:** NA

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs Bank USA                                  | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-38974.04    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                    | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127739.29    | 0.06%             | 2028-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Bridge Street CLO Ltd                                   | Bridge Street CLO V Ltd                                                          | CUSIP: 107921AJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $246268.80    | 0.11%             | 2038-04-20      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                     | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    340000 | PA      | $360564.22    | 0.16%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    520000 | PA      | $571188.28    | 0.25%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                          | Open Text Corp                                                                   | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    260000 | PA      | $270047.18    | 0.12%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails CLO V                                                               | CUSIP: 67515EAX4<br>LEI: 549300RX29DPTX81VW10 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $299044.20    | 0.13%             | 2031-10-13      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                           | Life Time Inc                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    320000 | PA      | $323603.69    | 0.14%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $214201.89    | 0.09%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    570000 | PA      | $569150.19    | 0.25%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                                | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520543 | PA      | $525311.17    | 0.23%             | 2028-01-15      | Variable      | 10.50%                | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    272000 | PA      | $296144.35    | 0.13%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                                   | GENESEE & WYOMING INC                                                            | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |    506175 | PA      | $504380.61    | 0.22%             | 2031-04-10      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                 | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1157632.30   | 0.51%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                                 | Dornoch Debt Merger Sub Inc                                                      | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $217281.60    | 0.09%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $283286.43    | 0.12%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    500000 | PA      | $492942.30    | 0.22%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $88582.27     | 0.04%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                  | UNITED AIRLINES INC                                                              | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    232038 | PA      | $232733.79    | 0.10%             | 2031-02-22      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                        | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    720000 | PA      | $760061.52    | 0.33%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $1017113.87   | 0.44%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                     | Bank of Nova Scotia/The                                                          | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    440000 | PA      | $469946.40    | 0.21%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd                     | ARCTIC CANADIAN DIAMONDS                                                         | CUSIP: 039669AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535240 | PA      | $533380.38    | 0.23%             | 2027-12-31      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1911136.50   | 0.84%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328801.18    | 0.14%             | 2030-04-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                   | CITADEL SECURITIES LP                                                            | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    243823 | PA      | $244685.88    | 0.11%             | 2031-10-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $459139.56    | 0.20%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC                                         | Foot Locker Inc                                                                  | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |    920000 | PA      | $881608.31    | 0.39%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                    | LHOME Mortgage Trust 2025-RTL1                                                   | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $313201.18    | 0.14%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Net, LLC                                 | DIAMOND SPORTS NET LLC                                                           | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |    925337 | PA      | $812561.82    | 0.36%             | 2028-01-02      | Floating      | 15.00%                | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $220019.29    | 0.10%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1040000 | PA      | $1106912.23   | 0.48%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                         | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    320000 | PA      | $329856.64    | 0.14%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1624618.04   | 0.71%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    300000 | PA      | $312923.70    | 0.14%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                  | AthenaHealth Group Inc                                                           | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    320000 | PA      | $314194.27    | 0.14%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                                 | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                          | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $711726.72    | 0.31%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1080000 | PA      | $1129523.40   | 0.49%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $274572.15    | 0.12%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                         | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    560000 | PA      | $564364.64    | 0.25%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                                 | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    520000 | PA      | $521532.44    | 0.23%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RACKSPACE FINANCE LLC                                   | Rackspace Finance LLC                                                            | CUSIP: 75008WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    694200 | PA      | $335946.08    | 0.15%             | 2028-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193674.41    | 0.08%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| American Money Management Corp                          | AMMC CLO 24 Ltd                                                                  | CUSIP: 00177MAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    530000 | PA      | $531497.14    | 0.23%             | 2035-01-20      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                     | STATION CASINOS LLC                                                              | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    859125 | PA      | $859661.95    | 0.38%             | 2031-03-14      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                                           | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    510000 | PA      | $479914.06    | 0.21%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                        | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    530000 | PA      | $544456.13    | 0.24%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    380000 | PA      | $382239.23    | 0.17%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    550000 | PA      | $573036.49    | 0.25%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC                                     | Hudbay Minerals Inc                                                              | CUSIP: 443628AH5<br>LEI: 894500LX3TMESP27BE29 | Long             | DBT              | CORP              | CA        |    760000 | PA      | $768891.24    | 0.34%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    460000 | PA      | $484023.04    | 0.21%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2220000 | PA      | $2308315.77   | 1.01%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO L                                                                     | CUSIP: 03771LAA2<br>LEI: 2549007IRDJIM26V8J63 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $458840.57    | 0.20%             | 2038-01-20      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                          | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   2807030 | NS      | $2807030.46   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AGL CLO 16 LTD                                          | AGL CLO 16 Ltd                                                                   | CUSIP: 00120LAL2<br>LEI: 2549009GL17CEZFCKZ48 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $408439.21    | 0.18%             | 2035-01-20      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | Qnity Electronics Inc                                                            | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    650000 | PA      | $672732.37    | 0.29%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1318299.84   | 0.58%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                | SPIRIT AVIA HOL RESTRICT                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       209 | NS      | $254.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                         | CUSIP: 45174HBK2<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    192000 | PA      | $146395.12    | 0.06%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    410000 | PA      | $430395.86    | 0.19%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    630000 | PA      | $589513.87    | 0.26%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                | SGUS LLC                                                                         | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    411273 | PA      | $365614.90    | 0.16%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ARCOSA INC                                              | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    350000 | PA      | $365387.05    | 0.16%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                | Midcap Financial Issuer Trust                                                    | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $349225.91    | 0.15%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                        | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64105.65     | 0.03%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40770.96     | 0.02%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   1420000 | PA      | $1530805.44   | 0.67%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                     | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25490 | NS      | $31097.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                | Sally Holdings LLC / Sally Capital Inc                                           | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $571190.40    | 0.25%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                                 | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    350000 | PA      | $342376.69    | 0.15%             | 2028-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                                    | Vermilion Energy Inc                                                             | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $987608.58    | 0.43%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $382984.85    | 0.17%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 197677AH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    680000 | PA      | $728457.74    | 0.32%             | 2095-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198435.63    | 0.09%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     47045 | PA      | $32566.90     | 0.01%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    530000 | PA      | $550509.41    | 0.24%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    530000 | PA      | $529494.75    | 0.23%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Obra CLO Ltd                                            | Obra CLO 1 Ltd                                                                   | CUSIP: 67443AAJ0<br>LEI: 254900IXPSGZDGZO2P84 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $805972.88    | 0.35%             | 2038-01-20      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                                     | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    530000 | PA      | $552021.37    | 0.24%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC                                                                      | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1152722 | PA      | $1150468.23   | 0.50%             | 2028-08-19      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                    | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    320000 | PA      | $333117.76    | 0.15%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    910000 | PA      | $927506.58    | 0.41%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                      | Ford Motor Co                                                                    | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1286425.82   | 0.56%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $235452.58    | 0.10%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1006311.95   | 0.44%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    280000 | PA      | $277548.99    | 0.12%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-3 Ltd                                            | CUSIP: 69690EAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $441998.04    | 0.19%             | 2032-08-08      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51632.21     | 0.02%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                   | Black Diamond CLO 2021-1 Ltd                                                     | CUSIP: 09204WAM6<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $449997.35    | 0.20%             | 2034-11-22      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                       | Mountain View Clo XIX Ltd                                                        | CUSIP: 623910AN6<br>LEI: 254900L6WFB2NIQTBG86 | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $311162.50    | 0.14%             | 2038-10-17      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $589839.08    | 0.26%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500463.00    | 0.22%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                      | Cerdia Finanz GmbH                                                               | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $201548.20    | 0.09%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp                                       | Chord Energy Corp                                                                | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      1925 | NS      | $211538.25    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMSCOPE LLC                                           | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    660000 | PA      | $682979.22    | 0.30%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                    | LIFEPOINT HEALTH INC                                                             | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    222824 | PA      | $221591.79    | 0.10%             | 2031-05-16      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    210000 | PA      | $220332.84    | 0.10%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Mountain View CLO Ltd                                   | Mountain View CLO IX Ltd                                                         | CUSIP: 62432BAU7<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249172.65    | 0.11%             | 2031-07-15      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER                                   | IIP Operating Partnership LP                                                     | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $539901.90    | 0.24%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PPM Clo, Ltd.                                           | PPM CLO 8 Ltd                                                                    | CUSIP: 69382DAJ3<br>LEI: 254900DMFVRHGLYIFG95 | Long             | ABS-CBDO         | CORP              | KY        |    540000 | PA      | $541334.72    | 0.24%             | 2038-04-20      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    440000 | PA      | $422783.59    | 0.18%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA LLC/CO-ISSR                                 | Allen Media LLC / Allen Media Co-Issuer Inc                                      | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $568750.00    | 0.25%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | PA      | $636468.44    | 0.28%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    330000 | PA      | $330273.44    | 0.14%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    880000 | PA      | $903105.28    | 0.39%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                         | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAJ1<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    150000 | PA      | $150187.50    | 0.07%             | 2031-07-31      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    350000 | PA      | $364496.65    | 0.16%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    420000 | PA      | $452910.78    | 0.20%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                                          | Ryan Specialty LLC                                                               | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    340000 | PA      | $342543.20    | 0.15%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                               | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $945019.20    | 0.41%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                                 | Iron Mountain Information Management Services Inc                                | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $230916.50    | 0.10%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2348.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Light and Wonder International Inc                      | LIGHT & WONDER INTERNATIONAL INC                                                 | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    243792 | PA      | $244706.33    | 0.11%             | 2029-04-14      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    370000 | PA      | $357861.89    | 0.16%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 11 Ltd                                                                   | CUSIP: 00851RAA8<br>LEI: 549300G9RL3BICT9HA62 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251443.78    | 0.11%             | 2034-04-15      | Floating      | 10.94%                | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                                     | Coinbase Global Inc                                                              | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    700000 | PA      | $627021.08    | 0.27%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                                | EQM Midstream Partners LP                                                        | CUSIP: 25470XAY1<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   1187000 | PA      | $1155307.10   | 0.50%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VERICAST CORPORATION                                    | VERICAST CORP                                                                    | CUSIP: 92342KAD1<br>LEI: 549300J73P7FL8TVF308 | Long             | LON              | CORP              | US        |     36060 | PA      | $35553.00     | 0.02%             | 2026-06-16      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP                                 | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |   1070000 | PA      | $1092737.50   | 0.48%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO XXX Ltd                                                         | CUSIP: 09630QAS0<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400998.36    | 0.18%             | 2035-04-15      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                      | CUSIP: 71647NAZ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $153693.60    | 0.07%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                 | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    927520 | PA      | $438253.40    | 0.19%             | 2030-03-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    570000 | PA      | $591001.65    | 0.26%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1308204.50   | 0.57%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    200000 | PA      | $183687.78    | 0.08%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    790000 | PA      | $795880.76    | 0.35%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                  | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1149768.96   | 0.50%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $570619.50    | 0.25%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO Ltd.                                   | Marble Point CLO XIV Ltd                                                         | CUSIP: 56608KAG8<br>LEI: 254900N4UCG37B1HFL93 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497785.65    | 0.22%             | 2032-01-20      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                          | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $607478.75    | 0.27%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    900000 | PA      | $888906.53    | 0.39%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                        | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    480000 | PA      | $507737.76    | 0.22%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXV CLO Ltd                                                               | CUSIP: 36319XBJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $301125.00    | 0.13%             | 2036-04-25      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $824821.29    | 0.36%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo XVI Ltd                                                         | CUSIP: 674913AJ7<br>LEI: 254900R3RT6TSDP3UQ20 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $707864.43    | 0.31%             | 2038-01-20      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                | Virgin Media Finance PLC                                                         | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $183114.38    | 0.08%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $559297.88    | 0.24%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                              | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    870000 | PA      | $813388.69    | 0.36%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                                   | Neptune Bidco US Inc                                                             | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |    303025 | PA      | $295259.98    | 0.13%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| Red Planet Borrower LLC                                 | RED PLANET BORROWER LLC                                                          | CUSIP: 57165KAE6<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |    530000 | PA      | $524093.15    | 0.23%             | 2032-08-07      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                    | Range Resources Corp                                                             | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    230000 | PA      | $224514.59    | 0.10%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 18 Ltd                                                                        | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $471762.50    | 0.21%             | 2040-07-15      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    760000 | PA      | $652300.40    | 0.29%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                           | TopBuild Corp                                                                    | CUSIP: 89055FAB9<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    350000 | PA      | $334527.52    | 0.15%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                                         | Masterbrand Inc                                                                  | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518481.50    | 0.23%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226582.62    | 0.10%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1780000 | PA      | $1200725.70   | 0.52%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                       | Clean Harbors Inc                                                                | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    440000 | PA      | $451207.24    | 0.20%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $888514.00    | 0.39%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                          | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |   2008031 | PA      | $80321.24     | 0.04%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $390859.64    | 0.17%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                    | Range Resources Corp                                                             | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    820000 | PA      | $842044.06    | 0.37%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    890000 | PA      | $857555.32    | 0.37%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                          | Bain Capital Credit CLO 2020-3 Ltd                                               | CUSIP: 05684CBA2<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $646749.42    | 0.28%             | 2034-10-23      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    510000 | PA      | $500360.08    | 0.22%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1026805.85   | 0.45%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                             | RAD CLO 21 Ltd                                                                   | CUSIP: 750099AS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    660000 | PA      | $663297.03    | 0.29%             | 2037-01-25      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    740000 | PA      | $764145.46    | 0.33%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                             | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1420874.85   | 0.62%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $302102.36    | 0.13%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    440000 | PA      | $454390.20    | 0.20%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo V Ltd                                                               | CUSIP: 96467PAJ7<br>LEI: 254900XFXCOZ882U2O02 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $321113.38    | 0.14%             | 2038-07-20      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                            | Fibercop SpA                                                                     | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    319000 | PA      | $303466.04    | 0.13%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    220000 | PA      | $222527.36    | 0.10%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Blueberry Park CLO                                      | Blueberry Park CLO Ltd                                                           | CUSIP: 09609QAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    280000 | PA      | $279337.38    | 0.12%             | 2037-10-20      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    640000 | PA      | $656517.76    | 0.29%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                    | WW International Inc                                                             | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |     10516 | NS      | $335355.24    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Clover CLO                                              | Clover CLO 2021-3 LLC                                                            | CUSIP: 18915FAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    280000 | PA      | $280002.44    | 0.12%             | 2035-01-25      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $1020585.50   | 0.45%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    820000 | PA      | $701784.70    | 0.31%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                         | Madison IAQ LLC                                                                  | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    560000 | PA      | $554858.75    | 0.24%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    630000 | PA      | $646755.48    | 0.28%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                                       | US Renal Care Inc                                                                | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |    343000 | PA      | $303555.00    | 0.13%             | 2028-06-28      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                             | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1351187.74   | 0.59%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN CO LLC                                   | Teva Pharmaceutical Finance Co LLC                                               | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |    390000 | PA      | $402131.74    | 0.18%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ATS CORP                                                | ATS Corp                                                                         | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    600000 | PA      | $574428.72    | 0.25%             | 2028-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19932.07     | 0.01%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2320000 | PA      | $1841973.05   | 0.80%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $215623.80    | 0.09%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XXII Ltd                                                            | CUSIP: 87167GCR9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250686.05    | 0.11%             | 2033-04-18      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    260000 | PA      | $269033.18    | 0.12%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                   | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $379124.28    | 0.17%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                         | Madison IAQ LLC                                                                  | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    270000 | PA      | $262710.46    | 0.11%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                    | WW INTERNATIONAL INC                                                             | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | US        |    537390 | PA      | $495406.61    | 0.22%             | 2030-06-25      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    580000 | PA      | $589629.74    | 0.26%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $145755.54    | 0.06%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACCELERATE360 HOLD LLC                                  | Mcclatchy Media Co LLC                                                           | CUSIP: 00456LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1791666 | PA      | $1999947.07   | 0.87%             | 2031-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    459036 | PA      | $453371.50    | 0.20%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US Clo 8 Ltd                                          | CUSIP: 38136NBE5<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $290952.30    | 0.13%             | 2034-10-20      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    450000 | PA      | $463574.34    | 0.20%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    380000 | PA      | $400412.46    | 0.17%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    520000 | PA      | $533400.40    | 0.23%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    520000 | PA      | $542625.10    | 0.24%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    300000 | PA      | $317469.30    | 0.14%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                         | Dcert Buyer Inc                                                                  | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |    790000 | PA      | $717584.65    | 0.31%             | 2029-02-19      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| Gray Television Inc                                     | GRAY TELEVISION INC                                                              | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     10600 | PA      | $10618.92     | 0.00%             | 2029-06-04      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                    | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $569923.20    | 0.25%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    270000 | PA      | $268662.35    | 0.12%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1017272.52   | 0.44%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $218523.60    | 0.10%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    420000 | PA      | $416196.02    | 0.18%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                               | Esab Corp                                                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    530000 | PA      | $545615.92    | 0.24%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                  | Carriage Purchaser Inc                                                           | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1094167.51   | 0.48%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690CAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $379839.68    | 0.17%             | 2031-04-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                    | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $148753.01    | 0.06%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAG1<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200000.00    | 0.09%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    319778 | PA      | $651611.47    | 0.28%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| XPO CNW INC                                             | XPO CNW Inc                                                                      | CUSIP: 12612WAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $376871.40    | 0.16%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    410000 | PA      | $510819.00    | 0.22%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                                  | MIWD Holdco II LLC / MIWD Finance Corp                                           | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $384360.02    | 0.17%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    970000 | PA      | $424289.63    | 0.19%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peninsula Pacific Entertainment LLC                     | PENINSULA PACIFIC ENTERTAINMENT DEVELOPMENT LLC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     68210 | PA      | $68380.53     | 0.03%             | 2032-08-13      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| CENTRUS ENERGY CORP                                     | Centrus Energy Corp                                                              | CUSIP: 15643UAF1<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |    140000 | PA      | $157080.00    | 0.07%             | 2032-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    870000 | PA      | $937026.54    | 0.41%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                                          | TransAlta Corp                                                                   | CUSIP: 89346DAH0<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |    560000 | PA      | $582584.24    | 0.25%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1409109.73   | 0.62%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $453478.67    | 0.20%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                 | DCP Midstream Operating LP                                                       | CUSIP: 23311RAA4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    420000 | PA      | $446524.19    | 0.20%             | 2037-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |   1881934 | PA      | $1302768.54   | 0.57%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME                                | Roller Bearing Co of America Inc                                                 | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    500000 | PA      | $487019.20    | 0.21%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4140000 | PA      | $3597814.84   | 1.57%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1427243.63   | 0.62%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        76 | NC      | $29955.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                               | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $500390.65    | 0.22%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    720000 | PA      | $764325.36    | 0.33%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1750000 | PA      | $1798175.75   | 0.79%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                              | X CORP                                                                           | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    129668 | PA      | $126935.43    | 0.06%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1502940.00   | 0.66%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    290000 | PA      | $293083.86    | 0.13%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                   | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |    440000 | PA      | $458062.44    | 0.20%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    391000 | PA      | $391598.78    | 0.17%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 11 Ltd                                                        | CUSIP: 67115VAW2<br>LEI: 2549002MG7GTTY5LHR97 | Long             | ABS-CBDO         | CORP              | BM        |    330000 | PA      | $331175.63    | 0.14%             | 2037-07-19      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $252536.26    | 0.11%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    490000 | PA      | $498172.31    | 0.22%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1740000 | PA      | $1750690.56   | 0.76%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    560000 | PA      | $599137.28    | 0.26%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                              | XAI CORP                                                                         | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1290000 | PA      | $1292625.15   | 0.56%             | 2028-06-30      | Floating      | 12.50%                | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1056000 | PA      | $1114647.07   | 0.49%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    810000 | PA      | $726788.70    | 0.32%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Trestles CLO LTD                                        | Trestles CLO VIII Ltd                                                            | CUSIP: 89533DAL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $329824.67    | 0.14%             | 2035-06-11      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                          | NCR Atleos Corp                                                                  | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    680000 | PA      | $737774.16    | 0.32%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $679524.95    | 0.30%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    378000 | PA      | $326450.25    | 0.14%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| REWORLD HOLDING CORP                                    | Reworld Holding Corp                                                             | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    340000 | PA      | $328999.88    | 0.14%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1345724.73   | 0.59%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                  | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $187795.26    | 0.08%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                   | QUIKRETE HOLDING 01/30/32                                                        | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    528675 | PA      | $529171.95    | 0.23%             | 2032-02-10      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                       | Seagate Data Storage Technology Pte Ltd                                          | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    290000 | PA      | $294205.00    | 0.13%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                       | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1247039.49   | 0.54%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $454843.82    | 0.20%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     60000 | PA      | $43177.04     | 0.02%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                                            | COTIVITI INC                                                                     | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |    464143 | PA      | $464725.12    | 0.20%             | 2031-05-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $278362.98    | 0.12%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                              | AMNEAL PHARMACEUTICALS LLC                                                       | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    330000 | PA      | $332475.00    | 0.15%             | 2032-07-30      | Floating      | 7.82%                 | No            |                  3 | On Loan: No      |
| Adtalem Global Education Inc                            | ADTALEM GLOBAL EDUCATION                                                         | CUSIP: 00737RAH3<br>LEI: 549300Z467EZLMODV621 | Long             | LON              | CORP              | US        |    139222 | PA      | $139570.45    | 0.06%             | 2028-08-12      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $219717.17    | 0.10%             | 2029-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                                         | NCL Finance Ltd                                                                  | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1710000 | PA      | $1735410.60   | 0.76%             | 2028-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                                | Adtalem Global Education Inc                                                     | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |    438000 | PA      | $436520.74    | 0.19%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENDO LUX FIN CO I SARL                                  | ENDO LUXEMBOURG FINANCE CO I SARL / ENDO US INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    300000 | PA      | $0.00         | 0.00%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  3 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1086511.38   | 0.47%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    230000 | PA      | $240030.30    | 0.10%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                                 | AMC Entertainment Holdings Inc                                                   | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |    840000 | PA      | $679085.40    | 0.30%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    580000 | PA      | $606205.56    | 0.26%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                             | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71686.30     | 0.03%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                                   | Carriage Services Inc                                                            | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $519374.30    | 0.23%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                                  | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1054722.16   | 0.46%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                       | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    750000 | PA      | $793420.16    | 0.35%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ARCTIC CANADIAN DIAMONDS                                | ARCTIC CANADIAN DIAMONDS                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       541 | NS      | $12353.88     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                                | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    449000 | PA      | $446737.62    | 0.20%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                         | CUSIP: 26884LBE8<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1271013.48   | 0.56%             | 2048-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                       | Jamestown CLO IX Ltd                                                             | CUSIP: 47048JBK8<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $319995.68    | 0.14%             | 2034-07-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                  | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    210000 | PA      | $225331.26    | 0.10%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1540000 | PA      | $1360590.00   | 0.59%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1422935.28   | 0.62%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    740000 | PA      | $788664.62    | 0.34%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    320000 | PA      | $329463.36    | 0.14%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    170000 | PA      | $151543.39    | 0.07%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    300000 | PA      | $309283.20    | 0.14%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                 | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    650000 | PA      | $674069.50    | 0.29%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                         | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405871.30    | 0.18%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                  | Stena International SA                                                           | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    330000 | PA      | $336872.25    | 0.15%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                              | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    820000 | PA      | $770786.31    | 0.34%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                                          | VOC Escrow Ltd                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     49000 | PA      | $48747.46     | 0.02%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    850000 | PA      | $861932.11    | 0.38%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                       | CLARIOS GLOBAL LP                                                                | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    496256 | PA      | $497000.62    | 0.22%             | 2030-05-06      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS                                | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed   | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $461457.41    | 0.20%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                              | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    760000 | PA      | $748326.40    | 0.33%             | 2029-10-26      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    650000 | PA      | $739286.60    | 0.32%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    610000 | PA      | $573124.46    | 0.25%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    970000 | PA      | $1044331.10   | 0.46%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                    | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1175445.02   | 0.51%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN IV                                       | Teva Pharmaceutical Finance Netherlands IV BV                                    | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |   1490000 | PA      | $1522696.47   | 0.67%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690ABC0<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |    460000 | PA      | $463604.47    | 0.20%             | 2037-07-20      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $31019.58     | 0.01%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                                | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    580000 | PA      | $558073.33    | 0.24%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                    | CUSIP: 21871NAA9<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    157000 | PA      | $154412.80    | 0.07%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                                | Park-Ohio Industries Inc                                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    710000 | PA      | $722662.85    | 0.32%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                  | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $571123.72    | 0.25%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                             | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    480000 | PA      | $500655.85    | 0.22%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| XPO INC                                                 | XPO Inc                                                                          | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    300000 | PA      | $314866.80    | 0.14%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    280000 | PA      | $281299.20    | 0.12%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                                   | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $834127.96    | 0.36%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MARSTONS ISSUER PLC                                     | Marston's Issuer PLC                                                             | CUSIP: 000000000<br>LEI: 213800HQB746UJ9UWM15 | Long             | DBT              | CORP              | GB        |   1232000 | PA      | $1465350.66   | 0.64%             | 2035-07-16      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | Greywolf CLO IV Ltd                                                              | CUSIP: 39809TBC0<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |    230000 | PA      | $232433.93    | 0.10%             | 2034-04-17      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967PJ4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    660000 | PA      | $681116.70    | 0.30%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    470000 | PA      | $472068.94    | 0.21%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    460000 | PA      | $466252.32    | 0.20%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    310000 | PA      | $328049.75    | 0.14%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1150000 | PA      | $1195017.90   | 0.52%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                                   | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    240000 | PA      | $251500.08    | 0.11%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $345984.63    | 0.15%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531553.00    | 0.23%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                     | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    240000 | PA      | $249605.61    | 0.11%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                 | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1048680.17   | 0.46%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                     | Altice Financing SA                                                              | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    340000 | PA      | $277970.41    | 0.12%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXVI Ltd                                                               | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $566676.44    | 0.25%             | 2038-01-25      | Floating      | 9.02%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                        | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    400000 | PA      | $416640.00    | 0.18%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                    | Amentum Holdings Inc                                                             | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    500000 | PA      | $521789.00    | 0.23%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $129450.00    | 0.06%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170497.93    | 0.07%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AEROVIRONMENT INC                                       | AeroVironment Inc                                                                | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |    438000 | PA      | $467565.00    | 0.20%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $224518.14    | 0.10%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PERMIAN PRODUCTION                                      | PERMIAN PRODUCTION                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21667 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    590000 | PA      | $605264.48    | 0.26%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    510000 | PA      | $517887.53    | 0.23%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $425484.22    | 0.19%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                                | Advanced Drainage Systems Inc                                                    | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235307.48    | 0.10%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CA MAGNUM HOLDINGS                                      | CA Magnum Holdings                                                               | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |    540000 | PA      | $537967.87    | 0.24%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                 | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    350000 | PA      | $348062.44    | 0.15%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-2 Ltd                                                              | CUSIP: 92917JAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $426158.47    | 0.19%             | 2031-07-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXXII Ltd                                                              | CUSIP: 55953XAE8<br>LEI: 549300QUG3I8PF6T6C52 | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $492450.00    | 0.22%             | 2037-10-15      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $437687.36    | 0.19%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                    | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    330000 | PA      | $340467.93    | 0.15%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS NABORS INDUSTRIES INC                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-40292.68    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1619685.03   | 0.71%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                            | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    440000 | PA      | $320784.20    | 0.14%             | 2030-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                        | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    470000 | PA      | $489450.48    | 0.21%             | 2084-07-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1013665.07   | 0.44%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL                                        | Midcap Financial Issuer Trust                                                    | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $371342.40    | 0.16%             | 2030-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Peninsula Pacific Entertainment LLC                     | PENINSULA PACIFIC ENTERTAINMENT DEVELOPMENT LLC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    290790 | PA      | $291516.98    | 0.13%             | 2032-08-14      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2022-2 Ltd                                                           | CUSIP: 67402RBQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $574820.95    | 0.25%             | 2037-10-15      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    420000 | PA      | $427103.91    | 0.19%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    960000 | PA      | $756000.00    | 0.33%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                                     | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35875 | NS      | $43767.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                   | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    240000 | PA      | $255416.16    | 0.11%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                     | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   1400000 | PA      | $1111110.00   | 0.49%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1135173.60   | 0.50%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC                                 | DraftKings Holdings Inc                                                          | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |    390000 | PA      | $359918.55    | 0.16%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                           | CommScope LLC                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   1522000 | PA      | $1505638.50   | 0.66%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                  | First Brands Group LLC                                                           | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    325550 | PA      | $311103.72    | 0.14%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                    | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    370000 | PA      | $380267.13    | 0.17%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                          | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    450000 | PA      | $412008.62    | 0.18%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252488.75    | 0.11%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $790479.35    | 0.35%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $229565.67    | 0.10%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                          | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-17798.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                 | CREDIT SUISSE ESCROW CL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4040000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SHELF DRILL HOLD LTD                                    | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    850000 | PA      | $888054.50    | 0.39%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    520000 | PA      | $551968.04    | 0.24%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $121398.75    | 0.05%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| TWO HARBORS INV CORP                                    | Two Harbors Investment Corp                                                      | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |    660000 | PA      | $660001.00    | 0.29%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                             | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    700000 | PA      | $713184.50    | 0.31%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                              | Elastic NV                                                                       | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    380000 | PA      | $366073.99    | 0.16%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                 | DCP Midstream Operating LP                                                       | CUSIP: 26439XAH6<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52365.75     | 0.02%             | 2036-11-03      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    870000 | PA      | $913614.84    | 0.40%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $321709.44    | 0.14%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS TRANSOCEAN INC                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $32120.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                                   | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    840000 | PA      | $857934.00    | 0.37%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1506789.19   | 0.66%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                                 | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $617308.74    | 0.27%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    280000 | PA      | $307299.44    | 0.13%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Global Tel Link Corporation                             | VIAPATH TECHNOLOGIES                                                             | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1141375 | PA      | $1118370.59   | 0.49%             | 2029-07-31      | Floating      | 11.82%                | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    490000 | PA      | $386643.40    | 0.17%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1411327.80   | 0.62%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1270857.60   | 0.56%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     36000 | PA      | $8730.00      | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756151.50    | 0.33%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS AMERICAN AIRLINES GROUP INC                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $6966.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    890000 | PA      | $854072.12    | 0.37%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                              | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113983.10    | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2021-II LLC                                                      | CUSIP: 03755QAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $290725.00    | 0.13%             | 2034-10-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169325.02    | 0.07%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    470000 | PA      | $488299.45    | 0.21%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                       | Jamestown CLO XVII Ltd                                                           | CUSIP: 47048UAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $511854.56    | 0.22%             | 2035-01-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                      | New Generation Gas Gathering LLC                                                 | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |   1229730 | PA      | $1211283.78   | 0.53%             | 2029-09-30      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                   | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $736909.60    | 0.32%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $606841.55    | 0.27%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 35 Ltd                                                         | CUSIP: 19739RAJ7<br>LEI: 2549006YWAD6BJI1C841 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $280670.99    | 0.12%             | 2036-07-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.HY.44.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $268996.95    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $100266.66    | 0.04%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                | Altice France Holding SA                                                         | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   1030000 | PA      | $371526.15    | 0.16%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                       | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1089500.63   | 0.48%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    960000 | PA      | $388800.00    | 0.17%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                                   | CNX Midstream Partners LP                                                        | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $579062.20    | 0.25%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                              | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    564000 | PA      | $555389.81    | 0.24%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    110000 | PA      | $114476.45    | 0.05%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO XI C Ltd                                                              | CUSIP: 14688RAJ9<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $371925.78    | 0.16%             | 2037-10-20      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                  | PAR PHARMACEUTICAL INC                                                           | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| Deerfield Dakota Holding LLC                            | Deerfield Dakota Holding LLC                                                     | CUSIP: 24440EAG2<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |    200000 | PA      | $199416.00    | 0.09%             | 2028-04-07      | Floating      | 11.31%                | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                     | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $377164.12    | 0.16%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                              | Akumin Inc                                                                       | CUSIP: 01021XAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $283598.13    | 0.12%             | 2027-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                  | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    280000 | PA      | $291750.48    | 0.13%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    411000 | PA      | $397232.69    | 0.17%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XXV Ltd                                                             | CUSIP: 87167WAJ4<br>LEI: 5493006CLZCEH6WYKR81 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249605.53    | 0.11%             | 2034-04-19      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                    | New Mountain CLO 5 Ltd                                                           | CUSIP: 64754WAQ6<br>LEI: 2549000KVE2J1UOHZ207 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $321656.19    | 0.14%             | 2036-07-20      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                                    | EYECARE PARTNERS LLC                                                             | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    611473 | PA      | $476074.69    | 0.21%             | 2028-11-30      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                | Altice France Holding SA                                                         | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    880000 | PA      | $317872.92    | 0.14%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    170000 | PA      | $177790.59    | 0.08%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    630000 | PA      | $669841.83    | 0.29%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $464832.76    | 0.20%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

**Name of Applicant:** Western Asset Funds Inc

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer