# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0000940400-26-014702
**Filing Date:** 2026-4
**Character Count:** 337649
**Document Hash:** acf5e6087c7db325fd614f24ba8c85ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014702.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014702

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 26892842

**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 Intermediate Bond Fund (Series ID: S000000711)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002076 | Class I      | WATIX           |
| C000066986 | Class IS     | WABSX           |
| C000113698 | CLASS A      | WATAX           |
| C000113699 | CLASS C      | WATCX           |
| C000113700 | CLASS R      | WATRX           |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

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

 **Western Asset Intermediate Bond Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 39.5%** | **U.S. Government & Agency Obligations — 39.5%** | **U.S. Government & Agency Obligations — 39.5%** | **U.S. Government & Agency Obligations — 39.5%** | **U.S. Government & Agency Obligations — 39.5%** |
| *U.S. Government Obligations — 39.5%* | *U.S. Government Obligations — 39.5%* | *U.S. Government Obligations — 39.5%* | *U.S. Government Obligations — 39.5%* | *U.S. Government Obligations — 39.5%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; $10000 | &nbsp;&nbsp;&nbsp; $10574<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 15451<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/31/27 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 90355<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 120581<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 230620<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 131422<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251455<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp; 1686345<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 294344<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 235445<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10330<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 51008<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp; 1300050<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 243792<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 541014<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50516<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp; 1245877<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/32 | &nbsp;&nbsp; 13460000 | &nbsp;&nbsp;&nbsp; 13815428<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 13510000 | &nbsp;&nbsp;&nbsp; 13866748<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 13670000 | &nbsp;&nbsp;&nbsp; 13934322<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 14650000 | &nbsp;&nbsp;&nbsp; 14928407<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30561<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp; 1353947<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 641038<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102756<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40534<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Strip Principal (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp; 900321<br>|
| **Total U.S. Government & Agency Obligations (Cost — $65,074,246)** | **Total U.S. Government & Agency Obligations (Cost — $65,074,246)** | **Total U.S. Government & Agency Obligations (Cost — $65,074,246)** | **Total U.S. Government & Agency Obligations (Cost — $65,074,246)** | &nbsp;&nbsp; **66123241** |
| **Corporate Bonds & Notes — 29.7%** | **Corporate Bonds & Notes — 29.7%** | **Corporate Bonds & Notes — 29.7%** | **Corporate Bonds & Notes — 29.7%** | **Corporate Bonds & Notes — 29.7%** |
| **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** |
| *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 137388<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 184598<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 134004<br>|
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 7/16/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 287314<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/8/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130190<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 334000<br>| &nbsp;&nbsp;&nbsp; 299765<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 587661<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1760920* |
| *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; *37909*<br>|
| *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* | *Interactive Media & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170188<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100719<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50340<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp;&nbsp; $101394<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40364<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50347<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10129<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61009<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121084<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193241<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121899<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131344<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *1152058* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 114338<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99500<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60443<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58704<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 4.709% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10155<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 186644<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *529784* |
| *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49936<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 575650<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 111108<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 116778<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 103371<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *956843* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **4437514** |
| **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** | **Consumer Discretionary — 1.4%** |
| *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 3/20/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 369812<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 94853<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 283082<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *747747* |
| *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* | *Broadline Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/12/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 127547<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 3/20/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 363130<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *490677* |
| *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* | *Hotels, Restaurants & Leisure — 0.5%* |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 159446<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40987<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146537<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10504<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69242<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 195900<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; 110000<br>| &nbsp;&nbsp;&nbsp; 113976<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; 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; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; $130000<br>| &nbsp;&nbsp;&nbsp; $130938<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *867530* |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; *142212*<br>|
| *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* |
| &nbsp;&nbsp;&nbsp; NIKE Inc., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/27/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; *9621*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2257787** |
| **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** | **Consumer Staples — 1.0%** |
| *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; *226741*<br>|
| *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; *71198*<br>|
| *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 217586<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *314819* |
| *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; *92185*<br>|
| *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 316737<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 59000<br>| &nbsp;&nbsp;&nbsp; 60294<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 44885<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 3000<br>| &nbsp;&nbsp;&nbsp; 2986<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63016<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 162912<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21099<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/13/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82249<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9260<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104356<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104779<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *972573* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1677516** |
| **Energy — 3.5%** | **Energy — 3.5%** | **Energy — 3.5%** | **Energy — 3.5%** | **Energy — 3.5%** |
| *Oil, Gas & Consumable Fuels — 3.5%* | *Oil, Gas & Consumable Fuels — 3.5%* | *Oil, Gas & Consumable Fuels — 3.5%* | *Oil, Gas & Consumable Fuels — 3.5%* | *Oil, Gas & Consumable Fuels — 3.5%* |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 128691<br>|
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 28169<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/30/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 155729<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 54190<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40093<br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 509630<br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 161812<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102587<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 391284<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 177122<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201896<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; $220000<br>| &nbsp;&nbsp;&nbsp; $214961<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11401<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 197184<br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19974<br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 179380<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 281371<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/19/47 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 434022<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 183526<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99216<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 119885<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242183<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 93668<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 42440<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 6/5/2115 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 183303<br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 234330<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 119268<br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 128909<br>|
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/12/52 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 202972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/30/36 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71320<br>|
| &nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71456<br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31139<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10157<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 507312<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129775<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 111077<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5921685** |
| **Financials — 10.4%** | **Financials — 10.4%** | **Financials — 10.4%** | **Financials — 10.4%** | **Financials — 10.4%** |
| *Banks — 6.7%* | *Banks — 6.7%* | *Banks — 6.7%* | *Banks — 6.7%* | *Banks — 6.7%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 403286<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year <br> Treasury Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200099<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + <br> 1.210%) | &nbsp;&nbsp; 2.572% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 291652<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + <br> 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 147948<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. <br> Term SOFR + 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 382000<br>| &nbsp;&nbsp;&nbsp; 378184<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. Term <br> SOFR + 1.632%) | &nbsp;&nbsp; 3.593% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 367930<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.970% to 3/5/28 then 3 mo. Term <br> SOFR + 1.332%) | &nbsp;&nbsp; 3.970% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 379763<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term <br> SOFR + 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 659504<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + <br> 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170805<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.456% to 2/6/31 then SOFR + <br> 0.870%) | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 2/6/32 | &nbsp;&nbsp; $170000<br>| &nbsp;&nbsp;&nbsp; $171310<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160262<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury <br> Constant Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204189<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. Term SOFR <br> + 2.829%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 1/10/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 380526<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.894% to 12/5/33 then SOFR + 1.866%) | &nbsp;&nbsp; 5.894% | &nbsp;&nbsp; 12/5/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 525897<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (4.885% to 7/3/30 then SOFR + 1.360%) | &nbsp;&nbsp; 4.885% | &nbsp;&nbsp; 7/3/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204181<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%) | &nbsp;&nbsp; 3.785% | &nbsp;&nbsp; 3/17/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 211756<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. Term SOFR + <br> 1.600%) | &nbsp;&nbsp; 3.980% | &nbsp;&nbsp; 3/20/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 548210<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.075% to 4/23/28 then 3 mo. Term SOFR + <br> 1.454%) | &nbsp;&nbsp; 4.075% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470745<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 221188<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 5/24/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231728<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 352214<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year <br> Treasury Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 508551<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (4.818% to 9/25/32 then SOFR + <br> 1.360%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251996<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury <br> Constant Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220846<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + <br> 2.387%) | &nbsp;&nbsp; 2.848% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 292804<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.005% to 4/23/28 then 3 mo. <br> Term SOFR + 1.382%) | &nbsp;&nbsp; 4.005% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 340016<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. <br> Term SOFR + 1.592%) | &nbsp;&nbsp; 4.452% | &nbsp;&nbsp; 12/5/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 384092<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.294% to 7/22/34 then SOFR + <br> 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 384348<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then <br> SOFR + 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 260094<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/4/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68902<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 171634<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + <br> 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130654<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%) | &nbsp;&nbsp; 2.215% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98521<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 197620<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 308188<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 131504<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then 3 mo. Term SOFR <br> + 4.032%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 4/4/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 80847<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.960% to 1/23/36 then SOFR + <br> 1.100%) | &nbsp;&nbsp; 4.960% | &nbsp;&nbsp; 1/23/37 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150629<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + <br> 1.990%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 136837<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + <br> 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; $230000<br>| &nbsp;&nbsp;&nbsp; $237974<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210810<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *11248244* |
| *Capital Markets — 2.6%* | *Capital Markets — 2.6%* | *Capital Markets — 2.6%* | *Capital Markets — 2.6%* | *Capital Markets — 2.6%* |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.289% to 6/13/32 then <br> SOFR + 1.418%) | &nbsp;&nbsp; 4.289% | &nbsp;&nbsp; 6/13/33 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 287870<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 151210<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + <br> 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 185854<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239544<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. <br> Term SOFR + 1.420%) | &nbsp;&nbsp; 3.814% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 188920<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.387% to 6/15/26 then SOFR + <br> 1.510%) | &nbsp;&nbsp; 4.387% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 230216<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.516% to 1/21/31 then SOFR + <br> 0.960%) | &nbsp;&nbsp; 4.516% | &nbsp;&nbsp; 1/21/32 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 865498<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 152131<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%) | &nbsp;&nbsp; 2.699% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 189278<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. Term SOFR <br> + 1.402%) | &nbsp;&nbsp; 3.772% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 209247<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.493% to 1/16/31 then SOFR + 0.950%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 1/16/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100602<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.320% to 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207160<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.466% to 1/18/34 then SOFR + 1.730%) | &nbsp;&nbsp; 5.466% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 659705<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nuveen LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180430<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (4.588% to 8/10/31 then SOFR + 1.050%) | &nbsp;&nbsp; 4.588% | &nbsp;&nbsp; 8/10/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 441919<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *4289584* |
| *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100875<br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.370% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 259355<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *360230* |
| *Financial Services — 0.6%* | *Financial Services — 0.6%* | *Financial Services — 0.6%* | *Financial Services — 0.6%* | *Financial Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199819<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 356573<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 389262<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *945654* |
| *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* |
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 226925<br>|
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 5/3/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9989<br>|
| &nbsp;&nbsp;&nbsp; MetLife Capital Trust IV, Junior Subordinated Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 212081<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, Subordinated <br> Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 12/16/39 | &nbsp;&nbsp; 32000<br>| &nbsp;&nbsp;&nbsp; 37367<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *486362* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **17330074** |
| **Health Care — 2.5%** | **Health Care — 2.5%** | **Health Care — 2.5%** | **Health Care — 2.5%** | **Health Care — 2.5%** |
| *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 11/21/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129201<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; $330000<br>| &nbsp;&nbsp;&nbsp; $339105<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 459166<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *927472* |
| *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; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69961<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 369743<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90063<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 51000<br>| &nbsp;&nbsp;&nbsp; 52895<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 115410<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 292868<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *990940* |
| *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131377<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 269274<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 131000<br>| &nbsp;&nbsp;&nbsp; 131832<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 128001<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 89181<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 133136<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 157166<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10366<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/23/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 255785<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 87323<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 230859<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 63939<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1688239* |
| *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 115078<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10470<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 296805<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.450% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 90610<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 137490<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *650453* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4257104** |
| **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** |
| *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* | *Aerospace & Defense — 0.8%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 124311<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 134583<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142731<br>|
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries Inc., Senior Notes | &nbsp;&nbsp; 5.749% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 74908<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 397880<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 278295<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9322<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 173691<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *1335721* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 95065<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Building Products — continued* | *Building Products — continued* | *Building Products — continued* | *Building Products — continued* | *Building Products — continued* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp;&nbsp; $56246<br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *151311* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; *289576*<br>|
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 80581<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60783<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *141364* |
| *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* | *Ground Transportation — 0.2%* |
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 80196<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90528<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70023<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29919<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 163576<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *434242* |
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; *229986*<br>|
| *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 445641<br>| &nbsp;&nbsp;&nbsp; 440908<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 399964<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *840872* |
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; *163390*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3586462** |
| **Information Technology — 3.3%** | **Information Technology — 3.3%** | **Information Technology — 3.3%** | **Information Technology — 3.3%** | **Information Technology — 3.3%** |
| *Semiconductors & Semiconductor Equipment — 2.5%* | *Semiconductors & Semiconductor Equipment — 2.5%* | *Semiconductors & Semiconductor Equipment — 2.5%* | *Semiconductors & Semiconductor Equipment — 2.5%* | *Semiconductors & Semiconductor Equipment — 2.5%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 81814<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 212335<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 323643<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120342<br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 749666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129823<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 123024<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82598<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 106619<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 118503<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51318<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 5/4/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9195<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1145167<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 870929<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *4124976* |
| *Software — 0.7%* | *Software — 0.7%* | *Software — 0.7%* | *Software — 0.7%* | *Software — 0.7%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 2/4/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250531<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119813<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99824<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 81835<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp;&nbsp; $244379<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 162067<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 235561<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *1194010* |
| *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; *230384*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **5549370** |
| **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** | **Materials — 1.0%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; MEGlobal BV, Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *385376*<br> <sup>(a)</sup><br>|
| *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; *62767*<br>|
| *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* | *Metals & Mining — 0.5%* |
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, Senior Notes | &nbsp;&nbsp; 5.529% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 246060<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10468<br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.371% | &nbsp;&nbsp; 4/4/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 373257<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.186% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 238068<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *867853* |
| *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 141741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181344<br>|
| &nbsp;&nbsp;&nbsp; Suzano Netherlands BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101113<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *424198* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1740194** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; WEA Finance LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **199286**<br> <sup>(a)</sup><br>|
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* |
| &nbsp;&nbsp;&nbsp; American Transmission Systems Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 128150<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad, Senior Notes | &nbsp;&nbsp; 6.045% | &nbsp;&nbsp; 1/28/34 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 445500<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70055<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30211<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220990<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41568<br>|
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9960<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111236<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73045<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 302258<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 363945<br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior <br> Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/21/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 388584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 290847<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 1/31/36 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 151113<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2627462* |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Northern States Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; $130000<br>| &nbsp;&nbsp;&nbsp; $*133602*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2761064** |
| **Total Corporate Bonds & Notes (Cost — $49,591,126)** | **Total Corporate Bonds & Notes (Cost — $49,591,126)** | **Total Corporate Bonds & Notes (Cost — $49,591,126)** | **Total Corporate Bonds & Notes (Cost — $49,591,126)** | &nbsp;&nbsp; **49718056** |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 11.5%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 11.5%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 11.5%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 11.5%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 11.5%** |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2025-6 A3 | &nbsp;&nbsp; 5.920% | &nbsp;&nbsp; 4/25/70 | &nbsp;&nbsp; 311712<br>| &nbsp;&nbsp;&nbsp; 315308<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 A (1 mo. Term <br> SOFR + 1.354%) | &nbsp;&nbsp; 5.021% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110078<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AREIT LLC, 2022-CRE7 A (1 mo. Term SOFR + 2.242%) | &nbsp;&nbsp; 5.906% | &nbsp;&nbsp; 6/17/39 | &nbsp;&nbsp; 343753<br>| &nbsp;&nbsp;&nbsp; 343787<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 27615<br>| &nbsp;&nbsp;&nbsp; 27201<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2022-NQM3 A1 | &nbsp;&nbsp; 5.108% | &nbsp;&nbsp; 7/25/62 | &nbsp;&nbsp; 240352<br>| &nbsp;&nbsp;&nbsp; 240437<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-BIO2 D | &nbsp;&nbsp; 7.713% | &nbsp;&nbsp; 8/13/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 108111<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + <br> 1.750%) | &nbsp;&nbsp; 5.410% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 491820<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 2026-FL6 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 8/19/43 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310484<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-AFC1 A1 | &nbsp;&nbsp; 3.573% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 226959<br>| &nbsp;&nbsp;&nbsp; 221428<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2020-AFC1 A1 | &nbsp;&nbsp; 3.240% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 362366<br>| &nbsp;&nbsp;&nbsp; 351338<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-AFC1 A3 | &nbsp;&nbsp; 1.169% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 213380<br>| &nbsp;&nbsp;&nbsp; 185605<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.538% | &nbsp;&nbsp; 2/25/66 | &nbsp;&nbsp; 159188<br>| &nbsp;&nbsp;&nbsp; 145695<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DBJPM Mortgage Trust, 2016-C1 B | &nbsp;&nbsp; 4.195% | &nbsp;&nbsp; 5/10/49 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 340927<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.205% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 579983<br>| &nbsp;&nbsp;&nbsp; 550713<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2021-2 A1 | &nbsp;&nbsp; 0.931% | &nbsp;&nbsp; 6/25/66 | &nbsp;&nbsp; 750367<br>| &nbsp;&nbsp;&nbsp; 650576<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.206% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 336752<br>| &nbsp;&nbsp;&nbsp; 306080<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 4.960% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 190488<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, K091 X1, IO | &nbsp;&nbsp; 0.558% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 2380913<br>| &nbsp;&nbsp;&nbsp; 37796<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, K093 X1, IO | &nbsp;&nbsp; 0.938% | &nbsp;&nbsp; 5/25/29 | &nbsp;&nbsp; 1819770<br>| &nbsp;&nbsp;&nbsp; 46100<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, K104 XAM, IO | &nbsp;&nbsp; 1.379% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 150266<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, KG06 X1, IO | &nbsp;&nbsp; 0.532% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 6478275<br>| &nbsp;&nbsp;&nbsp; 159036<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4066 PI, IO | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 56570<br>| &nbsp;&nbsp;&nbsp; 246<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4991 QV | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 176019<br>| &nbsp;&nbsp;&nbsp; 154708<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 1187813<br>| &nbsp;&nbsp;&nbsp; 179785<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 481618<br>| &nbsp;&nbsp;&nbsp; 81039<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 137352<br>| &nbsp;&nbsp;&nbsp; 23296<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 142932<br>| &nbsp;&nbsp;&nbsp; 19366<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5092 AP, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/41 | &nbsp;&nbsp; 252150<br>| &nbsp;&nbsp;&nbsp; 226691<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5224 HL, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 95881<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5482 FC (30 Day <br> Average SOFR + 1.300%) | &nbsp;&nbsp; 4.967% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 83275<br>| &nbsp;&nbsp;&nbsp; 84026<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA5 B1 (30 Day Average SOFR + 3.050%) | &nbsp;&nbsp; 6.717% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 341515<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit <br> Risk Debt Notes, 2026-DNA1 M2 (30 Day Average SOFR + 1.300%) | &nbsp;&nbsp; 4.958% | &nbsp;&nbsp; 2/25/46 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 331831<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2 | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 2/25/31 | &nbsp;&nbsp; 216529<br>| &nbsp;&nbsp;&nbsp; 214451<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2023-M4 A2 | &nbsp;&nbsp; 3.767% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197767<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2013-73 IA, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; $167269<br>| &nbsp;&nbsp;&nbsp; $4777<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2015-65 CZ | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 288670<br>| &nbsp;&nbsp;&nbsp; 261228<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2018-74 AB | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 233497<br>| &nbsp;&nbsp;&nbsp; 223186<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-56 AQ | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 688637<br>| &nbsp;&nbsp;&nbsp; 571692<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 460887<br>| &nbsp;&nbsp;&nbsp; 77754<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-57 TA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/50 | &nbsp;&nbsp; 605589<br>| &nbsp;&nbsp;&nbsp; 545583<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-62 BI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 2799427<br>| &nbsp;&nbsp;&nbsp; 324448<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 686760<br>| &nbsp;&nbsp;&nbsp; 109940<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-43 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/25/51 | &nbsp;&nbsp; 1357295<br>| &nbsp;&nbsp;&nbsp; 209140<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-65 JA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/25/46 | &nbsp;&nbsp; 175429<br>| &nbsp;&nbsp;&nbsp; 160341<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2022-57 BC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/25/52 | &nbsp;&nbsp; 130643<br>| &nbsp;&nbsp;&nbsp; 127113<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 409 C18, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 11539<br>| &nbsp;&nbsp;&nbsp; 2051<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 440 C50, IO | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/25/53 | &nbsp;&nbsp; 842289<br>| &nbsp;&nbsp;&nbsp; 177169<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. <br> Term SOFR + 0.464%) | &nbsp;&nbsp; 4.147% | &nbsp;&nbsp; 8/20/58 | &nbsp;&nbsp; 8117<br>| &nbsp;&nbsp;&nbsp; 8107<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. <br> Term SOFR + 0.564%) | &nbsp;&nbsp; 4.247% | &nbsp;&nbsp; 11/20/60 | &nbsp;&nbsp; 95298<br>| &nbsp;&nbsp;&nbsp; 95279<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 19343<br>| &nbsp;&nbsp;&nbsp; 19355<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H09 AF (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 3/20/61 | &nbsp;&nbsp; 16412<br>| &nbsp;&nbsp;&nbsp; 16421<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-H30 GA (1 <br> mo. Term SOFR + 0.464%) | &nbsp;&nbsp; 4.147% | &nbsp;&nbsp; 12/20/62 | &nbsp;&nbsp; 50128<br>| &nbsp;&nbsp;&nbsp; 49752<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-95 IO, IO | &nbsp;&nbsp; 0.307% | &nbsp;&nbsp; 4/16/47 | &nbsp;&nbsp; 2693082<br>| &nbsp;&nbsp;&nbsp; 15933<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-105 IO, IO | &nbsp;&nbsp; 0.144% | &nbsp;&nbsp; 6/16/54 | &nbsp;&nbsp; 63127<br>| &nbsp;&nbsp;&nbsp; 22<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-130 IB, IO | &nbsp;&nbsp; 0.174% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 1021323<br>| &nbsp;&nbsp;&nbsp; 3393<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-157 IO, IO | &nbsp;&nbsp; 0.180% | &nbsp;&nbsp; 5/16/55 | &nbsp;&nbsp; 727597<br>| &nbsp;&nbsp;&nbsp; 4150<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-186 IO, IO | &nbsp;&nbsp; 0.365% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 560150<br>| &nbsp;&nbsp;&nbsp; 3964<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-18 TP, PAC | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/20/49 | &nbsp;&nbsp; 156730<br>| &nbsp;&nbsp;&nbsp; 145236<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-8 AQ | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; 124526<br>| &nbsp;&nbsp;&nbsp; 126274<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-134 CI, IO | &nbsp;&nbsp; 1.428% | &nbsp;&nbsp; 6/16/61 | &nbsp;&nbsp; 3466026<br>| &nbsp;&nbsp;&nbsp; 315961<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-188 PA, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 554881<br>| &nbsp;&nbsp;&nbsp; 467484<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-223 P, PAC-1 | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 70051<br>| &nbsp;&nbsp;&nbsp; 62419<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-99 JW | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/20/52 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 174447<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-92 AH | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 1474350<br>| &nbsp;&nbsp;&nbsp; 1151207<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-92 IA, IO | &nbsp;&nbsp; 0.611% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 1965800<br>| &nbsp;&nbsp;&nbsp; 102259<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-179 IO, IO | &nbsp;&nbsp; 0.611% | &nbsp;&nbsp; 9/16/63 | &nbsp;&nbsp; 7887155<br>| &nbsp;&nbsp;&nbsp; 350379<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250879<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.152% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200870<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2026-FL21 A (1 mo. Term SOFR + 1.350%) | &nbsp;&nbsp; 5.014% | &nbsp;&nbsp; 2/18/41 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170109<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust, 2019-1 A1 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 351308<br>| &nbsp;&nbsp;&nbsp; 345519<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2021-L6 C | &nbsp;&nbsp; 3.438% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 215723<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2015-1A A2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/28/52 | &nbsp;&nbsp; 202821<br>| &nbsp;&nbsp;&nbsp; 198382<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-4A A1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/25/57 | &nbsp;&nbsp; 369966<br>| &nbsp;&nbsp;&nbsp; 364269<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2021-NQM3 A3 | &nbsp;&nbsp; 1.516% | &nbsp;&nbsp; 11/27/56 | &nbsp;&nbsp; 198316<br>| &nbsp;&nbsp;&nbsp; 183486<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 1.101% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 252352<br>| &nbsp;&nbsp;&nbsp; 212917<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.054% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; $359681<br>| &nbsp;&nbsp;&nbsp; $308404<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 775749<br>| &nbsp;&nbsp;&nbsp; 681240<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC2 A1 | &nbsp;&nbsp; 2.071% | &nbsp;&nbsp; 11/25/56 | &nbsp;&nbsp; 348439<br>| &nbsp;&nbsp;&nbsp; 315779<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 575862<br>| &nbsp;&nbsp;&nbsp; 584298<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SACO I Trust, 2007-VA1 A | &nbsp;&nbsp; — | &nbsp;&nbsp; 6/25/21 | &nbsp;&nbsp; 225<br>| &nbsp;&nbsp;&nbsp; 131<br> \*<sup>(a)(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, 2025-DATA A (1 mo. Term SOFR + <br> 1.443%) | &nbsp;&nbsp; 5.103% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 456652<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2017-4 B2 | &nbsp;&nbsp; 3.646% | &nbsp;&nbsp; 6/25/57 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 886663<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2025-R2 A2 | &nbsp;&nbsp; 5.238% | &nbsp;&nbsp; 7/25/67 | &nbsp;&nbsp; 116483<br>| &nbsp;&nbsp;&nbsp; 117710<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2004-AR9 A7 | &nbsp;&nbsp; 5.182% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 491160<br>| &nbsp;&nbsp;&nbsp; 470153<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A2A (1 mo. <br> Term SOFR + 0.854%) | &nbsp;&nbsp; 4.528% | &nbsp;&nbsp; 11/25/34 | &nbsp;&nbsp; 154893<br>| &nbsp;&nbsp;&nbsp; 153166<br> <sup>(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $19,791,275)** | **Total Collateralized Mortgage Obligations (Cost — $19,791,275)** | **Total Collateralized Mortgage Obligations (Cost — $19,791,275)** | **Total Collateralized Mortgage Obligations (Cost — $19,791,275)** | &nbsp;&nbsp; **19256690** |
| **Asset-Backed Securities — 9.5%** | **Asset-Backed Securities — 9.5%** | **Asset-Backed Securities — 9.5%** | **Asset-Backed Securities — 9.5%** | **Asset-Backed Securities — 9.5%** |
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 4.995% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270720<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Heritage Auto Receivables Issuer Trust, 2025-1A A3 | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 362854<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC, 2025-1A A2 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/22/31 | &nbsp;&nbsp; 109817<br>| &nbsp;&nbsp;&nbsp; 111070<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antares CLO Ltd., 2018-1A A1R (3 mo. Term SOFR + 1.370%) | &nbsp;&nbsp; 5.038% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310296<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A1AR (3 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 4.848% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 440643<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 2024-1A A1R (3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 4.918% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 581161<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust, 2021-A B | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 7/17/46 | &nbsp;&nbsp; 526039<br>| &nbsp;&nbsp;&nbsp; 496644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A A1RR (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 4.802% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 290376<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AutoNation Finance Trust, 2026-1A D | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 1/11/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101310<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2023-1A CN | &nbsp;&nbsp; 8.700% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 412211<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 4.981% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240121<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., 2024-1A A (3 mo. Term SOFR + 1.630%) | &nbsp;&nbsp; 5.298% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371337<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Basswood Park CLO Ltd., 2021-1A AR (3 mo. Term SOFR + 1.030%) | &nbsp;&nbsp; 4.698% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400462<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-30A AR2 (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 4.822% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 340751<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A A1 (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.058% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1002690<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2024-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.189% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 752525<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; College Ave Student Loans LLC, 2021-C C | &nbsp;&nbsp; 3.060% | &nbsp;&nbsp; 7/26/55 | &nbsp;&nbsp; 731426<br>| &nbsp;&nbsp;&nbsp; 694868<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2022-32A A1R2 (3 mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 4.788% | &nbsp;&nbsp; 7/24/34 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 550753<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.296% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 399000<br>| &nbsp;&nbsp;&nbsp; 403337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2025-18A A1 (3 mo. Term SOFR + 1.240%) | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 3/28/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270405<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, 2025-1 A1 | &nbsp;&nbsp; 4.630% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 376980<br>|
| &nbsp;&nbsp;&nbsp; Fortress Credit Bsl Ltd., 2021-1A AR (3 mo. Term SOFR + 1.100%) | &nbsp;&nbsp; 4.768% | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 270252<br>| &nbsp;&nbsp;&nbsp; 270542<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2024-33A A1 (3 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.218% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 782609<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2025-36A A1 (3 mo. Term SOFR + 1.230%) | &nbsp;&nbsp; 5.008% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330429<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GGAM Master Trust International Ltd., 2025-1A A | &nbsp;&nbsp; 5.923% | &nbsp;&nbsp; 9/30/60 | &nbsp;&nbsp; 273249<br>| &nbsp;&nbsp;&nbsp; 280207<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HINNT LLC, 2025-A A | &nbsp;&nbsp; 5.010% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 109139<br>| &nbsp;&nbsp;&nbsp; 111293<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kings Park CLO Ltd., 2021-1A A1R (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.870% | &nbsp;&nbsp; 1/21/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300598<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, 2018-2GS A | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 2/22/44 | &nbsp;&nbsp; 760286<br>| &nbsp;&nbsp;&nbsp; 720319<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, 2024-A A | &nbsp;&nbsp; 5.660% | &nbsp;&nbsp; 10/15/72 | &nbsp;&nbsp; 163421<br>| &nbsp;&nbsp;&nbsp; 168619<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Refinance Loan Trust, 2026-A A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/18/56 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 372179<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2020-1A A1B (30 Day Average SOFR + <br> 1.164%) | &nbsp;&nbsp; 4.832% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; 137149<br>| &nbsp;&nbsp;&nbsp; 138468<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; 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; Navigator Aviation Ltd., 2025-1 A | &nbsp;&nbsp; 5.107% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; $244983<br>| &nbsp;&nbsp;&nbsp; $248157<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2025-1A A1 (30 Day Average SOFR + 0.750%) | &nbsp;&nbsp; 4.417% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 378958<br>| &nbsp;&nbsp;&nbsp; 379069<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.540%) | &nbsp;&nbsp; 5.208% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 442152<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park Blue CLO Ltd., 2025-8A A1 (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 5.255% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360856<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phantom Aviation, 2026-1A A | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 173418<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Polus US CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.188% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 482345<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2024-A A1A | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 528627<br>| &nbsp;&nbsp;&nbsp; 547637<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotheby's Artfi Master Trust, 2026-1A A1 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 6/20/33 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 312181<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280399<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC, 2024-1A A2 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100545<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO Ltd., 2025-7A A1 (3 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.252% | &nbsp;&nbsp; 10/21/38 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300738<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $15,899,125)** | **Total Asset-Backed Securities (Cost — $15,899,125)** | **Total Asset-Backed Securities (Cost — $15,899,125)** | **Total Asset-Backed Securities (Cost — $15,899,125)** | &nbsp;&nbsp; **15884274** |
| **Sovereign Bonds — 2.1%** | **Sovereign Bonds — 2.1%** | **Sovereign Bonds — 2.1%** | **Sovereign Bonds — 2.1%** | **Sovereign Bonds — 2.1%** |
| *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* |
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; *340990*<br>|
| *Israel — 0.2%* | *Israel — 0.2%* | *Israel — 0.2%* | *Israel — 0.2%* | *Israel — 0.2%* |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/12/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; *312134*<br>|
| *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 2.659% | &nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 292191<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/12/52 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 506974<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *799165* |
| *Peru — 0.2%* | *Peru — 0.2%* | *Peru — 0.2%* | *Peru — 0.2%* | *Peru — 0.2%* |
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/30/36 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 289464<br>|
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/18/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109340<br>|
| *Total Peru* | *Total Peru* | *Total Peru* | *Total Peru* | &nbsp;&nbsp; *398804* |
| *Supranational — 0.8%* | *Supranational — 0.8%* | *Supranational — 0.8%* | *Supranational — 0.8%* | *Supranational — 0.8%* |
| &nbsp;&nbsp;&nbsp; Asian Development Bank, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 1/20/27 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; *1257062*<br>|
| *Uruguay — 0.2%* | *Uruguay — 0.2%* | *Uruguay — 0.2%* | *Uruguay — 0.2%* | *Uruguay — 0.2%* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/21/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; *328955*<br>|
| **Total Sovereign Bonds (Cost — $3,716,393)** | **Total Sovereign Bonds (Cost — $3,716,393)** | **Total Sovereign Bonds (Cost — $3,716,393)** | **Total Sovereign Bonds (Cost — $3,716,393)** | &nbsp;&nbsp; **3437110** |
| **Mortgage-Backed Securities — 1.7%** | **Mortgage-Backed Securities — 1.7%** | **Mortgage-Backed Securities — 1.7%** | **Mortgage-Backed Securities — 1.7%** | **Mortgage-Backed Securities — 1.7%** |
| *FHLMC — 0.4%* | *FHLMC — 0.4%* | *FHLMC — 0.4%* | *FHLMC — 0.4%* | *FHLMC — 0.4%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 303436 | &nbsp;&nbsp;&nbsp; 269048<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 378509<br>| &nbsp;&nbsp;&nbsp; 360395<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *629443* |
| *FNMA — 0.9%* | *FNMA — 0.9%* | *FNMA — 0.9%* | *FNMA — 0.9%* | *FNMA — 0.9%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 47163<br>| &nbsp;&nbsp;&nbsp; 43557<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 348766<br>| &nbsp;&nbsp;&nbsp; 309775<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 85610<br>| &nbsp;&nbsp;&nbsp; 74436<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/43- <br>11/1/48<br>| &nbsp;&nbsp; 249836 | &nbsp;&nbsp;&nbsp; 234624<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 79472<br>| &nbsp;&nbsp;&nbsp; 79805<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56- <br>6/1/57<br>| &nbsp;&nbsp; 120700 | &nbsp;&nbsp;&nbsp; 117775<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp; 434174<br>| &nbsp;&nbsp;&nbsp; 407369<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.453%) | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.453%) | &nbsp;&nbsp; 6.384% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; $217469<br>| &nbsp;&nbsp;&nbsp; $225732<br> <sup>(b)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *1493073* |
| *GNMA — 0.4%* | *GNMA — 0.4%* | *GNMA — 0.4%* | *GNMA — 0.4%* | *GNMA — 0.4%* | *GNMA — 0.4%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 25130<br>| &nbsp;&nbsp;&nbsp; 24377<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/49- <br>2/20/50<br>| &nbsp;&nbsp; 79270 | &nbsp;&nbsp;&nbsp; 74494<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/20/50- <br>3/20/50<br>| &nbsp;&nbsp; 108207 | &nbsp;&nbsp;&nbsp; 104655<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/20/52 | &nbsp;&nbsp; 71369<br>| &nbsp;&nbsp;&nbsp; 70889<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/53 | &nbsp;&nbsp; 228428<br>| &nbsp;&nbsp;&nbsp; 231217<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 88262<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 91739<br> <sup>(f)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *685633* |
| **Total Mortgage-Backed Securities (Cost — $2,840,147)** | **Total Mortgage-Backed Securities (Cost — $2,840,147)** | **Total Mortgage-Backed Securities (Cost — $2,840,147)** | **Total Mortgage-Backed Securities (Cost — $2,840,147)** | **Total Mortgage-Backed Securities (Cost — $2,840,147)** | &nbsp;&nbsp; **2808149** |
| **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $1,118,167) | &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $1,118,167) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 1094694<br>| &nbsp;&nbsp;&nbsp; **1125892**<br>|
|  |  | Expiration <br>Date<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount<br>|  |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; $197500 | &nbsp;&nbsp;&nbsp; 10862<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.750 | &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.750 | 3/6/26 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 13828<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 6 to 7-Year Notes Futures, Call @ $113.750 | &nbsp;&nbsp;&nbsp; U.S. Treasury 6 to 7-Year Notes Futures, Call @ $113.750 | 3/13/26 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 11719<br>|
| **Total Exchange-Traded Purchased Options (Cost — $87,347)** | **Total Exchange-Traded Purchased Options (Cost — $87,347)** | **Total Exchange-Traded Purchased Options (Cost — $87,347)** | **Total Exchange-Traded Purchased Options (Cost — $87,347)** | **Total Exchange-Traded Purchased Options (Cost — $87,347)** | &nbsp;&nbsp; **36409** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** | **OTC Purchased Options — 0.1%** |
| &nbsp;&nbsp;&nbsp; Interest rate swaption, Call, Daily SOFR Compound <br> paid annually, 290.000<sup>bps</sup> payments received <br> annually, maturing on 9/29/28 <br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 20970000 | &nbsp;&nbsp; 20970000 | &nbsp;&nbsp;&nbsp; 74253<br>|
| &nbsp;&nbsp;&nbsp; Interest rate swaption, Call, Daily SOFR Compound <br> paid annually, 290.000<sup>bps</sup> payments received <br> annually, maturing on 9/29/28 <br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp; 3930<br>|
| **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | **Total OTC Purchased Options (Cost — $90,116)** | &nbsp;&nbsp; **78183** |
| **Total Purchased Options (Cost — $177,463)** | **Total Purchased Options (Cost — $177,463)** | **Total Purchased Options (Cost — $177,463)** | **Total Purchased Options (Cost — $177,463)** | **Total Purchased Options (Cost — $177,463)** | &nbsp;&nbsp; **114592** |
| **Total Investments before Short-Term Investments (Cost — $158,207,942)** | **Total Investments before Short-Term Investments (Cost — $158,207,942)** | **Total Investments before Short-Term Investments (Cost — $158,207,942)** | **Total Investments before Short-Term Investments (Cost — $158,207,942)** | **Total Investments before Short-Term Investments (Cost — $158,207,942)** | &nbsp;&nbsp; **158468004** |
|  |  | Rate |  | Shares |  |
| **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $6,320,076)  | &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $6,320,076)  | &nbsp;&nbsp; 3.603% |  | &nbsp;&nbsp; 6320076<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6320076**<br> <sup>(g)(h)</sup><br>|
| **Total Investments — 98.6% (Cost — $164,528,018)** | **Total Investments — 98.6% (Cost — $164,528,018)** | **Total Investments — 98.6% (Cost — $164,528,018)** | **Total Investments — 98.6% (Cost — $164,528,018)** | **Total Investments — 98.6% (Cost — $164,528,018)** | &nbsp;&nbsp; **164788080** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; 2423796 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$167211876** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

---

| | |
|:---|:---|
| †† | 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> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(e)</sup> | The maturity principal is currently in default as of February 28, 2026. |
| <sup>(f)</sup> | This security is traded on a to-be-announced ("TBA") basis. At February 28, 2026, the Fund held TBA securities with a total cost of $177,063. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</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 February 28, 2026, the total market value of <br> investments in Affiliated Companies was $6,320,076 and the cost was $6,320,076 (Note 2).<br>|

---

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

---

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

---

At February 28, 2026, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; $97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; $72500 | &nbsp;&nbsp;&nbsp;&nbsp; $(4713) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; (5625) |
| 3-Month SOFR Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96.500 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 107500 | &nbsp;&nbsp;&nbsp;&nbsp; (5912) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;115.000 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; (11719) |
| **Total Exchange-Traded Written Options (Premiums received — $43,025)** | **Total Exchange-Traded Written Options (Premiums received — $43,025)** | **Total Exchange-Traded Written Options (Premiums received — $43,025)** | **Total Exchange-Traded Written Options (Premiums received — $43,025)** | **Total Exchange-Traded Written Options (Premiums received — $43,025)** | &nbsp;&nbsp;&nbsp; **(27969)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
|  | Counterparty |  |  |  |
| Interest rate swaption, Call, 345.000<sup>bps</sup> <br> payments paid annually, Daily SOFR <br> Compound received annually, maturing on <br> 9/29/36 <br>(Premiums received — $82,935)<br>| Goldman Sachs Group Inc. | &nbsp;&nbsp; 9/25/26<br> 345.000 <br><sup>bps</sup><br>| &nbsp;&nbsp;&nbsp; 4890000 | &nbsp;&nbsp; **$(70459)**<br>|
| **Total Written Options (Premiums received — $125,960)** | **Total Written Options (Premiums received — $125,960)** | **Total Written Options (Premiums received — $125,960)** | **Total Written Options (Premiums received — $125,960)** | &nbsp;&nbsp; **$(98428)**<br>|

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Intermediate Bond Fund**

---

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

---

At February 28, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $17613228 | &nbsp;&nbsp;&nbsp;&nbsp; $17585244 | &nbsp;&nbsp;&nbsp;&nbsp; $(27984) |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29043533 | &nbsp;&nbsp;&nbsp;&nbsp; 29089008 | &nbsp;&nbsp;&nbsp;&nbsp; 45475 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29062211 | &nbsp;&nbsp;&nbsp;&nbsp; 29187267 | &nbsp;&nbsp;&nbsp;&nbsp; 125056 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1462516 | &nbsp;&nbsp;&nbsp;&nbsp; 1479562 | &nbsp;&nbsp;&nbsp;&nbsp; 17046 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 159593 |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5646124 | &nbsp;&nbsp;&nbsp;&nbsp; 5686500 | &nbsp;&nbsp;&nbsp;&nbsp; (40376) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1502484 | &nbsp;&nbsp;&nbsp;&nbsp; 1517547 | &nbsp;&nbsp;&nbsp;&nbsp; (15063) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3112236 | &nbsp;&nbsp;&nbsp;&nbsp; 3161438 | &nbsp;&nbsp;&nbsp;&nbsp; (49202) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (104641) |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$54952** |

---

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

---

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

---

At February 28, 2026, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $29154000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.320% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(48109) | &nbsp;&nbsp;&nbsp;&nbsp; $(2347) | &nbsp;&nbsp;&nbsp;&nbsp; $(45762) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 7730000 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/30 | 2.452%\* | CPURNSA\* | &nbsp;&nbsp;&nbsp;&nbsp; (39189) | &nbsp;&nbsp;&nbsp;&nbsp; (3772) | &nbsp;&nbsp;&nbsp;&nbsp; (35417) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 7426000 | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.420% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43460) | &nbsp;&nbsp;&nbsp;&nbsp; 17099 | &nbsp;&nbsp;&nbsp;&nbsp; (60559) |
| **Total** | &nbsp;&nbsp;&nbsp; **$44310000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(130758)** | &nbsp;&nbsp;&nbsp; **$10980** | &nbsp;&nbsp;&nbsp; **$(141738)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.IG.45 Index | $20238000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$393669** | &nbsp;&nbsp;&nbsp; **$431915** | &nbsp;&nbsp;&nbsp; **$(38246)** |

---

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

See Notes to Schedule of Investments.

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Western Asset Intermediate Bond Fund 2026 Quarterly Report

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 **Western Asset Intermediate Bond Fund**

---

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

---

Reference rate(s) and their value(s) as of period end used in this table:

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; CPURNSA | 3.267% |
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 3.680% |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| CPURNSA |  | U.S. CPI Urban Consumers NSA Index |
| SOFR |  | Secured Overnight Financing Rate |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Intermediate Bond 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.

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Western Asset Intermediate Bond Fund 2026 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; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $66123241 | &nbsp;&nbsp; — | &nbsp;&nbsp; $66123241 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 49718056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49718056 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 19256690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19256690 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 15884274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15884274 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3437110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3437110 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2808149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2808149 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1125892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1125892 |
| &nbsp;&nbsp;&nbsp; Purchased Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Purchased Options | &nbsp;&nbsp; $36409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 78183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78183 |
| Total Long-Term Investments | &nbsp;&nbsp; 36409 | &nbsp;&nbsp; 158431595 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158468004 |
| Short-Term Investments† | &nbsp;&nbsp; 6320076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6320076 |
| **Total Investments** | &nbsp;&nbsp; **$6356485** | &nbsp;&nbsp; **$158431595** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$164788080** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $187577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $187577 |
| **Total** | &nbsp;&nbsp; **$6544062** | &nbsp;&nbsp; **$158431595** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$164975657** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Written Options | &nbsp;&nbsp; $27969 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $27969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $70459 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70459 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 132625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132625 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 141738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 38246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38246 |
| **Total** | &nbsp;&nbsp; **$160594** | &nbsp;&nbsp; **$250443** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$411037** |

---

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

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

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2026. The following transactions were

------

Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

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

effected in such company for the period ended February 28, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>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>| $17152718 | $69914285 | 69914285 | $80746927 | 80746927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>February 28, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $570425 |  | $6320076 |

---

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Western Asset Intermediate Bond Fund 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** 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:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

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

- **b. EDGAR series identifier (if any):** S000000711

- **c. LEI of Series:** 549300NZV8UE1KQUNO03

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

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

- **b. Date as of which information is reported:** 2026-02-27

**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:** $168462142.51

**Total Liabilities:** $1704374.07

**Net Assets:** $166757768.44

**Delayed Delivery Securities:** $638773.80

**Stand-by Commitments:** $177062.50

**Cash Not Reported:** $828401.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 195.53000000 | **1-Year:** 8709.66000000 | **5-Year:** 29369.45000000 | **10-Year:** 6645.87000000 | **30-Year:** 248.00000000

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

- **3-Month:** 0.39000000 | **1-Year:** 71.07000000 | **5-Year:** 201.39000000 | **10-Year:** 207.37000000 | **30-Year:** 40.64000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002076 | -0.06%               | 0.14%                | 1.23%                |
| Class ID C000066986 | -0.05%               | 0.15%                | 1.14%                |
| Class ID C000113698 | 0.03%                | 0.13%                | 1.11%                |
| Class ID C000113699 | -0.04%               | 0.06%                | 1.05%                |
| Class ID C000113700 | -0.01%               | 0.09%                | 1.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7446.31                 | $-802075.87                                |
| Month 2  | $2037.37                 | $-190744.09                                |
| Month 3  | $-65518.89               | $1778772.33                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO MERCANTILE EXCHANGE                                | Options on Three-Month SOFR Futures                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        79 | NC      | $10862.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                | Options on Three-Month SOFR Futures                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -29 | NC      | $-4712.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                           | PM 2.1 05/01/30                                        | CUSIP: 718172CP2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9259.99      | 0.01%             | 2030-05-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| KINGS PARK CLO LTD                                         | KINGP 2021-1A A1R                                      | CUSIP: 496094AQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300597.54    | 0.18%             | 2039-01-21      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates       | WAMU 2004-AR9 A7                                       | CUSIP: 92922FWL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    491160 | PA      | $470152.78    | 0.28%             | 2034-08-25      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                             | SCHW 5.875 08/24/26                                    | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151210.58    | 0.09%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-West                                             | CSMC 2020-AFC1 A1                                      | CUSIP: 12597MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    362366 | PA      | $351338.54    | 0.21%             | 2050-02-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| Nuveen LLC                                                 | TIAAGL 4 11/01/28 144A                                 | CUSIP: 67080LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $180429.86    | 0.11%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                     | UAL 4.625 04/15/29 144A                                | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399964.08    | 0.24%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2020-62 BI                                         | CUSIP: 3136BBYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   2799427 | PA      | $324448.27    | 0.19%             | 2050-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2023-92 IA                                         | CUSIP: 38381H8D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1965800 | PA      | $102258.74    | 0.06%             | 2064-06-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4 04/30/32                                           | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13670000 | PA      | $13934322.30  | 8.36%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -13 | NC      | $-15063.43    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                         | META 4.875 11/15/35                                    | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131343.81    | 0.08%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                         | META 4.6 11/15/32                                      | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193241.02    | 0.12%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                             | SCHW V6.136 08/24/34                                   | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    170000 | PA      | $185853.93    | 0.11%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                        | SUZANO 3.125 01/15/32                                  | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    200000 | PA      | $181344.38    | 0.11%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                      | SO 5.2 03/15/35                                        | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41568.40     | 0.02%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                             | KR 5 09/15/34                                          | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71198.47     | 0.04%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                        | NRZT 2021-NQM3 A3                                      | CUSIP: 64831TAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    198316 | PA      | $183486.39    | 0.11%             | 2056-11-25      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                       | ELV 4.1 05/15/32                                       | CUSIP: 036752AT0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157165.73    | 0.09%             | 2032-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                             | WES 6.35 01/15/29                                      | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    480000 | PA      | $507312.06    | 0.30%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHMS K091 X1                                           | CUSIP: 3137FLNB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   2380913 | PA      | $37796.05     | 0.02%             | 2029-03-25      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | 5-Year T-Note Weekly Options - Week 4                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        34 | NC      | $13281.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage Trust                                   | AOMT 2025-6 A3                                         | CUSIP: 034937AC6<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-O            | CORP              | US        |    311712 | PA      | $315307.87    | 0.19%             | 2070-04-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Areit 2022-Cre7 LLC                                        | AREIT 2022-CRE7 A                                      | CUSIP: 00217VAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    343753 | PA      | $343787.10    | 0.21%             | 2039-06-17      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FN MA4177                                              | CUSIP: 31418DUB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47163 | PA      | $43556.74     | 0.03%             | 2040-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                  | MARS 5 03/01/32 144A                                   | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217586.24    | 0.13%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                            | LLY 4.7 02/09/34                                       | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    290000 | PA      | $296805.21    | 0.18%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                | ABBV 3.2 11/21/29                                      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    470000 | PA      | $459166.14    | 0.28%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MEGlobal BV                                                | EQPTRC 2.625 04/28/28 144A                             | CUSIP: 29441WAD7<br>LEI: 549300WBVLU2FILR7W19 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $385376.00    | 0.23%             | 2028-04-28      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| FEDEX FREIGHT HOLDING COMPANY INC                          | FDX 4.95 03/15/33 144A                                 | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70022.68     | 0.04%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                        | CMCSA 3.3 04/01/27                                     | CUSIP: 20030NDK4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99500.11     | 0.06%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Suzano Netherlands BV                                      | SUZANO 5.5 01/15/36                                    | CUSIP: 86960YAA0<br>LEI: 9845009ZB9F5D6DB3602 | Long             | DBT              | CORP              | NL        |    100000 | PA      | $101112.50    | 0.06%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | 10-Year T-Note Weekly Options - Week 4                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -7 | NC      | $-10937.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2021-43 IO                                         | CUSIP: 3136BH7G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1357295 | PA      | $209139.69    | 0.13%             | 2051-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                     | FABSJV 5.9 01/25/30                                    | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    710000 | PA      | $749665.82    | 0.45%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 784825                                              | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29686 | PA      | $27896.84     | 0.02%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN AS0038                                              | CUSIP: 3138W9BG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47426 | PA      | $44520.73     | 0.03%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | ORCL 4.65 05/06/30                                     | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119813.03    | 0.07%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C V4.075 04/23/29                                      | CUSIP: 172967LW9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    470000 | PA      | $470744.92    | 0.28%             | 2029-04-23      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2022-57 BC                                         | CUSIP: 3136BN3N4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    130643 | PA      | $127112.67    | 0.08%             | 2052-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN BF0104                                              | CUSIP: 3140FXDJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30448 | PA      | $29710.49     | 0.02%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                              | ICE 4.6 03/15/33                                       | CUSIP: 45866FAW4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152130.77    | 0.09%             | 2033-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                         | PERU 5.625 11/18/50                                    | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    110000 | PA      | $109340.00    | 0.07%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -26 | NC      | $-49201.10    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Northern States Power Company                              | XEL 5.05 05/15/35                                      | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133601.79    | 0.08%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL X LTD                                  | FCBSL 2021-1A AR                                       | CUSIP: 34962HAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    270252 | PA      | $270541.78    | 0.16%             | 2033-04-20      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                    | UNH 4 05/15/29                                         | CUSIP: 91324PEH1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    230000 | PA      | $230859.27    | 0.14%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2025-R2                         | VERUS 2025-R2 A2                                       | CUSIP: 92541EAD4<br>LEI: 2138003KWTZZS4PBW772 | Long             | ABS-O            | CORP              | US        |    116483 | PA      | $117709.60    | 0.07%             | 2067-07-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                               | RCL 4.75 05/15/33                                      | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    130000 | PA      | $130938.05    | 0.08%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 06/30/30                                       | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1280000 | PA      | $1300050.00   | 0.78%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                             | HPE 4.4 10/15/30                                       | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    230000 | PA      | $230383.94    | 0.14%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                         | TMUS 2.25 11/15/31                                     | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    130000 | PA      | $116778.50    | 0.07%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS 3.75 04/01/30                                      | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128001.25    | 0.08%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2020-56 AQ                                         | CUSIP: 3136BBME9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    688637 | PA      | $571692.23    | 0.34%             | 2050-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | U.S. Treasury Bond Futures, Jun-2026,ETH               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -48 | NC      | $-40376.40    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Asian Development Bank                                     | ASIA 1.5 01/20/27 GMTN                                 | CUSIP: 045167FH1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | N/A       |   1280000 | PA      | $1257062.25   | 0.75%             | 2027-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                  | UNP 2.891 04/06/36                                     | CUSIP: 907818FQ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    190000 | PA      | $163575.95    | 0.10%             | 2036-04-06      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                                           | GGAMMT 2025-1A A                                       | CUSIP: 36173XAA0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | ABS-O            | CORP              | KY        |    273249 | PA      | $280207.34    | 0.17%             | 2060-09-30      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                         | CTRA 4.375 03/15/29                                    | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    160000 | PA      | $161811.86    | 0.10%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                               | SNPS 4.85 04/01/30                                     | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235560.55    | 0.14%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                      | URUGUA 7.625 03/21/36                                  | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    270000 | PA      | $328954.50    | 0.20%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                | ABBV 2.95 11/21/26                                     | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129200.94    | 0.08%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                               | AVGO 4.6 01/15/33                                      | CUSIP: 11135FDA6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    210000 | PA      | $212335.32    | 0.13%             | 2033-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 07/31/30                                       | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    240000 | PA      | $243792.19    | 0.15%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                           | PCG 5.55 05/15/29                                      | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    350000 | PA      | $363944.83    | 0.22%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                    | SWOP IRS USD                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |   1110000 | NC      | $3930.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                 | OXY 6.45 09/15/36                                      | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    110000 | PA      | $119885.04    | 0.07%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| FEDEX FREIGHT HOLDING COMPANY INC                          | FDX 5.25 03/15/36 144A                                 | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29918.75     | 0.02%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS 2021-C LL                        | CASL 2021-C C                                          | CUSIP: 19424WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    731426 | PA      | $694868.10    | 0.42%             | 2055-07-26      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V4.516 01/21/32                                     | CUSIP: 38145GAR1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    860000 | PA      | $865498.48    | 0.52%             | 2032-01-21      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                          | INTC 1.6 08/12/28                                      | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    130000 | PA      | $123023.82    | 0.07%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                      | TRGP 5.4 07/30/36                                      | CUSIP: 87612GAS0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71319.98     | 0.04%             | 2036-07-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                              | F 5.918 03/20/28                                       | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    360000 | PA      | $369811.86    | 0.22%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                             | BNP V5.894 12/05/34 144A                               | CUSIP: 05581KAG6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    490000 | PA      | $525897.28    | 0.32%             | 2034-12-05      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Legg Mason Partners Institutional Trust                    | Legg Mason Partners Institutional Trust GVT RSEVS PRM  | CUSIP: 52470G494<br>LEI: 54930003LJE4ZPPMRV82 | Long             | STIV             | RF                | US        |   6521198 | PA      | $6521197.73   | 3.91%             | 2099-12-01      | Floating      | 0.00%                 | No            |                  1 | On Loan: No      |
| Basswood Park Clo Ltd / Llc                                | BARK 2021-1A AR                                        | CUSIP: 070252AJ0<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400462.36    | 0.24%             | 2034-04-20      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | 10-Year T-Note Futures, Jun-2026,ETH                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -30 | NC      | $-38911.23    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile                    | CDEL 5.529 01/30/37 144A                               | CUSIP: 21987BBQ0<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    240000 | PA      | $246060.00    | 0.15%             | 2037-01-30      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V4.387 06/15/27                                     | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    230000 | PA      | $230216.12    | 0.14%             | 2027-06-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS 3.625 04/01/27                                     | CUSIP: 126650DH0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    270000 | PA      | $269274.03    | 0.16%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHR 5010 JI                                            | CUSIP: 3137FVQG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    481618 | PA      | $81038.79     | 0.05%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                         | ET 5.55 02/15/28                                       | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    380000 | PA      | $391283.97    | 0.23%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                        | CMCSA 3.4 04/01/30                                     | CUSIP: 20030NDG3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58704.15     | 0.04%             | 2030-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                     | MU 5.875 02/09/33                                      | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    110000 | PA      | $118503.19    | 0.07%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                            | SOLV 5.4 03/01/29                                      | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52894.97     | 0.03%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 BS1728                                              | CUSIP: 3617MB4M8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27712 | PA      | $26420.82     | 0.02%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                | LMT 4.5 02/15/29                                       | CUSIP: 539830CC1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    390000 | PA      | $397879.70    | 0.24%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | 10-Year T-Note Weekly Options - Week 4                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        29 | NC      | $23562.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 3.7 02/15/29                                     | CUSIP: 02079KBJ5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170187.51    | 0.10%             | 2029-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                | CQP 5.55 10/30/35                                      | CUSIP: 16411QAW1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155728.70    | 0.09%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                  | RTX 2.25 07/01/30                                      | CUSIP: 75513EAD3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9322.12      | 0.01%             | 2030-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 11/30/29                                       | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    290000 | PA      | $294344.34    | 0.18%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FEDEX FREIGHT HOLDING COMPANY INC                          | FDX 4.3 03/15/29 144A                                  | CUSIP: 314352AA3<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80195.82     | 0.05%             | 2029-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                   | T 2.25 02/01/32                                        | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134003.70    | 0.08%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                        | ABT 4 03/15/31                                         | CUSIP: 002824BS8<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129927.37    | 0.08%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHR 5224 HL                                            | CUSIP: 3137H7G72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $95881.11     | 0.06%             | 2052-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 06/15/28                                       | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    130000 | PA      | $131421.88    | 0.08%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MTG TR 2022-1                        | DRMT 2022-1 A1                                         | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    579983 | PA      | $550713.18    | 0.33%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                    | SWOP IRS USD                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  20970000 | NC      | $74252.62     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GN BS1754                                              | CUSIP: 3617MB5P0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25130 | PA      | $24377.27     | 0.01%             | 2050-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-West                                             | CSMC 2021-AFC1 A3                                      | CUSIP: 12657LAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    213380 | PA      | $185604.64    | 0.11%             | 2056-03-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO XXX Ltd/Bluemountain CLO XXX LLC          | BLUEM 2020-30A AR2                                     | CUSIP: 09630QAU5<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    340000 | PA      | $340751.06    | 0.20%             | 2035-04-16      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2021-134 CI                                        | CUSIP: 38381DWC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   3466026 | PA      | $315960.84    | 0.19%             | 2061-06-16      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                            | SOLV 5.45 03/13/31                                     | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    110000 | PA      | $115410.32    | 0.07%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                           | PM 5.25 02/13/34                                       | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104779.26    | 0.06%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                 | BATSLN 6 02/20/34                                      | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $162911.44    | 0.10%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                    | MPLX 4.8 02/15/29                                      | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    180000 | PA      | $183525.83    | 0.11%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                 | OKE 5.8 11/01/30                                       | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42439.80     | 0.03%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDU LN TR 2024-A                               | SMB 2024-A A1A                                         | CUSIP: 831943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    528627 | PA      | $547637.44    | 0.33%             | 2056-03-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | 5-Year T-Note Weekly Options - Week 4                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        45 | NC      | $28828.13     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                            | CDS CDX.NA.IG.45.V1                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $433020.60    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                       | GLENLN 5.186 04/01/30 144A                             | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    230000 | PA      | $238067.68    | 0.14%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2014-186 IO                                        | CUSIP: 38378XW72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    560150 | PA      | $3964.29      | 0.00%             | 2054-08-16      | Variable      | 0.37%                 | No            |                  2 | On Loan: No      |
| ABRY LIQUID CREDIT CLO 2025-2 LTD                          | ALC 2025-2A A1                                         | CUSIP: 003943AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $270719.82    | 0.16%             | 2038-01-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4.1 02/15/31                                     | CUSIP: 02079KBK2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50340.18     | 0.03%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                    | UNH 2.3 05/15/31                                       | CUSIP: 91324PED0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63939.04     | 0.04%             | 2031-05-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                   | AESOP 2023-1A C                                        | CUSIP: 05377RGG3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $412210.76    | 0.25%             | 2029-04-20      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| PRKCM 2021-AFC1 TRUST                                      | PRKCM 2021-AFC1 A1                                     | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    775748 | PA      | $681240.04    | 0.41%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| GALAXY 36 CLO LTD                                          | GALXY 2025-36A A1                                      | CUSIP: 362937AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330428.87    | 0.20%             | 2038-10-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp                                           | NTT 4.876 07/16/30 144A                                | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    280000 | PA      | $287313.84    | 0.17%             | 2030-07-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                         | SANTAN 4.551 11/06/30                                  | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $403286.38    | 0.24%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | 5-Year T-Note Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       186 | NC      | $83043.11     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mill City Mortgage Loan Trust 2018-2                       | MCMLT 2019-1 A1                                        | CUSIP: 59981AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351308 | PA      | $345518.69    | 0.21%             | 2069-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                         | CTRA 3.9 05/15/27                                      | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    510000 | PA      | $509630.43    | 0.31%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V3.593 07/21/28 GMTN                               | CUSIP: 06051GGR4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    370000 | PA      | $367929.49    | 0.22%             | 2028-07-21      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                              | USB V2.215 01/27/28 mtn                                | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98520.84     | 0.06%             | 2028-01-27      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FM9103                                              | CUSIP: 3140XDDH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    348766 | PA      | $309775.48    | 0.19%             | 2041-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4.4 02/15/33                                     | CUSIP: 02079KBL0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40364.34     | 0.02%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 08/15/34                                       | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    640000 | PA      | $641037.50    | 0.38%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                 | OKE 5.65 11/01/28                                      | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93667.80     | 0.06%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                 | FORDF 2025-1 A1                                        | CUSIP: 34529BAA4<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $376980.05    | 0.23%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FEDEX FREIGHT HOLDING COMPANY INC                          | FDX 4.65 03/15/31 144A                                 | CUSIP: 314352AC9<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90528.39     | 0.05%             | 2031-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                  | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-39188.70    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                 | AER 2.45 10/29/26                                      | CUSIP: 00774MAV7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    360000 | PA      | $356573.15    | 0.21%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4 06/30/32                                           | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14650000 | PA      | $14928407.28  | 8.95%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                            | FOXA 4.709 01/25/29                                    | CUSIP: 35137LAH8<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10154.95     | 0.01%             | 2029-01-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-1                  | EFMT 2021-2 A1                                         | CUSIP: 31572LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750367 | PA      | $650576.02    | 0.39%             | 2066-06-25      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                           | PM 5.125 02/13/31                                      | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104355.61    | 0.06%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS1403                                              | CUSIP: 3140XGRZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66077 | PA      | $62127.55     | 0.04%             | 2045-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Gas Transmission Co.                               | CITCOR 5.75 07/15/35 144A                              | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179380.37    | 0.11%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                          | WFC V3.35 03/02/33 MTN                                 | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $131504.41    | 0.08%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                           | KZOKZ 5.75 04/19/47 144A                               | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    450000 | PA      | $434022.25    | 0.26%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                    | HYNMTR 5.95 09/21/26 144A                              | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    280000 | PA      | $283081.82    | 0.17%             | 2026-09-21      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                           | IRS USD                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-48108.77    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4.8 02/15/36                                     | CUSIP: 02079KBM8<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61009.03     | 0.04%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA INC                                  | ESA 2025-ESH A                                         | CUSIP: 30227TAA8<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $190488.34    | 0.11%             | 2042-10-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | TII 1.875 07/15/34                                     | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1094694 | PA      | $1125891.69   | 0.68%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN AU6735                                              | CUSIP: 3138X6PV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39079 | PA      | $36677.47     | 0.02%             | 2043-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                      | AMRZ 5.4 04/07/35                                      | CUSIP: 43475RAT3<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62767.30     | 0.04%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4 05/15/30                                       | CUSIP: 02079KAK3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100719.39    | 0.06%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                 | CARR 2.7 02/15/31                                      | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56245.71     | 0.03%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                 | AER 3 10/29/28                                         | CUSIP: 00774MAW5<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $389262.19    | 0.23%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Teachers Insurance and Annuity Association of America      | TIAAGL 6.85 12/16/39 144A                              | CUSIP: 878091BC0<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |     32000 | PA      | $37366.82     | 0.02%             | 2039-12-16      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 5 05/15/45                                           | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10573.83     | 0.01%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                           | IRS USD                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-37765.21    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2 LTD                                 | APEXC 2021-2A A1AR                                     | CUSIP: 03755QAA1<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $440642.49    | 0.26%             | 2034-10-20      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                         | MO 4.8 02/14/29                                        | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     59000 | PA      | $60293.47     | 0.04%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Columbia Cent CLO 32 Ltd.                                  | CECLO 2022-32A A1R2                                    | CUSIP: 19737TBG0<br>LEI: 549300NBGVSLUALOY827 | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $550752.57    | 0.33%             | 2034-07-24      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                       | LVS 3.5 08/18/26                                       | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159446.02    | 0.10%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.625 08/15/28                                       | CUSIP: 91282CNU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $251455.08    | 0.15%             | 2028-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                           | PM 4.875 02/13/29                                      | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82249.37     | 0.05%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHR 4066 PI                                            | CUSIP: 3137ARFB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     56570 | PA      | $246.37       | 0.00%             | 2031-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                | CLR 5.75 01/15/31 144A                                 | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31124.63     | 0.02%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bravo Residential Funding Trust 2021-NMQ2                  | BRAVO 2021-NQM2 A1                                     | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27615 | PA      | $27200.86     | 0.02%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C V4.412 03/31/31                                      | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221187.68    | 0.13%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| SYCAMORE TREE CLO 2025-6 LTD                               | STCP 2025-6A A1                                        | CUSIP: 87122HAA0<br>LEI: 2138001M3BAXCUCAUG38 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $280399.14    | 0.17%             | 2038-04-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                 | OKE 5.55 11/01/26                                      | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    240000 | PA      | $242182.78    | 0.15%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS 1.875 02/28/31                                     | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89181.37     | 0.05%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-1                  | EFMT 2022-1 A1                                         | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    336752 | PA      | $306079.87    | 0.18%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                 | BA 6.528 05/01/34                                      | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $134583.36    | 0.08%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4.125 02/29/32                                       | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13460000 | PA      | $13815428.13  | 8.28%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V4.456 02/06/32                                    | CUSIP: 060505GQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171309.98    | 0.10%             | 2032-02-06      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                         | TMUS 2.55 02/15/31                                     | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    120000 | PA      | $111107.91    | 0.07%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2011-H07 FA                                        | CUSIP: 38375BKP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     19343 | PA      | $19355.12     | 0.01%             | 2061-02-20      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2011-H01 AF                                        | CUSIP: 38375BJN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     95298 | PA      | $95279.48     | 0.06%             | 2060-11-20      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS 2.125 09/15/31                                     | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133136.23    | 0.08%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables VI LLC                  | AXIS 2025-1A A2                                        | CUSIP: 03237FAB1<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |    109817 | PA      | $111070.21    | 0.07%             | 2031-09-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                | VZ 3.875 02/08/29                                      | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130190.31    | 0.08%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2020-57 TA                                         | CUSIP: 3136BBEM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    605589 | PA      | $545582.85    | 0.33%             | 2050-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V5.294 07/22/35                                    | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    370000 | PA      | $384348.00    | 0.23%             | 2035-07-22      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                         | TAISEM 1.75 10/25/26                                   | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1145167.23   | 0.69%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C V4.658 05/24/28                                      | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231728.07    | 0.14%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 BS1742                                              | CUSIP: 3617MB5B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52342 | PA      | $50871.97     | 0.03%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POLUS US CLO II LTD                                        | POLUS 2025-2A A1                                       | CUSIP: 73163VAC5<br>LEI: 254900AGAA5TXFLBCL85 | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $482344.80    | 0.29%             | 2038-07-20      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS7940                                              | CUSIP: 3140XPZE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79472 | PA      | $79805.02     | 0.05%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 2.625 07/31/29                                       | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1730000 | PA      | $1686344.52   | 1.01%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                  | RTX 6 03/15/31                                         | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    160000 | PA      | $173690.76    | 0.10%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 LLC                                          | MF1 2025-FL19 A                                        | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    200000 | PA      | $200869.64    | 0.12%             | 2042-05-18      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR RB0714                                              | CUSIP: 3133KTYK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70674 | PA      | $62597.49     | 0.04%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WARWICK CAPITAL CLO 7 LTD                                  | WWICK 2025-7A A1                                       | CUSIP: 93656JAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300738.27    | 0.18%             | 2038-10-21      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                      | WCNCN 5 03/01/34                                       | CUSIP: 94106BAG6<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $289576.46    | 0.17%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real Estate Notes 2016-FL1 Ltd.    | ARCREN 2025-FL1 A                                      | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    110000 | PA      | $110078.46    | 0.07%             | 2043-01-21      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4 03/31/30                                           | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $51007.81     | 0.03%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                | PFE 1.7 05/28/30                                       | CUSIP: 717081EY5<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137489.73    | 0.08%             | 2030-05-28      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                        | CEG 3.9 01/08/28                                       | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70055.09     | 0.04%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN BF0145                                              | CUSIP: 3140FXET5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    434173 | PA      | $407368.54    | 0.24%             | 2057-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gulfstream Natural Gas System LLC                          | GULFNG 5.6 07/23/35 144A                               | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $281371.28    | 0.17%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                      | AL 5.3 02/01/28                                        | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163389.75    | 0.10%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS 3.5 11/16/26                                        | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239543.62    | 0.14%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                     | TFC V6.047 06/08/27 MTN                                | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130654.29    | 0.08%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                           | NRG 5.407 10/15/35 144A                                | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111236.40    | 0.07%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                        | ABT 4.65 03/15/36                                      | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140097.92    | 0.08%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 2.75 08/15/32                                        | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1430000 | PA      | $1353947.47   | 0.81%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | ORCL 4.95 02/04/31                                     | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99824.28     | 0.06%             | 2031-02-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                      | RCL 6 02/01/33 144A                                    | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    110000 | PA      | $113975.81    | 0.07%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.625 08/31/27                                       | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    230000 | PA      | $230619.92    | 0.14%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4.125 03/31/32                                       | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13510000 | PA      | $13866748.44  | 8.32%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                          | WFC V4.96 01/23/37                                     | CUSIP: 95000U4E0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150628.74    | 0.09%             | 2037-01-23      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                      | LOW 1.7 09/15/28                                       | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142211.77    | 0.09%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4.5 05/15/35                                     | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50346.46     | 0.03%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding Llc                                  | HONK 2025-1A A2                                        | CUSIP: 26209XAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    399000 | PA      | $403336.89    | 0.24%             | 2055-10-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                        | EXE 4.75 02/01/32                                      | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19973.93     | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                 | OXY 3 02/15/27                                         | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99215.65     | 0.06%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                           | AMZN 2.1 05/12/31                                      | CUSIP: 023135BZ8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    140000 | PA      | $127546.89    | 0.08%             | 2031-05-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2014-157 IO                                        | CUSIP: 38378XUN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    727597 | PA      | $4149.85      | 0.00%             | 2055-05-16      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                  | GS V3.814 04/23/29                                     | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188919.81    | 0.11%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                        | ABT 4.3 03/15/33                                       | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    370000 | PA      | $369742.79    | 0.22%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                         | TAISEM 2.5 10/25/31                                    | CUSIP: 872898AC5<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    940000 | PA      | $870929.52    | 0.52%             | 2031-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                            | FHMS KG06 X1                                           | CUSIP: 3137H4C73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   6478275 | PA      | $159036.46    | 0.10%             | 2031-10-25      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | ORCL 4.55 02/04/29                                     | CUSIP: 68389XDW2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250530.58    | 0.15%             | 2029-02-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | 5-Year T-Note Weekly Options - Week 1                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        30 | NC      | $13828.12     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                   | G2 BM7534                                              | CUSIP: 3617JYLP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     49584 | PA      | $46596.97     | 0.03%             | 2050-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                        | CEG 4.4 01/15/31                                       | CUSIP: 210385AQ3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30211.41     | 0.02%             | 2031-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                        | CMCSA 4.15 10/15/28                                    | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60443.28     | 0.04%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                              | PETBRA 6.85 06/05/15                                   | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    190000 | PA      | $183302.65    | 0.11%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                               | HON 4.95 09/01/31                                      | CUSIP: 438516CR5<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    220000 | PA      | $229986.37    | 0.14%             | 2031-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNS 440 C50                                            | CUSIP: 31424U8E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    842289 | PA      | $177169.05    | 0.11%             | 2053-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                               | AVGO 4.8 02/15/36                                      | CUSIP: 11135FCY5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120342.51    | 0.07%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                       | GLENLN 5.371 04/04/29 144A                             | CUSIP: 378272BS6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    360000 | PA      | $373257.23    | 0.22%             | 2029-04-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                      | RCL 5.625 09/30/31 144A                                | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    190000 | PA      | $195900.00    | 0.12%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN AL3673                                              | CUSIP: 3138ELCK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    217469 | PA      | $225732.29    | 0.14%             | 2043-05-01      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                       | RY 3.875 05/04/32                                      | CUSIP: 78016FZQ0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $68902.43     | 0.04%             | 2032-05-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V4.005 04/23/29                                    | CUSIP: 46647PAR7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    340000 | PA      | $340015.92    | 0.20%             | 2029-04-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C V3.785 03/17/33                                      | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    220000 | PA      | $211756.45    | 0.13%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                 | BATSLN 5.35 08/15/32                                   | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63015.89     | 0.04%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                | HUM 3.7 03/23/29                                       | CUSIP: 444859BT8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    260000 | PA      | $255784.82    | 0.15%             | 2029-03-23      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                            | DANBNK V4.298 04/01/28 144A                            | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    220000 | PA      | $220846.46    | 0.13%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Ares XLIV CLO Ltd.                                         | ARES 2017-44A A1RR                                     | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $290376.07    | 0.17%             | 2034-04-17      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A.                                 | RABOBK V3.649 04/06/28 144A                            | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    510000 | PA      | $508551.25    | 0.30%             | 2028-04-06      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2012-H30 GA                                        | CUSIP: 38375BA77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     50128 | PA      | $49751.95     | 0.03%             | 2062-12-20      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                              | NRZT 2015-1A A2                                        | CUSIP: 64829CAB4<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-O            | CORP              | US        |    202821 | PA      | $198382.08    | 0.12%             | 2052-05-28      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V2.572 10/20/32                                    | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    320000 | PA      | $291652.24    | 0.17%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                         | TMUS 3.75 04/15/27                                     | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49936.43     | 0.03%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORP                                           | PXD 1.9 08/15/30                                       | CUSIP: 723787AQ0<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    130000 | PA      | $119267.78    | 0.07%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| BXMT 2026-FL6 LTD                                          | BXMT 2026-FL6 A                                        | CUSIP: 05620AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $310484.07    | 0.19%             | 2043-08-19      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust 2017 4                           | TPMT 2017-4 B2                                         | CUSIP: 89173UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $886662.84    | 0.53%             | 2057-06-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2023-179 IO                                        | CUSIP: 38381JZQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   7887155 | PA      | $350378.96    | 0.21%             | 2063-09-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN AR7399                                              | CUSIP: 3138W5GH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29460 | PA      | $27655.19     | 0.02%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Mortgage Loan Trust 2017-4                                 | NRZT 2017-4A A1                                        | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    369966 | PA      | $364269.36    | 0.22%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                               | SNPS 4.65 04/01/28                                     | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    160000 | PA      | $162067.32    | 0.10%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                 | BATSLN 5.625 08/15/35                                  | CUSIP: 05526DCC7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21099.34     | 0.01%             | 2035-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                          | EPD 6.65 10/15/34 H                                    | CUSIP: 293791AP4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11400.61     | 0.01%             | 2034-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                 | AER 5 11/15/35                                         | CUSIP: 00774MBS3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $199818.57    | 0.12%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                            | EQT 7 02/01/30                                         | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    180000 | PA      | $197184.13    | 0.12%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                            | GEV 4.875 02/04/36                                     | CUSIP: 36828AAB7<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60782.47     | 0.04%             | 2036-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2013-73 IA                                         | CUSIP: 3136AFRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    167269 | PA      | $4776.89      | 0.00%             | 2032-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                     | CB 3.35 05/03/26                                       | CUSIP: 00440EAV9<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9989.13      | 0.01%             | 2026-05-03      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| NAVIGATOR 2025-1 AVIATION LTD                              | NAVTR 2025-1 A                                         | CUSIP: 63943GAA0<br>LEI: 984500AWDV89795F0342 | Long             | ABS-O            | CORP              | KY        |    244983 | PA      | $248157.29    | 0.15%             | 2050-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Obx 2021-Nqm2 Trust                                        | OBX 2021-NQM2 A1                                       | CUSIP: 670857AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    252352 | PA      | $212917.00    | 0.13%             | 2061-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| PARK BLUE CLO 2025-VIII LTD                                | PKBLU 2025-8A A1                                       | CUSIP: 70019WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $360855.76    | 0.22%             | 2038-10-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                               | BMY 5.1 02/22/31                                       | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    110000 | PA      | $115077.44    | 0.07%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                | HUM 2.15 02/03/32                                      | CUSIP: 444859BR2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87322.77     | 0.05%             | 2032-02-03      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                 | BATSLN 3.557 08/15/27                                  | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2985.93      | 0.00%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| NAVIENT REFINANCE LOAN TRUST 2026-A                        | NAVRL 2026-A A                                         | CUSIP: 63943HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $372179.26    | 0.22%             | 2056-01-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN BF0191                                              | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56782 | PA      | $55405.93     | 0.03%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                     | TXN 1.75 05/04/30                                      | CUSIP: 882508BJ2<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9194.66      | 0.01%             | 2030-05-04      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                         | TMUS 5.15 04/15/34                                     | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103370.60    | 0.06%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4 07/31/32                                           | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $30561.33     | 0.02%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                       | LVS 6 08/15/29                                         | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146536.75    | 0.09%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNA 2019-M4 A2                                         | CUSIP: 3136B35Z9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    216529 | PA      | $214450.72    | 0.13%             | 2031-02-25      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN BF0183                                              | CUSIP: 3140FXFZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33470 | PA      | $32658.76     | 0.02%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust 2019-A                                  | AQFIT 2021-A B                                         | CUSIP: 03842VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    526039 | PA      | $496644.29    | 0.30%             | 2046-07-17      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                               | BMY 5.2 02/22/34                                       | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10469.89     | 0.01%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V5.32 07/19/35                                      | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207159.85    | 0.12%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHR 5013 IN                                            | CUSIP: 3137FW3E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    137352 | PA      | $23296.21     | 0.01%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS1539                                              | CUSIP: 3140XGV97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67794 | PA      | $63643.16     | 0.04%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust 2022-NQM3                  | BRAVO 2022-NQM3 A1                                     | CUSIP: 10569JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240352 | PA      | $240436.82    | 0.14%             | 2062-07-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment              | SP 0 05/15/49                                          | CUSIP: 912803FJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2720000 | PA      | $900320.57    | 0.54%             | 2049-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust 2014-4                          | NAVSL 2020-1A A1B                                      | CUSIP: 63942FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137149 | PA      | $138467.94    | 0.08%             | 2069-06-25      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 786335                                              | CUSIP: 3622AB4U3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71369 | PA      | $70888.36     | 0.04%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                              | STACR 2026-DNA1 M2                                     | CUSIP: 35564UCS4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    330000 | PA      | $331831.37    | 0.20%             | 2046-02-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                           | BPLN 3.633 04/06/30                                    | CUSIP: 10373QBL3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128691.40    | 0.08%             | 2030-04-06      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| RWE Finance US LLC                                         | RWE 5.125 09/18/35 144A                                | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    290000 | PA      | $290847.03    | 0.17%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                   | DVN 5.2 09/15/34                                       | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102587.18    | 0.06%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                               | T 1.375 08/15/50                                       | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $15451.17     | 0.01%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SC0340                                              | CUSIP: 3132D9LV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    378509 | PA      | $360394.77    | 0.22%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRKCM TRUST 2021-AFC2                                      | PRKCM 2021-AFC2 A1                                     | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    348439 | PA      | $315779.19    | 0.19%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| PRKCM 2024-HOME1 TRUST                                     | PRKCM 2024-HOME1 A1                                    | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    575862 | PA      | $584298.28    | 0.35%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                  | TD 4.456 06/08/32                                      | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $171633.67    | 0.10%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                               | AVGO 3.137 11/15/35 144A                               | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    370000 | PA      | $323642.81    | 0.19%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                            | FHR 5092 AP                                            | CUSIP: 3137FYAR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    252150 | PA      | $226690.58    | 0.14%             | 2041-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHR 5018 MI                                            | CUSIP: 3137FXC89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    142932 | PA      | $19365.55     | 0.01%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V4.376 04/27/28                                    | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170805.13    | 0.10%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Vantage Data Centers Issuer                                | VDC 2024-1A A2                                         | CUSIP: 92212KAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100544.86    | 0.06%             | 2054-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                         | MO 2.45 02/04/32                                       | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44885.31     | 0.03%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                     | MU 5.65 11/01/32                                       | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106619.45    | 0.06%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| HINNT 2025-A LLC                                           | HINTT 2025-A A                                         | CUSIP: 433403AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    109139 | PA      | $111293.41    | 0.07%             | 2044-03-15      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                              | USB V5.775 06/12/29                                    | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $197620.29    | 0.12%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| American Express Company                                   | AXP 4.05 05/03/29                                      | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100874.79    | 0.06%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Caixabank S.A.                                             | CABKSM V4.885 07/03/31 144A                            | CUSIP: 12803RAL8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $204180.55    | 0.12%             | 2031-07-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                   | T 4.7 08/15/30                                         | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184598.66    | 0.11%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                       | LVS 5.625 06/15/28                                     | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40987.31     | 0.02%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Swch Commercial Mortgage Trust 2025-Data                   | SWCH 2025-DATA A                                       | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $456652.26    | 0.27%             | 2042-02-18      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                              | WMB 2.6 03/15/31                                       | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    120000 | PA      | $111077.57    | 0.07%             | 2031-03-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2013-95 IO                                         | CUSIP: 38378KTM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2693082 | PA      | $15933.08     | 0.01%             | 2047-04-16      | Variable      | 0.31%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN                        | NAVSL 2024-A A                                         | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    163421 | PA      | $168619.35    | 0.10%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                            | CI 4.375 10/15/28                                      | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131376.97    | 0.08%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FR SC0460                                              | CUSIP: 3132D9QM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    232762 | PA      | $206450.99    | 0.12%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WEA Finance LLC                                            | URWFP 4.125 09/20/28 144A                              | CUSIP: 92928QAE8<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199286.03    | 0.12%             | 2028-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                               | AVGO 4.6 07/15/30                                      | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81813.60     | 0.05%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                            | CVS 4.3 03/25/28                                       | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    131000 | PA      | $131831.59    | 0.08%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                          | CUSIP: 21H022630<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $88262.02     | 0.05%             | 2056-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                          | FE 3.9 07/15/27 B                                      | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    220000 | PA      | $220990.40    | 0.13%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHMS K104 XAM                                          | CUSIP: 3137FREM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3100000 | PA      | $150265.68    | 0.09%             | 2030-01-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Antares Clo 2018-1 Ltd/ Llc                                | ANTR 2018-1A A1R                                       | CUSIP: 03665MAJ0<br>LEI: 254900BLLG7F7B4DGG41 | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $310296.11    | 0.19%             | 2038-04-20      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                         | ACAFP V4.818 09/25/33 144A                             | CUSIP: 22535WAS6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $251996.06    | 0.15%             | 2033-09-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                        | GP 4.4 06/30/28 144A                                   | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141741.05    | 0.08%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                              | MIDCAP 5.37 04/15/29 144A                              | CUSIP: 59590AAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $259355.47    | 0.16%             | 2029-04-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                          | INTC 5.125 02/10/30                                    | CUSIP: 458140CF5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82597.81     | 0.05%             | 2030-02-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                           | MRK 1.45 06/24/30                                      | CUSIP: 58933YAZ8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90610.34     | 0.05%             | 2030-06-24      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4.125 11/30/29                                       | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    230000 | PA      | $235444.53    | 0.14%             | 2029-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA5                    | STACR 2021-DNA5 B1                                     | CUSIP: 35564KJA8<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-O            | USGSE             | US        |    320000 | PA      | $341514.94    | 0.20%             | 2034-01-25      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Tennessee Gas Pipeline Company                             | KMI 2.9 03/01/30 144A                                  | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19128.20     | 0.01%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V4.452 12/05/29                                    | CUSIP: 46647PAX4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    380000 | PA      | $384091.68    | 0.23%             | 2029-12-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                             | BNP V5.198 01/10/30 144a                               | CUSIP: 09659W2H6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    370000 | PA      | $380525.88    | 0.23%             | 2030-01-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2019-18 TP                                         | CUSIP: 38381B4T8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    156730 | PA      | $145236.18    | 0.09%             | 2049-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                       | JPM V5.576 07/23/36                                    | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260093.97    | 0.16%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4 07/31/30                                           | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $541014.06    | 0.32%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2023-92 AH                                         | CUSIP: 38381H8H7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1474350 | PA      | $1151207.11   | 0.69%             | 2064-06-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AUTONATION FINANCE TRUST 2026-1                            | DRVPNK 2026-1A D                                       | CUSIP: 05330WAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101310.08    | 0.06%             | 2034-01-11      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                         | ET 3.75 05/15/30                                       | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177121.96    | 0.11%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                    | SWOP IRS USD                                           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  -4890000 | NC      | $-70459.10    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 BS1757                                              | CUSIP: 3617MB5S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28153 | PA      | $27362.13     | 0.02%             | 2050-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                      | FCX 5.4 11/14/34                                       | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10467.92     | 0.01%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                             | MEX 4.4 02/12/52                                       | CUSIP: 91087BAS9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    680000 | PA      | $506974.00    | 0.30%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| American Transmission Systems, Incorporated                | FE 2.65 01/15/32 144A                                  | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $128149.51    | 0.08%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                         | TMUS 3.875 04/15/30                                    | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    580000 | PA      | $575649.69    | 0.35%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                           | CFELEC 6.045 01/28/34 144A                             | CUSIP: 200447AQ3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    440000 | PA      | $445500.00    | 0.27%             | 2034-01-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                 | BA 5.15 05/01/30                                       | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124310.68    | 0.07%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Aon North America Inc.                                     | AON 5.15 03/01/29                                      | CUSIP: 03740MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $226924.81    | 0.14%             | 2029-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                        | CHILE 3.1 05/07/41                                     | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    430000 | PA      | $340990.00    | 0.20%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Commercial Mortgage Trust                    | DBJPM 2016-C1 B                                        | CUSIP: 23312LAU2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $340927.34    | 0.20%             | 2049-05-12      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                             | WES 4.75 08/15/28                                      | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10156.64     | 0.01%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FNR 2021-65 JA                                         | CUSIP: 3136BG4M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    175429 | PA      | $160341.38    | 0.10%             | 2046-01-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                       | LVS 6 06/14/30                                         | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10504.43     | 0.01%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                | VZ 1.68 10/30/30                                       | CUSIP: 92343VFX7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    334000 | PA      | $299764.94    | 0.18%             | 2030-10-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loan Trust 2018-2 Gs                          | MSAIC 2018-2GS A                                       | CUSIP: 61946LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    760286 | PA      | $720319.39    | 0.43%             | 2044-02-22      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                           | MCD 3.6 07/01/30 MTN                                   | CUSIP: 58013MFQ2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69242.06     | 0.04%             | 2030-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Cameron LNG LLC                                            | CAMLNG 2.902 07/15/31 144A                             | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28168.76     | 0.02%             | 2031-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2011-H09 AF                                        | CUSIP: 38375BLE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     16412 | PA      | $16420.74     | 0.01%             | 2061-03-20      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHR 4991 QV                                            | CUSIP: 3137FUVK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    176019 | PA      | $154708.16    | 0.09%             | 2045-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CARVAL CLO XI-C LTD /LLC                                   | CARVL 2024-3A A1                                       | CUSIP: 14688RAA8<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002690.30   | 0.60%             | 2037-10-20      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-NQM2 TRUST                                       | CSMC 2021-NQM2 A3                                      | CUSIP: 12662EAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    159188 | PA      | $145694.69    | 0.09%             | 2066-02-25      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2021-L6                     | MSC 2021-L6 C                                          | CUSIP: 61692CBX5<br>LEI: 549300RLSHIMYD3FZB52 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $215723.00    | 0.13%             | 2054-06-17      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                           | PCG 2.1 08/01/27                                       | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    310000 | PA      | $302257.73    | 0.18%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2-30YR-Multi                                          | CUSIP: 21H030633<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $91739.12     | 0.06%             | 2056-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4.375 11/15/32                                   | CUSIP: 02079KAX5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101393.75    | 0.06%             | 2032-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                  | WBD 3.755 03/15/27 *                                   | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37908.61     | 0.02%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                   | VST 5.35 01/31/36 144A                                 | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151112.70    | 0.09%             | 2036-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                          | ISRAEL 5.5 03/12/34 10Y                                | CUSIP: 46514BRL3<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    300000 | PA      | $312133.59    | 0.19%             | 2034-03-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                          | WFC V5.574 07/25/29 MTN                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237973.61    | 0.14%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 03/31/27                                       | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $90355.08     | 0.05%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2021-188 PA                                        | CUSIP: 38383CRU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    554881 | PA      | $467484.25    | 0.28%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Saco I Trust 2007                                          | SACO 2007-VA1 A                                        | CUSIP: 78386KAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       225 | PA      | $131.24       | 0.00%             | 2021-06-25      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                        | HII 5.749 01/15/35                                     | CUSIP: 446413BB1<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74907.75     | 0.04%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2014-130 IB                                        | CUSIP: 38378XQX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1021323 | PA      | $3393.04      | 0.00%             | 2054-08-16      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2025-1                           | NSLT 2025-1A A1                                        | CUSIP: 64035EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    378958 | PA      | $379068.70    | 0.23%             | 2033-10-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Csmc 2019-Afc1 Trust                                       | CSMC 2019-AFC1 A1                                      | CUSIP: 12596XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    226959 | PA      | $221428.46    | 0.13%             | 2049-07-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2020-56 DI                                         | CUSIP: 3136BBMQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    460887 | PA      | $77754.31     | 0.05%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                     | GM 5.6 10/15/32                                        | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94853.01     | 0.06%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V3.97 03/05/29 MTN                                 | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    380000 | PA      | $379763.13    | 0.23%             | 2029-03-05      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Perusahaan Listrik Negara PT                               | PLNIJ 5.45 05/21/28 144A                               | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    380000 | PA      | $388583.82    | 0.23%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                           | AMZN 4.35 03/20/33                                     | CUSIP: 023135CU8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    360000 | PA      | $363130.17    | 0.22%             | 2033-03-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V2.699 01/22/31 GMTN                                | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189278.07    | 0.11%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates       | WAMU 2004-AR13 A2A                                     | CUSIP: 92922FB72<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154893 | PA      | $153165.64    | 0.09%             | 2034-11-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C V3.98 03/20/30                                       | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    550000 | PA      | $548209.96    | 0.33%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                      | FNR 2020-89 DI                                         | CUSIP: 3136BCD80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    686760 | PA      | $109939.72    | 0.07%             | 2050-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                                                  | ARTFI 2026-1A A1                                       | CUSIP: 83589DAA4<br>LEI: 549300P5BAAMQQ7VL735 | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $312181.22    | 0.19%             | 2033-06-20      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                              | GOOGL 4.7 11/15/35                                     | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10129.42     | 0.01%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                             | C 4.45 09/29/27                                        | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352213.65    | 0.21%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| OBX 2021-NQM3 TR                                           | OBX 2021-NQM3 A1                                       | CUSIP: 67114JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    359681 | PA      | $308404.06    | 0.18%             | 2061-07-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru - Petroperu SA                          | PETRPE 4.75 06/19/32 144A                              | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    320000 | PA      | $234329.60    | 0.14%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4.25 11/15/34                                        | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $102755.86    | 0.06%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GALAXY CLO 33 LTD                                          | GALXY 2024-33A A1                                      | CUSIP: 36321EAC9<br>LEI: 3912004FNLYTWOWSZU31 | Long             | ABS-CBDO         | CORP              | KY        |    780000 | PA      | $782608.71    | 0.47%             | 2037-04-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                   | T 2.3 06/01/27                                         | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    140000 | PA      | $137386.78    | 0.08%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                | HUM 5.75 12/01/28                                      | CUSIP: 444859BZ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10366.33     | 0.01%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Midamerican Energy Company                                 | BRKHEC 3.65 04/15/29                                   | CUSIP: 595620AT2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9959.95      | 0.01%             | 2029-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                          | EPD 4.15 10/16/28                                      | CUSIP: 29379VBT9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201896.51    | 0.12%             | 2028-10-16      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-B                        | BX 2024-BIO2 D                                         | CUSIP: 05613GAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $108111.01    | 0.06%             | 2041-08-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                   | GNR 2021-8 AQ                                          | CUSIP: 38382MTZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGSE             | US        |    124526 | PA      | $126274.39    | 0.08%             | 2051-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V4.493 01/16/32                                     | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100601.69    | 0.06%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V3.419 12/20/28                                    | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    382000 | PA      | $378183.53    | 0.23%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                                | Balboa Bay Loan Funding 2025-2 Ltd                     | CUSIP: 057915AA8<br>LEI: 2549002Z9TKO9WGID477 | Long             | ABS-CBDO         | CORP              | KY        |    240000 | PA      | $240120.48    | 0.14%             | 2039-01-20      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                          | HSBC V2.848 06/04/31                                   | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $292803.77    | 0.18%             | 2031-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Phantom 2026-1 Aviation Ltd. / Phantom 2026-1 Aviation LLC | PHNTOM 2026-1A A                                       | CUSIP: 71711GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    170000 | PA      | $173418.16    | 0.10%             | 2051-01-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Greystone CRE Notes 2025-FL4 LLC                           | GSTNE 2025-FL4 A                                       | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250878.85    | 0.15%             | 2043-01-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass Through Trust 2015-1A               | AAL 3.375 05/01/27                                     | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    445641 | PA      | $440907.58    | 0.26%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                | CLR 4.375 01/15/28                                     | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40092.78     | 0.02%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORP                                           | PXD 2.15 01/15/31                                      | CUSIP: 723787AR8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    140000 | PA      | $128908.79    | 0.08%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                          | WFC 4.3 07/22/27 GMTN                                  | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210810.05    | 0.13%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MF1 2026-FL21 LLC                                          | MF1 2026-FL21 A                                        | CUSIP: 55287NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    170000 | PA      | $170108.85    | 0.10%             | 2041-02-19      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                  | MARS 3.2 04/01/30 144A                                 | CUSIP: 571676AB1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97232.87     | 0.06%             | 2030-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                  | VNOM 5.7 08/01/35                                      | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31139.25     | 0.02%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                          | WFC 3 10/23/26                                         | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    310000 | PA      | $308188.03    | 0.18%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                | VZ 4.78 02/15/35                                       | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    590000 | PA      | $587660.83    | 0.35%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                | LMT 3.9 06/15/32                                       | CUSIP: 539830BR9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    280000 | PA      | $278295.58    | 0.17%             | 2032-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                         | PERU 5.5 03/30/36                                      | CUSIP: 715638FC1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    280000 | PA      | $289464.00    | 0.17%             | 2036-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                  | VNOM 4.9 08/01/30                                      | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71456.35     | 0.04%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | G2 786709                                              | CUSIP: 3622ACKW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    228428 | PA      | $231217.26    | 0.14%             | 2053-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING LLC                       | CHTR 4.4 04/01/33                                      | CUSIP: 161175CJ1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    120000 | PA      | $114337.84    | 0.07%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC V2.972 02/04/33 MTN                                | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    160000 | PA      | $147948.36    | 0.09%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                            | GEV 4.25 02/04/31                                      | CUSIP: 36828AAA9<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80581.37     | 0.05%             | 2031-02-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V5.466 01/18/35                                     | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    630000 | PA      | $659704.80    | 0.40%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                          | WFC V5.557 07/25/34 MTN                                | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136836.82    | 0.08%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | ORCL 2.875 03/25/31                                    | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81834.92     | 0.05%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                | KVUE 5.05 03/22/28                                     | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92185.17     | 0.06%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                     | 10-Year T-Note Weekly Options - Week 4                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        21 | NC      | $27562.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OBRA CLO LTD                                               | OBRAC 2025-2A A1                                       | CUSIP: 674436AA8<br>LEI: 254900MMN4MOZ34WUC71 | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $442151.47    | 0.27%             | 2038-07-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| CIFC FDG 2024-II LTD /LLC                                  | CIFC 2024-2A A1                                        | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752525.10    | 0.45%             | 2037-04-22      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                      | BAC 4.25 10/22/26 MTN                                  | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160262.37    | 0.10%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN HERITAGE AUTO RECEIVABLES                         | AHART 2025-1A A3                                       | CUSIP: 02650VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $362854.30    | 0.22%             | 2030-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4.375 12/31/29                                       | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10329.69     | 0.01%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                            | SOLV 5.6 03/23/34                                      | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    280000 | PA      | $292868.24    | 0.18%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                         | META 4.75 08/15/34                                     | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121898.52    | 0.07%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                        | ABIBB 3.5 06/01/30                                     | CUSIP: 035240AV2<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    230000 | PA      | $226740.90    | 0.14%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC (THE)                               | WMB 3.75 06/15/27                                      | CUSIP: 96949LAD7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129774.87    | 0.08%             | 2027-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 3.875 05/31/27                                       | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $120581.25    | 0.07%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                           | Three-Month SOFR Futures, Mar-2026,ETH                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        73 | NC      | $-27984.55    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                      | BAC V3.974 02/07/30 MTN                                | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    660000 | PA      | $659503.52    | 0.40%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                         | MO 6.2 11/01/28                                        | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    300000 | PA      | $316736.92    | 0.19%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                | ABBV 4.8 03/15/29                                      | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    330000 | PA      | $339104.76    | 0.20%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                          | EPD 3.125 07/31/29                                     | CUSIP: 29379VBV4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    220000 | PA      | $214961.57    | 0.13%             | 2029-07-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| APIDOS LOAN FUND 2024-1 LTD                                | APID 2024-1A A1R                                       | CUSIP: 037986AN6<br>LEI: 549300092LX0NPUDVC76 | Long             | ABS-CBDO         | CORP              | JE        |    580000 | PA      | $581161.04    | 0.35%             | 2038-10-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD     | FHR 5482 FC                                            | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     83275 | PA      | $84026.41     | 0.05%             | 2054-12-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                          | WFC V4.478 04/04/31 MTN                                | CUSIP: 95000U2L6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80847.17     | 0.05%             | 2031-04-04      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                        | ONCRTX 5.35 04/01/35 144A                              | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73045.35     | 0.04%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                             | MS V3.772 01/24/29 GMTN                                | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209247.09    | 0.13%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNA 2023-M4 A2                                         | CUSIP: 3136BP3K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    200000 | PA      | $197766.60    | 0.12%             | 2032-09-25      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                | 2-Year T-Note Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       139 | NC      | $45474.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevation Clo 2016-5 Ltd                                   | AWPT 2025-18A A1                                       | CUSIP: 28623JAA4<br>LEI: 549300IH854FT1JLRT08 | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $270405.00    | 0.16%             | 2038-03-29      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                         | SANTAN V4.175 03/24/28                                 | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $200098.57    | 0.12%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                   | RILIN 3.625 01/12/52 144A                              | CUSIP: 759470BD8<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    270000 | PA      | $202972.50    | 0.12%             | 2052-01-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MetLife Capital Trust IV                                   | MET 7.875 12/15/37                                     | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $212081.04    | 0.13%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                            | FOXA 6.5 10/13/33                                      | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    170000 | PA      | $186643.75    | 0.11%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BARINGS CLO 2024-I LTD                                     | BABSN 2024-1A A                                        | CUSIP: 06763VAA3<br>LEI: 2549005VRCK51O5LRS39 | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $371336.70    | 0.22%             | 2037-01-21      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                              | QCOM 5 05/20/35                                        | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51317.70     | 0.03%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                             | BNP V5.125 01/13/29 144A                               | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $204189.33    | 0.12%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2021-223 P                                         | CUSIP: 38383FHR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     70051 | PA      | $62418.69     | 0.04%             | 2051-06-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                 | CARR 2.722 02/15/30                                    | CUSIP: 14448CAQ7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95064.88     | 0.06%             | 2030-02-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                | Options on Three-Month SOFR Futures                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -18 | NC      | $-5625.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Pipelines Operating Co. LLC                       | CPGX 6.036 11/15/33 144A                               | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $54189.94     | 0.03%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNS 409 C18                                            | CUSIP: 3136FLFM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11539 | PA      | $2050.98      | 0.00%             | 2042-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FN FS8273                                              | CUSIP: 3140XQFP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85610 | PA      | $74435.55     | 0.04%             | 2042-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2015-65 CZ                                         | CUSIP: 3136AP3N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    288670 | PA      | $261228.38    | 0.16%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                               | UBS V4.588 08/10/32 144A                               | CUSIP: 225401BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    440000 | PA      | $441919.18    | 0.27%             | 2032-08-10      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Nike, Inc.                                                 | NKE 2.85 03/27/30                                      | CUSIP: 654106AK9<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9620.81      | 0.01%             | 2030-03-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                      | FNR 2018-74 AB                                         | CUSIP: 3136B3HQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    233497 | PA      | $223185.98    | 0.13%             | 2048-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2025-COPT                     | BX 2025-COPT A                                         | CUSIP: 05618XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490000 | PA      | $491819.71    | 0.29%             | 2042-08-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                           | FHR 5010 IK                                            | CUSIP: 3137FVQ54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1187812 | PA      | $179784.57    | 0.11%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2014-105 IO                                        | CUSIP: 38378XCY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     63127 | PA      | $21.61        | 0.00%             | 2054-06-16      | Variable      | 0.14%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                | Options on Three-Month SOFR Futures                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -43 | NC      | $-5912.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                             | MEX 2.659 05/24/31                                     | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    325000 | PA      | $292191.25    | 0.18%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                               | T 4 01/31/31                                           | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1220000 | PA      | $1245877.35   | 0.75%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2022-99 JW                                         | CUSIP: 38383R7N1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    200000 | PA      | $174446.66    | 0.10%             | 2052-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                          | BK V4.289 06/13/33 MTN                                 | CUSIP: 06406RBH9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    290000 | PA      | $287870.31    | 0.17%             | 2033-06-13      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                   | GNR 2010-H26 LF                                        | CUSIP: 38375BGS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      8117 | PA      | $8106.72      | 0.00%             | 2058-08-20      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                          | INTC 3.75 03/25/27                                     | CUSIP: 458140BQ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129822.68    | 0.08%             | 2027-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                               | ORCL 4.8 09/26/32                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244379.01    | 0.15%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                       | HWM 4.55 11/15/32                                      | CUSIP: 443201AD0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142731.46    | 0.09%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES           | FHMS K093 X1                                           | CUSIP: 3137FMCT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1819770 | PA      | $46099.87     | 0.03%             | 2029-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                         | META 4.2 11/15/30                                      | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121084.35    | 0.07%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer