# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0000940400-26-014694
**Filing Date:** 2026-4
**Character Count:** 258822
**Document Hash:** f10f144868f125660ed902c0d3467784
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014694.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014694

**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:** 26892832

**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 Total Return Unconstrained Fund (Series ID: S000012738)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034298 | Class I      | WAARX           |
| C000034299 | Class FI     | WARIX           |
| C000066992 | Class IS     | WAASX           |
| C000113713 | CLASS A      | WAUAX           |
| C000113714 | CLASS C      | WAUCX           |
| C000113715 | CLASS R      | WAURX           |

## 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 Total Return Unconstrained 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 — 39.3%** | **U.S. Government & Agency Obligations — 39.3%** | **U.S. Government & Agency Obligations — 39.3%** | **U.S. Government & Agency Obligations — 39.3%** | **U.S. Government & Agency Obligations — 39.3%** |
| *U.S. Government Obligations — 39.3%* | *U.S. Government Obligations — 39.3%* | *U.S. Government Obligations — 39.3%* | *U.S. Government Obligations — 39.3%* | *U.S. Government Obligations — 39.3%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp; $2287780<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 507923<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; 3255047<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20136<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 193730<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 369697<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp; 2443680<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40819<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 71096<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 8190000 | &nbsp;&nbsp;&nbsp; 8229030<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp; 2226240<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 701313<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 81497<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 359646<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>|
| **Total U.S. Government & Agency Obligations (Cost — $21,285,348)** | **Total U.S. Government & Agency Obligations (Cost — $21,285,348)** | **Total U.S. Government & Agency Obligations (Cost — $21,285,348)** | **Total U.S. Government & Agency Obligations (Cost — $21,285,348)** | &nbsp;&nbsp; **20828168** |
| **Corporate Bonds & Notes — 19.1%** | **Corporate Bonds & Notes — 19.1%** | **Corporate Bonds & Notes — 19.1%** | **Corporate Bonds & Notes — 19.1%** | **Corporate Bonds & Notes — 19.1%** |
| **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** |
| *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; *72735*<br>|
| *Entertainment — 1.6%* | *Entertainment — 1.6%* | *Entertainment — 1.6%* | *Entertainment — 1.6%* | *Entertainment — 1.6%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 690000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *847900*<br> <sup>(c)</sup><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; 5.650% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112640<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/66 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112108<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 158167<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *382915* |
| *Media — 1.5%* | *Media — 1.5%* | *Media — 1.5%* | *Media — 1.5%* | *Media — 1.5%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 78459<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30469<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18549<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp;&nbsp; 43958<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 145842<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 310615<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 140772<br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10241<br> <sup>(d)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *778905* |
| *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; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *288490*<br> <sup>(d)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2370945** |
| **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** |
| *Automobile Components — 0.3%* | *Automobile Components — 0.3%* | *Automobile Components — 0.3%* | *Automobile Components — 0.3%* | *Automobile Components — 0.3%* |
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *164992*<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* |
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; $*93646*<br> <sup>(d)</sup><br>|
| *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *286294*<br> <sup>(d)</sup><br>|
| *Hotels, Restaurants & Leisure — 3.8%* | *Hotels, Restaurants & Leisure — 3.8%* | *Hotels, Restaurants & Leisure — 3.8%* | *Hotels, Restaurants & Leisure — 3.8%* | *Hotels, Restaurants & Leisure — 3.8%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62152<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 88136<br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20220<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20199<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41242<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20723<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 491080<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/8/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 602754<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 316028<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 186486<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21289<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51037<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64826<br> <sup>(d)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1986172* |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38944<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9773<br> <sup>(d)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *48717* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2579821** |
| **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** |
| *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 78439<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27979<br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51098<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29577<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51874<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30340<br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39766<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 164574<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 <br> mo. Term SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20164<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29961<br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63311<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/14/33 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 322480<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 105009<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/3/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 211170<br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11098<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21009<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11348<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 74606<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 177869<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

 **Western Asset Total Return Unconstrained 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; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; $18442<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1540114** |
| **Financials — 1.4%** | **Financials — 1.4%** | **Financials — 1.4%** | **Financials — 1.4%** | **Financials — 1.4%** |
| *Banks — 0.7%* | *Banks — 0.7%* | *Banks — 0.7%* | *Banks — 0.7%* | *Banks — 0.7%* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 year <br> Treasury Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82754<br> <sup>(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.500% to 9/27/28 <br> then U.K. Government Bonds 5 year Note Generic Bid Yield + 5.143%) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/27/28 | &nbsp;&nbsp; 200000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 286039<br> <sup>(f)(g)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *368793* |
| *Capital Markets — 0.4%* | *Capital Markets — 0.4%* | *Capital Markets — 0.4%* | *Capital Markets — 0.4%* | *Capital Markets — 0.4%* |
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1680000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(h)(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5 <br> year SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 235747<br> <sup>(d)(f)(g)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *235747* |
| *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61015<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51348<br> <sup>(d)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *112363* |
| *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *31535*<br> <sup>(d)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **748438** |
| **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** |
| *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120084<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70292<br> <sup>(e)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *190376* |
| *Health Care Providers & Services — 1.1%* | *Health Care Providers & Services — 1.1%* | *Health Care Providers & Services — 1.1%* | *Health Care Providers & Services — 1.1%* | *Health Care Providers & Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, Secured Trust | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 12/10/28 | &nbsp;&nbsp; 17038<br>| &nbsp;&nbsp;&nbsp; 17286<br>|
| &nbsp;&nbsp;&nbsp; Dignity Health, Secured Notes | &nbsp;&nbsp; 5.267% | &nbsp;&nbsp; 11/1/64 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 112003<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 8.150% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 405587<br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 42729<br> <sup>(d)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *577605* |
| *Pharmaceuticals — 1.6%* | *Pharmaceuticals — 1.6%* | *Pharmaceuticals — 1.6%* | *Pharmaceuticals — 1.6%* | *Pharmaceuticals — 1.6%* |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 600000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 800103<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 77000<br>| &nbsp;&nbsp;&nbsp; 76481<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *876584* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1644565** |
| **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21303<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31650<br> <sup>(d)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *52953* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *72796*<br> <sup>(d)</sup><br>|
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; GFL Environmental Holdings US Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *30146*<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; $10208<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99991<br> <sup>(d)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *110199* |
| *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31456<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31731<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52442<br> <sup>(d)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *115629* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **381723** |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *42539*<br> <sup>(d)</sup><br>|
| *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; *63031*<br>|
| *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 2/4/46 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29250<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/4/56 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29111<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/4/66 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9586<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *67947* |
| *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; Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *20494*<br> <sup>(d)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **194011** |
| **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
| *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200801<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98996<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **299797** |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41060<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20267<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30156<br> <sup>(d)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **91483** |
| **Utilities — 0.4%** | **Utilities — 0.4%** | **Utilities — 0.4%** | **Utilities — 0.4%** | **Utilities — 0.4%** |
| *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20297<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 81463<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39102<br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30862<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31575<br> <sup>(d)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *203299* |
| *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *42492*<br> <sup>(d)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **245791** |
| **Total Corporate Bonds & Notes (Cost — $10,079,292)** | **Total Corporate Bonds & Notes (Cost — $10,079,292)** | **Total Corporate Bonds & Notes (Cost — $10,079,292)** | **Total Corporate Bonds & Notes (Cost — $10,079,292)** | &nbsp;&nbsp; **10096688** |

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

 **Western Asset Total Return Unconstrained 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>(k)</sup> **— 13.5%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 13.5%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 13.5%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 13.5%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 13.5%** |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2024-10 A1 | &nbsp;&nbsp; 5.348% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 215572<br>| &nbsp;&nbsp;&nbsp; $217093<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2018-BN15 B | &nbsp;&nbsp; 4.654% | &nbsp;&nbsp; 11/15/61 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 332412<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK39 A4 | &nbsp;&nbsp; 2.928% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 222445<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2019-IMC F (1 mo. Term SOFR + 2.946%) | &nbsp;&nbsp; 6.606% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 322900<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-XL2 J (1 mo. Term SOFR + 4.004%) | &nbsp;&nbsp; 7.664% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 329000<br>| &nbsp;&nbsp;&nbsp; 330952<br> <sup>(d)(f)</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; 100000<br>| &nbsp;&nbsp;&nbsp; 100156<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2017-CD5 A4 | &nbsp;&nbsp; 3.431% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 335838<br>|
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust, 2001-HYB1 1A1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/19/31 | &nbsp;&nbsp; 1901<br>| &nbsp;&nbsp;&nbsp; 1890<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust, 2003-60 1A1 | &nbsp;&nbsp; 6.116% | &nbsp;&nbsp; 2/25/34 | &nbsp;&nbsp; 5409<br>| &nbsp;&nbsp;&nbsp; 5442<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, 2005-9 1A1 (1 mo. Term SOFR + 0.374%) | &nbsp;&nbsp; 4.048% | &nbsp;&nbsp; 11/25/35 | &nbsp;&nbsp; 68699<br>| &nbsp;&nbsp;&nbsp; 61207<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, 2005-28CB 2A3 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 706425<br>| &nbsp;&nbsp;&nbsp; 442171<br>|
| &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, 2005-76 3A1 (1 mo. Term SOFR + <br> 0.634%) | &nbsp;&nbsp; 4.308% | &nbsp;&nbsp; 1/25/46 | &nbsp;&nbsp; 43887<br>| &nbsp;&nbsp;&nbsp; 41795<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; DC Commercial Mortgage Trust, 2023-DC A | &nbsp;&nbsp; 6.314% | &nbsp;&nbsp; 9/12/40 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 309298<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Mortgage Securities Inc. Mortgage Loan Trust, 2004-4 7AR2 (1 <br> mo. Term SOFR + 0.564%) | &nbsp;&nbsp; 4.238% | &nbsp;&nbsp; 6/25/34 | &nbsp;&nbsp; 2259<br>| &nbsp;&nbsp;&nbsp; 2168<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2025-ESH D (1 mo. Term SOFR + 2.600%) | &nbsp;&nbsp; 6.260% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 282778<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K104 XAM, IO | &nbsp;&nbsp; 1.379% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 150266<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K514 X1, IO | &nbsp;&nbsp; 0.963% | &nbsp;&nbsp; 12/25/28 | &nbsp;&nbsp; 4992579<br>| &nbsp;&nbsp;&nbsp; 122400<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5449 FQ (30 Day <br> Average SOFR + 1.500%) | &nbsp;&nbsp; 5.167% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 80953<br>| &nbsp;&nbsp;&nbsp; 81588<br> <sup>(f)</sup><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>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R05 1M2 (30 <br> Day Average SOFR + 3.100%) | &nbsp;&nbsp; 6.767% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 393000<br>| &nbsp;&nbsp;&nbsp; 408502<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R06 1M2 (30 <br> Day Average SOFR + 2.700%) | &nbsp;&nbsp; 6.367% | &nbsp;&nbsp; 7/25/43 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 380147<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2012-51 B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 17623<br>| &nbsp;&nbsp;&nbsp; 19356<br>|
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage Securities Trust, 2005-AA12 1A1 | &nbsp;&nbsp; 4.277% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; 25145<br>| &nbsp;&nbsp;&nbsp; 17779<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GCAT Trust, 2024-INV3 A17 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 69752<br>| &nbsp;&nbsp;&nbsp; 71887<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-47 IA, IO | &nbsp;&nbsp; 0.166% | &nbsp;&nbsp; 2/16/48 | &nbsp;&nbsp; 150258<br>| &nbsp;&nbsp;&nbsp; 602<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-50 IO, IO | &nbsp;&nbsp; 0.587% | &nbsp;&nbsp; 9/16/55 | &nbsp;&nbsp; 813300<br>| &nbsp;&nbsp;&nbsp; 18914<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-134 IA, IO | &nbsp;&nbsp; 0.124% | &nbsp;&nbsp; 1/16/55 | &nbsp;&nbsp; 21551858<br>| &nbsp;&nbsp;&nbsp; 52872<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2017-21 IO, IO | &nbsp;&nbsp; 0.590% | &nbsp;&nbsp; 10/16/58 | &nbsp;&nbsp; 2471623<br>| &nbsp;&nbsp;&nbsp; 77904<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2017-41 IO, IO | &nbsp;&nbsp; 0.494% | &nbsp;&nbsp; 7/16/58 | &nbsp;&nbsp; 321675<br>| &nbsp;&nbsp;&nbsp; 7511<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-9 GA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/20/52 | &nbsp;&nbsp; 135043<br>| &nbsp;&nbsp;&nbsp; 114871<br>|
| &nbsp;&nbsp;&nbsp; GreenPoint Mortgage Funding Trust, 2006-AR3 3A1 (1 mo. Term SOFR + <br> 0.574%) | &nbsp;&nbsp; 4.248% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 6421<br>| &nbsp;&nbsp;&nbsp; 6403<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2024-NQM1 A1 | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 176154<br>| &nbsp;&nbsp;&nbsp; 178264<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lehman XS Trust, 2006-16N A4B (1 mo. Term SOFR + 0.594%) | &nbsp;&nbsp; 4.268% | &nbsp;&nbsp; 11/25/46 | &nbsp;&nbsp; 6697<br>| &nbsp;&nbsp;&nbsp; 10078<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lehman XS Trust, 2006-GP3 2A2 (1 mo. Term SOFR + 0.554%) | &nbsp;&nbsp; 4.228% | &nbsp;&nbsp; 6/25/46 | &nbsp;&nbsp; 10214<br>| &nbsp;&nbsp;&nbsp; 25332<br> <sup>(f)</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; 270000<br>| &nbsp;&nbsp;&nbsp; 271174<br> <sup>(d)(f)</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; 100000<br>| &nbsp;&nbsp;&nbsp; 100064<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Trust, 2024-FL16 A (1 mo. Term SOFR + 1.541%) | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 11/18/39 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 351247<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2021-L7 XA, IO | &nbsp;&nbsp; 0.995% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 6132046<br>| &nbsp;&nbsp;&nbsp; 226848<br> <sup>(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Total Return Unconstrained 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>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, 2024-INV2 A1 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/25/54 | &nbsp;&nbsp; 203187<br>| &nbsp;&nbsp;&nbsp; $207053<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, 2026-DSC1 A2 | &nbsp;&nbsp; 5.020% | &nbsp;&nbsp; 1/25/71 | &nbsp;&nbsp; 99575<br>| &nbsp;&nbsp;&nbsp; 99754<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, 2023-1 A4 | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 5/15/56 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 168805<br>|
| &nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust, 2006-AF2 4A | &nbsp;&nbsp; 5.562% | &nbsp;&nbsp; 8/25/36 | &nbsp;&nbsp; 25348<br>| &nbsp;&nbsp;&nbsp; 24542<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM Trust, 2024-NQM4 A1 | &nbsp;&nbsp; 5.674% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 218130<br>| &nbsp;&nbsp;&nbsp; 220222<br> <sup>(d)</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; 350000<br>| &nbsp;&nbsp;&nbsp; 347453<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2017-C7 A3 | &nbsp;&nbsp; 3.418% | &nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp; 294581<br>| &nbsp;&nbsp;&nbsp; 291885<br>|
| **Total Collateralized Mortgage Obligations (Cost — $7,425,663)** | **Total Collateralized Mortgage Obligations (Cost — $7,425,663)** | **Total Collateralized Mortgage Obligations (Cost — $7,425,663)** | **Total Collateralized Mortgage Obligations (Cost — $7,425,663)** | &nbsp;&nbsp; **7146294** |
| **Asset-Backed Securities — 11.4%** | **Asset-Backed Securities — 11.4%** | **Asset-Backed Securities — 11.4%** | **Asset-Backed Securities — 11.4%** | **Asset-Backed Securities — 11.4%** |
| &nbsp;&nbsp;&nbsp; Apollo Aviation Securitization Equity Trust, 2025-1A A | &nbsp;&nbsp; 5.943% | &nbsp;&nbsp; 2/16/50 | &nbsp;&nbsp; 231355<br>| &nbsp;&nbsp;&nbsp; 238550<br> <sup>(d)</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>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund LLC, 2025-EDU1 C (30 Day Average SOFR <br> + 1.800%) | &nbsp;&nbsp; 5.467% | &nbsp;&nbsp; 7/27/48 | &nbsp;&nbsp; 293546<br>| &nbsp;&nbsp;&nbsp; 293393<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%) | &nbsp;&nbsp; 7.569% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281644<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 6.568% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 261144<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2025-35A D1A (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 7/25/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 181255<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Countrywide Home Equity Loan Trust, 2007-A A (1 mo. Term SOFR + <br> 0.234%) | &nbsp;&nbsp; 3.894% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 364836<br>| &nbsp;&nbsp;&nbsp; 351723<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fremont Home Loan Trust, 2006-B 2A2 (1 mo. Term SOFR + 0.314%) | &nbsp;&nbsp; 3.888% | &nbsp;&nbsp; 8/25/36 | &nbsp;&nbsp; 295548<br>| &nbsp;&nbsp;&nbsp; 92160<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2018-25A CRR (3 mo. Term SOFR + 1.800%) | &nbsp;&nbsp; 5.468% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320840<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, 2022-1GS C | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/20/49 | &nbsp;&nbsp; 655630<br>| &nbsp;&nbsp;&nbsp; 201222<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 140938<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hayfin US Ltd., 2024-15A D1 (3 mo. Term SOFR + 4.260%) | &nbsp;&nbsp; 7.931% | &nbsp;&nbsp; 4/28/37 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 323162<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MAPS Trust, 2026-1A A | &nbsp;&nbsp; 5.201% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 149091<br>| &nbsp;&nbsp;&nbsp; 151414<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MASTR Specialized Loan Trust, 2006-3 A (1 mo. Term SOFR + 0.634%) | &nbsp;&nbsp; 4.308% | &nbsp;&nbsp; 6/25/46 | &nbsp;&nbsp; 44283<br>| &nbsp;&nbsp;&nbsp; 43229<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, 2021-1A D | &nbsp;&nbsp; 3.710% | &nbsp;&nbsp; 12/20/46 | &nbsp;&nbsp; 268738<br>| &nbsp;&nbsp;&nbsp; 211127<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR + 3.400%) | &nbsp;&nbsp; 7.228% | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 192129<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2021-A APT2 | &nbsp;&nbsp; 1.360% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 281078<br>| &nbsp;&nbsp;&nbsp; 268889<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Mountain CLO Ltd., 5A D1R (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 6.818% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201404<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund, 2020-1A A2 | &nbsp;&nbsp; 2.210% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 139256<br>| &nbsp;&nbsp;&nbsp; 123309<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%) | &nbsp;&nbsp; 11.504% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 341660<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2024-18A D1 (3 mo. Term SOFR + 3.450%) | &nbsp;&nbsp; 7.118% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 425288<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd., 2022-1A B1 (3 mo. Term SOFR <br> + 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250578<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, 2025-1A A | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 90298<br>| &nbsp;&nbsp;&nbsp; 91514<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Subway Funding LLC, 2024-1A A2I | &nbsp;&nbsp; 6.028% | &nbsp;&nbsp; 7/30/54 | &nbsp;&nbsp; 246875<br>| &nbsp;&nbsp;&nbsp; 249822<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC, 2025-1A A2 | &nbsp;&nbsp; 5.036% | &nbsp;&nbsp; 3/25/55 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 248678<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tesla Sustainable Energy Trust, 2024-1A A3 | &nbsp;&nbsp; 5.290% | &nbsp;&nbsp; 6/20/50 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 294249<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UCFC Manufactured Housing Contract, 1997-3 M | &nbsp;&nbsp; 7.115% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 165250<br>| &nbsp;&nbsp;&nbsp; 164776<br>|
| **Total Asset-Backed Securities (Cost — $6,701,970)** | **Total Asset-Backed Securities (Cost — $6,701,970)** | **Total Asset-Backed Securities (Cost — $6,701,970)** | **Total Asset-Backed Securities (Cost — $6,701,970)** | &nbsp;&nbsp; **6045407** |
| **Sovereign Bonds — 8.8%** | **Sovereign Bonds — 8.8%** | **Sovereign Bonds — 8.8%** | **Sovereign Bonds — 8.8%** | **Sovereign Bonds — 8.8%** |
| *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 13032<br>| &nbsp;&nbsp;&nbsp; 11077<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (4.125% to 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 83193<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Argentina — continued* | *Argentina — continued* | *Argentina — continued* | *Argentina — continued* | *Argentina — continued* |
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 118365<br>| &nbsp;&nbsp;&nbsp; $94147<br> <sup>(d)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *188417* |
| *Brazil — 3.8%* | *Brazil — 3.8%* | *Brazil — 3.8%* | *Brazil — 3.8%* | *Brazil — 3.8%* |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 6342000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 1208044<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 4757000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 830873<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *2038917* |
| *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* |
| &nbsp;&nbsp;&nbsp; Bonos de la Tesoreria de la Republica en pesos, Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 105000000 <br><sup>CLP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *126426*<br> <sup>(c)</sup><br>|
| *Czech Republic — 0.3%* | *Czech Republic — 0.3%* | *Czech Republic — 0.3%* | *Czech Republic — 0.3%* | *Czech Republic — 0.3%* |
| &nbsp;&nbsp;&nbsp; Czech Republic Government Bond, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 3180000 <br><sup>CZK</sup><br>| &nbsp;&nbsp;&nbsp; *134158*<br>|
| *India — 2.6%* | *India — 2.6%* | *India — 2.6%* | *India — 2.6%* | *India — 2.6%* |
| &nbsp;&nbsp;&nbsp; India Government Bond, Senior Notes | &nbsp;&nbsp; 5.790% | &nbsp;&nbsp; 5/11/30 | &nbsp;&nbsp; 128260000 <br><sup>INR</sup><br>| &nbsp;&nbsp;&nbsp; *1386926*<br>|
| *Malaysia — 0.3%* | *Malaysia — 0.3%* | *Malaysia — 0.3%* | *Malaysia — 0.3%* | *Malaysia — 0.3%* |
| &nbsp;&nbsp;&nbsp; Malaysia Government Bond | &nbsp;&nbsp; 4.254% | &nbsp;&nbsp; 5/31/35 | &nbsp;&nbsp; 490000 <br><sup>MYR</sup><br>| &nbsp;&nbsp;&nbsp; *133103*<br>|
| *Mexico — 0.7%* | *Mexico — 0.7%* | *Mexico — 0.7%* | *Mexico — 0.7%* | *Mexico — 0.7%* |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254660<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/13/42 | &nbsp;&nbsp; 2610000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 133828<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *388488* |
| *Peru — 0.1%* | *Peru — 0.1%* | *Peru — 0.1%* | *Peru — 0.1%* | *Peru — 0.1%* |
| &nbsp;&nbsp;&nbsp; Peru Government Bond, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/12/34 | &nbsp;&nbsp; 230000 <br><sup>PEN</sup><br>| &nbsp;&nbsp;&nbsp; *68391*<br>|
| *South Africa — 0.3%* | *South Africa — 0.3%* | *South Africa — 0.3%* | *South Africa — 0.3%* | *South Africa — 0.3%* |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government Bond | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/31/44 | &nbsp;&nbsp; 2150000 <br><sup>ZAR</sup><br>| &nbsp;&nbsp;&nbsp; *136449*<br>|
| *Uruguay — 0.1%* | *Uruguay — 0.1%* | *Uruguay — 0.1%* | *Uruguay — 0.1%* | *Uruguay — 0.1%* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/21/31 | &nbsp;&nbsp; 2520000 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; *69397*<br>|
| **Total Sovereign Bonds (Cost — $5,052,679)** | **Total Sovereign Bonds (Cost — $5,052,679)** | **Total Sovereign Bonds (Cost — $5,052,679)** | **Total Sovereign Bonds (Cost — $5,052,679)** | &nbsp;&nbsp; **4670672** |
| **Mortgage-Backed Securities — 8.1%** | **Mortgage-Backed Securities — 8.1%** | **Mortgage-Backed Securities — 8.1%** | **Mortgage-Backed Securities — 8.1%** | **Mortgage-Backed Securities — 8.1%** |
| *FHLMC — 0.7%* | *FHLMC — 0.7%* | *FHLMC — 0.7%* | *FHLMC — 0.7%* | *FHLMC — 0.7%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 307013<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 77587<br>| &nbsp;&nbsp;&nbsp; 68817<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *375830* |
| *FNMA — 2.5%* | *FNMA — 2.5%* | *FNMA — 2.5%* | *FNMA — 2.5%* | *FNMA — 2.5%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203207<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.360% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201568<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 171220<br>| &nbsp;&nbsp;&nbsp; 148871<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 279703<br>| &nbsp;&nbsp;&nbsp; 257337<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/42- <br>5/1/42<br>| &nbsp;&nbsp; 513607 | &nbsp;&nbsp;&nbsp; 486844<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/1/58 | &nbsp;&nbsp; 28053<br>| &nbsp;&nbsp;&nbsp; 27800<br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *1325627* |
| *GNMA — 4.9%* | *GNMA — 4.9%* | *GNMA — 4.9%* | *GNMA — 4.9%* | *GNMA — 4.9%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/42- <br>11/15/42<br>| &nbsp;&nbsp; 180574 | &nbsp;&nbsp;&nbsp; 168705<br>|
| &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) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 29688<br>| &nbsp;&nbsp;&nbsp; 27987<br>|
| &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; 78617 | &nbsp;&nbsp;&nbsp; 73880<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/20/50- <br>4/20/50<br>| &nbsp;&nbsp; 338205 | &nbsp;&nbsp;&nbsp; $326711<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 169498<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 441310<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1284348<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98852<br> <sup>(l)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *2615668* |
| **Total Mortgage-Backed Securities (Cost — $4,298,807)** | **Total Mortgage-Backed Securities (Cost — $4,298,807)** | **Total Mortgage-Backed Securities (Cost — $4,298,807)** | **Total Mortgage-Backed Securities (Cost — $4,298,807)** | &nbsp;&nbsp; **4317125** |
| **Senior Loans — 2.2%** | **Senior Loans — 2.2%** | **Senior Loans — 2.2%** | **Senior Loans — 2.2%** | **Senior Loans — 2.2%** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Media — 0.0%††* | *Media — 0.0%††* | *Media — 0.0%††* | *Media — 0.0%††* | *Media — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Initial Term Loan (3 mo. Term SOFR + 3.500%)  | 7.161% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **20022**<br> <sup>(f)(m)(n)</sup><br>|
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan |  | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 78925<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (1 mo. Term SOFR + <br> 4.250%) | 7.923% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38550<br> <sup>(f)(m)(n)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **117475** |
| **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** |
| *Banks — 0.1%* | *Banks — 0.1%* | *Banks — 0.1%* | *Banks — 0.1%* | *Banks — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 3.000%)  | 6.673% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *29350*<br> <sup>(f)(m)(n)</sup><br>|
| *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Incremental Term Loan B  |  | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *75800*<br> <sup>(o)</sup><br>|
| *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan  |  | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *77700*<br> <sup>(o)</sup><br>|
| *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* |
| &nbsp;&nbsp;&nbsp; AmWINS Group Inc., 2026 Refinancing Term Loan |  | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 79300<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., New Term Loan B14 |  | &nbsp;&nbsp; 2/14/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39383<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Incremental Term Loan |  | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49534<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services Inc., 2024 Term Loan |  | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77720<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan B |  | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19680<br> <sup>(o)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *265617* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **448467** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2028 Refinancing Term Loan  |  | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *40102*<br> <sup>(o)</sup><br>|
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan  |  | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *68367*<br> <sup>(o)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **108469** |
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility |  | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 30593<br>| &nbsp;&nbsp;&nbsp; 4,971<br> \*<sup>(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.660% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 24704<br>| &nbsp;&nbsp;&nbsp; 24086<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan |  | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 80301<br>| &nbsp;&nbsp;&nbsp; 70263<br> <sup>(o)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Passenger Airlines — continued* | *Passenger Airlines — continued* | *Passenger Airlines — continued* | *Passenger Airlines — continued* | *Passenger Airlines — continued* | *Passenger Airlines — continued* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | 11.660% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 6127<br>| &nbsp;&nbsp;&nbsp; $5974<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | 11.660% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 12100<br>| &nbsp;&nbsp;&nbsp; 11798<br> <sup>(f)(m)(n)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *117092* |
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; CoreLogic Inc., First Lien Initial Term Loan  | &nbsp;&nbsp;&nbsp; CoreLogic Inc., First Lien Initial Term Loan  |  | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *47625*<br> <sup>(o)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **164717** |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Tenth Amendment Term Loan B2 | &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Tenth Amendment Term Loan B2 |  | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 79800<br>| &nbsp;&nbsp;&nbsp; 74373<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan | &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan |  | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 70971<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B | &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B |  | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 75940<br> <sup>(o)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **221284** |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date Term <br> Loan B  | &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date Term <br> Loan B  |  | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **79300**<br> <sup>(o)</sup><br>|
| **Total Senior Loans (Cost — $1,159,043)** | **Total Senior Loans (Cost — $1,159,043)** | **Total Senior Loans (Cost — $1,159,043)** | **Total Senior Loans (Cost — $1,159,043)** | **Total Senior Loans (Cost — $1,159,043)** | &nbsp;&nbsp; **1159734** |
| **U.S. Treasury Inflation Protected Securities — 0.8%** | **U.S. Treasury Inflation Protected Securities — 0.8%** | **U.S. Treasury Inflation Protected Securities — 0.8%** | **U.S. Treasury Inflation Protected Securities — 0.8%** | **U.S. Treasury Inflation Protected Securities — 0.8%** | **U.S. Treasury Inflation Protected Securities — 0.8%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $421,950) | &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $421,950) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 413092<br>| &nbsp;&nbsp;&nbsp; **424865**<br>|
|  |  | Expiration <br>Date<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount†<br>|  |
| **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** | **Purchased Options — 0.2%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 3/13/26 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 287500 | &nbsp;&nbsp;&nbsp; 719<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 352500 | &nbsp;&nbsp;&nbsp; 19387<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.875 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.875 | 9/11/26 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 107500 | &nbsp;&nbsp;&nbsp; 16663<br>|
| &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.500 | &nbsp;&nbsp;&nbsp; SOFR 1-Year Mid-Curve Futures, Put @ $96.500 | 3/13/26 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 47500 | &nbsp;&nbsp;&nbsp; 119<br>|
| **Total Exchange-Traded Purchased Options (Cost — $118,817)** | **Total Exchange-Traded Purchased Options (Cost — $118,817)** | **Total Exchange-Traded Purchased Options (Cost — $118,817)** | **Total Exchange-Traded Purchased Options (Cost — $118,817)** | **Total Exchange-Traded Purchased Options (Cost — $118,817)** | &nbsp;&nbsp; **36888** |
|  | 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 annually, <br> maturing on 9/29/28 <br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 22020000 | &nbsp;&nbsp; 22020000 | &nbsp;&nbsp;&nbsp; 77971<br>|
| &nbsp;&nbsp;&nbsp; Interest rate swaption, Call, Daily SOFR Compound <br> paid annually, 290.000<sup>bps</sup> payments received annually, <br> maturing on 9/29/28 <br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp; 4107<br>|
| **Total OTC Purchased Options (Cost — $94,610)** | **Total OTC Purchased Options (Cost — $94,610)** | **Total OTC Purchased Options (Cost — $94,610)** | **Total OTC Purchased Options (Cost — $94,610)** | **Total OTC Purchased Options (Cost — $94,610)** | &nbsp;&nbsp; **82078** |
| **Total Purchased Options (Cost — $213,427)** | **Total Purchased Options (Cost — $213,427)** | **Total Purchased Options (Cost — $213,427)** | **Total Purchased Options (Cost — $213,427)** | **Total Purchased Options (Cost — $213,427)** | &nbsp;&nbsp; **118966** |
|  |  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 27<br> \*<sup>(h)(q)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Passenger Airlines — continued* | *Passenger Airlines — continued* | *Passenger Airlines — continued* | *Passenger Airlines — continued* |
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 9649 | &nbsp;&nbsp;&nbsp; $4,631<br> \*<br>|
| **Total Common Stocks (Cost — $135,524)** | **Total Common Stocks (Cost — $135,524)** | **Total Common Stocks (Cost — $135,524)** | &nbsp;&nbsp;&nbsp; **4658**<br>|
|  | &nbsp;&nbsp; Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $83,461) | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 6856<br>| &nbsp;&nbsp;&nbsp; **3,291**<br> \*<sup>(d)(h)(q)</sup><br>|
| **Total Investments — 103.4% (Cost — $56,857,164)** | **Total Investments — 103.4% (Cost — $56,857,164)** | **Total Investments — 103.4% (Cost — $56,857,164)** | &nbsp;&nbsp; **54815868** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (3.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (3.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (3.4)% | &nbsp;&nbsp;&nbsp; (1812886)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$53002982** |

---

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

---

| | |
|:---|:---|
| † | Face amount/notional amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts. |
| <sup>(b)</sup> | All or a portion of this security is held at the broker as collateral for open futures contracts and exchange-traded options.  |
| <sup>(c)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Directors.<br>|
| <sup>(d)</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>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</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>(g)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Value is less than $1. |
| <sup>(k)</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>(l)</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 $1,962,486. |
| <sup>(m)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(n)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(o)</sup> | All or a portion of this loan has not settled as of February 28, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(p)</sup> | The coupon payment on this security is currently in default as of February 28, 2026. |
| <sup>(q)</sup> | Restricted security (Note 3). |

---

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

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| BRL | Brazilian Real |
| CAS | Connecticut Avenue Securities |
| CLO | Collateralized Loan Obligation |
| CLP | Chilean Peso |
| CZK | Czech Koruna |
| DIP | Debtor-in-possession |
| EUR | Euro |
| GBP | British Pound |
| ICE | Intercontinental Exchange |
| INR | Indian Rupee |
| IO | Interest Only |
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

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; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; $97.250 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; $287500 | &nbsp;&nbsp;&nbsp;&nbsp; $(719) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 6/12/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.250 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 107500 | &nbsp;&nbsp;&nbsp;&nbsp; (2419) |
| 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; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 152500 | &nbsp;&nbsp;&nbsp;&nbsp; (19062) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 3/12/27 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; (58575) |
| 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; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 102500 | &nbsp;&nbsp;&nbsp;&nbsp; (5638) |
| SOFR 2-Year Mid-Curve Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.125 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 82500 | &nbsp;&nbsp;&nbsp;&nbsp; (14231) |
| SOFR 2-Year Mid-Curve Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.250 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 27500 | &nbsp;&nbsp;&nbsp;&nbsp; (3850) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;108.750 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; (25312) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;108.750 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(281) |
| U.S. Treasury Long-Term Bonds Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;115.000 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; (14438) |
| U.S. Treasury Long-Term Bonds Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 3/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;114.000 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(313) |
| **Total Exchange-Traded Written Options (Premiums received — $119,738)** | **Total Exchange-Traded Written Options (Premiums received — $119,738)** | **Total Exchange-Traded Written Options (Premiums received — $119,738)** | **Total Exchange-Traded Written Options (Premiums received — $119,738)** | **Total Exchange-Traded Written Options (Premiums received — $119,738)** | &nbsp;&nbsp;&nbsp; **(144838)** |

---

&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 <br> on 9/29/36 <br>(Premiums received — $86,836)<br>| Goldman Sachs Group Inc. | &nbsp;&nbsp; 9/25/26<br> 345.000 <br><sup>bps</sup><br>| &nbsp;&nbsp;&nbsp; 5120000 | &nbsp;&nbsp; **$(73773)**<br>|
| **Total Written Options (Premiums received — $206,574)** | **Total Written Options (Premiums received — $206,574)** | **Total Written Options (Premiums received — $206,574)** | **Total Written Options (Premiums received — $206,574)** | &nbsp;&nbsp; **$(218611)**<br>|

---

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

---

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

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Total Return Unconstrained Fund**

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; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $8163709 | &nbsp;&nbsp;&nbsp;&nbsp; $8186563 | &nbsp;&nbsp;&nbsp;&nbsp; $22854 |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5549373 | &nbsp;&nbsp;&nbsp;&nbsp; 5540556 | &nbsp;&nbsp;&nbsp;&nbsp; (8817) |
| Australian 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1085992 | &nbsp;&nbsp;&nbsp;&nbsp; 1101643 | &nbsp;&nbsp;&nbsp;&nbsp; 15651 |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15879967 | &nbsp;&nbsp;&nbsp;&nbsp; 15904781 | &nbsp;&nbsp;&nbsp;&nbsp; 24814 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 21180589 | &nbsp;&nbsp;&nbsp;&nbsp; 21257142 | &nbsp;&nbsp;&nbsp;&nbsp; 76553 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1876725 | &nbsp;&nbsp;&nbsp;&nbsp; 1895500 | &nbsp;&nbsp;&nbsp;&nbsp; 18775 |
| United Kingdom Long Gilt Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 249131 | &nbsp;&nbsp;&nbsp;&nbsp; 252496 | &nbsp;&nbsp;&nbsp;&nbsp; 3365 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 153195 |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8935426 | &nbsp;&nbsp;&nbsp;&nbsp; 8991188 | &nbsp;&nbsp;&nbsp;&nbsp; (55762) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4853476 | &nbsp;&nbsp;&nbsp;&nbsp; 4902844 | &nbsp;&nbsp;&nbsp;&nbsp; (49368) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4070395 | &nbsp;&nbsp;&nbsp;&nbsp; 4134188 | &nbsp;&nbsp;&nbsp;&nbsp; (63793) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (168923) |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(15728)** |

---

&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 forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55238 | Bank of America N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp; $3216 |
| BRL | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 748920 | Bank of America N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10990 |
| BRL | &nbsp;&nbsp; 18645230 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 3620784 | Bank of America N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 12215 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 58258 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Bank of America N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (196) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 757355 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 3900000 | Bank of America N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2555) |
| USD | &nbsp;&nbsp; 3395351 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 18645230 | Bank of America N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp; (237650) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 30786 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5670 | Citibank N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25783 | Citibank N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1496 |
| BRL | &nbsp;&nbsp; 3392071 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 603953 | Citibank N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 56989 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5978 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30786 | Citibank N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27187 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | Citibank N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 658719 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 3392071 | Citibank N.A. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2222) |
| BRL | &nbsp;&nbsp; 10882373 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2103280 | JPMorgan Chase & Co. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 17136 |
| USD | &nbsp;&nbsp; 2113287 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 10882373 | JPMorgan Chase & Co. | &nbsp;&nbsp; 3/3/26 | &nbsp;&nbsp;&nbsp;&nbsp; (7129) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 284047 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 336851 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (379) |
| INR | &nbsp;&nbsp; 12327545 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 135423 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28269 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49614 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71018 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35529 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35707 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 58948 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (280) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 70749 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (325) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 170169 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 143551 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 474677 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 352462 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (397) |

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 31356 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 4864861 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $63 |
| CNH | &nbsp;&nbsp;&nbsp;&nbsp; 464758 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67164 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46574 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 34430 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1144) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 23579 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 67616 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57431 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (415) |
| USD | &nbsp;&nbsp; 1639724 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 1397355 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (15534) |
| USD | &nbsp;&nbsp; 1527992 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 138489538 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11426 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 225289 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 151825 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8464 |
| CNH | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66472 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 34065 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1509) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 42922 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62762 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1732) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 60455 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (3579) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 97925 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 141634 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2845) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 133436 | &nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 924758 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1808) |
| USD | &nbsp;&nbsp; 2059378 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 10882373 | JPMorgan Chase & Co. | &nbsp;&nbsp; 6/2/26 | &nbsp;&nbsp;&nbsp; (14716) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(169855)** |

---

&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:** |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| GBP |  | British Pound |
| INR |  | Indian Rupee |
| JPY |  | Japanese Yen |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount\*<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| JPMorgan Chase & Co. | 2521000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/31 | BRL-CDI\*\* | 13.250%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $3890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $3890 |
| JPMorgan Chase & Co. | 3800000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/31 | BRL-CDI\*\* | 13.300%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6799 |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$10689** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$10689** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <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;&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>(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17628000 | &nbsp;&nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp;&nbsp; 3.320% <br>annually<br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; $(29089) | &nbsp;&nbsp;&nbsp; $(1419) | &nbsp;&nbsp;&nbsp; $(27670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 11/21/30 | 2.452%\*\* | CPURNSA\*\* | &nbsp;&nbsp;&nbsp; (11812) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(933) | &nbsp;&nbsp;&nbsp; (10879) |

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Total Return Unconstrained Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  | **CENTRALLY CLEARED INTEREST RATE SWAPS (cont'd)**  |
|  | &nbsp;&nbsp;&nbsp;&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> (Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized<br> Depreciation<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4504000 | &nbsp;&nbsp;&nbsp; 8/31/32 | &nbsp;&nbsp;&nbsp; 3.420% <br>annually<br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; $(26360) | &nbsp;&nbsp;&nbsp; $10257 | &nbsp;&nbsp;&nbsp; $(36617) |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **$24462000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(67261)** | &nbsp;&nbsp;&nbsp; **$7905** | &nbsp;&nbsp;&nbsp; **$(75166)** |

---

&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.HY.45 Index | $694980 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $47196 | &nbsp;&nbsp;&nbsp;&nbsp; $49488 | &nbsp;&nbsp;&nbsp;&nbsp; $(2292) |
| Markit CDX.NA.IG.45 Index | 4140000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 80531 | &nbsp;&nbsp;&nbsp;&nbsp; 90980 | &nbsp;&nbsp;&nbsp;&nbsp; (10449) |
| **Total** | **$4834980** |  |  | &nbsp;&nbsp;&nbsp; **$127727** | &nbsp;&nbsp;&nbsp; **$140468** | &nbsp;&nbsp;&nbsp; **$(12741)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| JPMorgan Chase & Co. | $289000 | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$3118** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$3118** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| ^ | Custom emerging markets debt basket is comprised of 41 bonds in the Sovereign Frontier sector. |
| \* | Notional amount denominated in U.S. dollars, unless otherwise noted. |
| \*\* | 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; BRL-CDI | 14.900% |
| &nbsp;&nbsp;&nbsp; CPURNSA | 3.268% |
| &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:** |
| BRL |  | Brazilian Real |
| BRL-CDI |  | Brazilian Cetip InterBank Deposit Rate |

---

See Notes to Schedule of Investments.

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Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

CPURNSA — U.S. CPI Urban Consumers NSA Index <br> JPEIFNTR — Western Asset Management Emerging Markets Frontier Custom Basket <br> 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 Total Return Unconstrained 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 Total Return Unconstrained 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, including exchange-traded funds, for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Directors (the "Board").

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

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

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

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

------

Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

------

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $20828168 | &nbsp;&nbsp; — | &nbsp;&nbsp; $20828168 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 748438 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 748438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 9348250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9348250 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 7146294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7146294 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6045407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6045407 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4670672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4670672 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 4317125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4317125 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1159734 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1159734 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 424865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 424865 |
| &nbsp;&nbsp;&nbsp; Purchased Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Purchased Options | &nbsp;&nbsp; $36888 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 82078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82078 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 4631 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4658 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 3291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3291 |
| **Total Investments** | &nbsp;&nbsp; **$41519** | &nbsp;&nbsp; **$54774349** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$54815868** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $162012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $162012 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $125383 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125383 |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 10689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10689 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 3118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3118 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$162012** | &nbsp;&nbsp; **$139190** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$301202** |
| **Total** | &nbsp;&nbsp; **$203531** | &nbsp;&nbsp; **$54913539** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$55117070** |

---

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Western Asset Total Return Unconstrained Fund 2026 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Written Options | &nbsp;&nbsp; $144838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $144838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $73773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73773 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 177740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 177740 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 295238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 295238 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 75166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12741 |
| **Total** | &nbsp;&nbsp; **$322578** | &nbsp;&nbsp; **$456918** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$779496** |

---

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

---

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

---

**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 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>| $17598602 | $64821659 | 64821659 | $82420261 | 82420261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>|  | $355266 |  |  |

---

**3. Restricted securities**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 2/28/2026<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 56 | 3/25 | $681 | $27 | &nbsp;&nbsp; $0.48 | 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 6856 | 3/25 | 83461 | 3291 <br><sup>(b)</sup><br>| 0.48 | 0.01<br> %<br>|
| **Total** |  |  | **$84142** | **$3318** |  | **0.01%**<br>|

---

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

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

<sup>(b)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board. 

------

Western Asset Total Return Unconstrained 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 Total Return Unconstrained Fund

- **b. EDGAR series identifier (if any):** S000012738

- **c. LEI of Series:** 549300TRHXU9STZER182

**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:** $56985832.05

**Total Liabilities:** $3960738.96

**Net Assets:** $53025093.09

**Delayed Delivery Securities:** $279497.50

**Stand-by Commitments:** $1962486.32

**Cash Not Reported:** $1343579.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 9.89000000 | **1-Year:** 1985.23000000 | **5-Year:** 7256.37000000 | **10-Year:** 2229.91000000 | **30-Year:** 170.04000000

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

- **3-Month:** 26.09000000 | **1-Year:** 695.71000000 | **5-Year:** 1813.10000000 | **10-Year:** 167.79000000 | **30-Year:** 0.28000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034298 | 0.26%                | 0.55%                | 0.65%                |
| Class ID C000034299 | 0.17%                | 0.66%                | 0.44%                |
| Class ID C000066992 | 0.26%                | 0.55%                | 0.65%                |
| Class ID C000113713 | 0.19%                | 0.55%                | 0.54%                |
| Class ID C000113714 | 0.20%                | 0.44%                | 0.54%                |
| Class ID C000113715 | 0.11%                | 0.55%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $29262.68                | $-405197.98                                |
| Month 2  | $-5933.99                | $110985.16                                 |
| Month 3  | $-18074.41               | $620349.70                                 |

### Schedule of Portfolio Investments

| Name                                                                   | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bank of America, National Association                                  | MXN/USD FORWARD                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-0.79        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                         | USD/BRL FORWARD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $58812.91     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                       | SANLTD 2.85 03/08/29                                           | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    330000 | PA      | $316028.03    | 0.60%             | 2029-03-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CD 2017 Cd3 Mortgage Trust                                             | CD 2017-CD5 A4                                                 | CUSIP: 12515HAZ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340000 | PA      | $335838.03    | 0.63%             | 2050-08-17      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                       | NRG 5.75 01/15/34 144A                                         | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20296.82     | 0.04%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                     | VEGLPL 6.5 06/15/34 144A                                       | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21009.32     | 0.04%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                   | URI 6.125 03/15/34 144A                                        | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52441.60     | 0.10%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLUEBERRY PARK CLO LTD                                                 | BERRY 2024-1A D1                                               | CUSIP: 09609QAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    260000 | PA      | $261144.03    | 0.49%             | 2037-10-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                          | GOOGL 5.65 02/15/56                                            | CUSIP: 02079KBP1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112639.68    | 0.21%             | 2056-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                    | ABT 4.65 03/15/36                                              | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170118.90    | 0.32%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                               | Cloud Software Group (Citrix/TIBCO) Term Loan B 325 2031-03-01 | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     80000 | PA      | $74560.00     | 0.14%             | 2031-03-21      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust Series 2006-16N                                        | LXS 2006-16N A4B                                               | CUSIP: 52522DAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6697 | PA      | $10078.13     | 0.02%             | 2046-11-25      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                              | AUD/USD FORWARD                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8464.06      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                       | PCG 3 06/15/28                                                 | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39102.15     | 0.07%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                  | RCL 6 02/01/33 144A                                            | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     20000 | PA      | $20722.88     | 0.04%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                   | LVS 3.9 08/08/29                                               | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88136.22     | 0.17%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                               | LLOYDS V8.5 PERP                                               | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $286038.71    | 0.54%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                            | CLR 2.268 11/15/26 144A                                        | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29576.58     | 0.06%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| GALAXY XXV CLO LTD                                                     | GALXY 2018-25A CRR                                             | CUSIP: 36319XBG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $320840.10    | 0.61%             | 2036-04-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| Pm General Purchaser Llc                                               | AMGENE 9.5 10/01/28 144A                                       | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $93646.00     | 0.18%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UKG                                                                    | UKG Term Loan B 350 2031-01-20                                 | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     80000 | PA      | $75940.00     | 0.14%             | 2031-02-10      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                                               | MGS 4.254 05/31/35 0415                                        | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    490000 | PA      | $133103.30    | 0.25%             | 2035-05-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                | CHTR 7.3 07/01/38                                              | CUSIP: 88732JAN8<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |    130000 | PA      | $140772.12    | 0.27%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                  | BRL/USD FORWARD                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $14206.49     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                  | Hub International Term Loan B 250 2030-06-01                   | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |     50000 | PA      | $49533.50     | 0.09%             | 2030-06-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                       | NRG 6 01/15/36 144A                                            | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81462.56     | 0.15%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAPS TRUST 2026-1                                                      | MAPSL 2026-1A A                                                | CUSIP: 55293WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149091 | PA      | $151414.49    | 0.29%             | 2051-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                          | GOOGL 5.75 02/15/66                                            | CUSIP: 02079KBQ9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112108.16    | 0.21%             | 2066-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                         | Truist Insurance Holdings Term Loan B 275 2031-05-01           | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20000 | PA      | $19680.00     | 0.04%             | 2031-05-06      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK39                                                        | BANK 2022-BNK39 A4                                             | CUSIP: 06539VAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $222444.79    | 0.42%             | 2055-02-18      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                  | RCL 5.625 09/30/31 144A                                        | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     40000 | PA      | $41242.11     | 0.08%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                | TLN 6.5 02/01/36 144A                                          | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30862.29     | 0.06%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                        | BBDBCN 6.75 06/15/33 144A                                      | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31649.79     | 0.06%             | 2033-06-15      | Fixed         | 6.75%                 | 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     | 0.16%             | 2054-12-25      | Floating      | 4.97%                 | 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        |        51 | NC      | $28687.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                                | CREDIT SUISSE ESCROW CL                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1680000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DISH DBS Corporation                                                   | DISH 5.25 12/01/26 144A                                        | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $145842.20    | 0.28%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                            | CRGYFN 7.375 01/15/33 144A                                     | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39766.38     | 0.07%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                           | UAL 5.375 03/01/31                                             | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10208.10     | 0.02%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                 | FHR 5449 FQ                                                    | CUSIP: 3137HFHU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     80953 | PA      | $81587.82     | 0.15%             | 2054-09-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Lightning Power LLC                                                    | LIGPLL 7.25 08/15/32 144A                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42492.48     | 0.08%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                            | CQP 3.25 01/31/32                                              | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27978.79     | 0.05%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                | BLKPRL 6.125 02/15/31 144A                                     | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20494.04     | 0.04%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | GNR 2017-41 IO                                                 | CUSIP: 38379RPH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    321675 | PA      | $7510.60      | 0.01%             | 2058-07-16      | Variable      | 0.49%                 | No            |                  2 | On Loan: No      |
| First Horizon Mortgage Pass Through Trust 2006 3                       | FHAMS 2005-AA12 1A1                                            | CUSIP: 32051GQ57<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25145 | PA      | $17779.19     | 0.03%             | 2036-02-25      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                       | Three-Month SOFR Futures, Dec-2025,ETH                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        34 | NC      | $22853.02     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corporation                                                   | DISH 5.75 12/01/28 144A                                        | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $310614.59    | 0.59%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 3.375 09/15/27                                               | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370000 | PA      | $369696.49    | 0.70%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BXMT 2026-FL6 LTD                                                      | BXMT 2026-FL6 A                                                | CUSIP: 05620AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $100156.15    | 0.19%             | 2043-08-19      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                         | ZFFNGR 7.5 03/24/31 144A                                       | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164991.84    | 0.31%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                   | Spirit Airlines, LLC Second DIP New Money Delayed TL           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      6127 | PA      | $5973.55      | 0.01%             | 2026-07-14      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                               | VST 6.875 04/15/32 144A                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31574.70     | 0.06%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MSWF COML MTG TR 2023-1                                                | MSWF 2023-1 A4                                                 | CUSIP: 55376CAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $168804.51    | 0.32%             | 2056-05-17      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                        | EQT 3.9 10/01/27                                               | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29961.24     | 0.06%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | FN FS8273                                                      | CUSIP: 3140XQFP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    171220 | PA      | $148871.09    | 0.28%             | 2042-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING LLC                                   | CHTR 5.375 04/01/38                                            | CUSIP: 161175BM5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18549.21     | 0.03%             | 2038-04-01      | Fixed         | 5.38%                 | 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      | $16662.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenpoint Mortgage Funding Trust 2005 Ar4                             | GPMF 2006-AR3 3A1                                              | CUSIP: 39538WHC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6421 | PA      | $6402.52      | 0.01%             | 2036-04-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST 2021-1                                         | MSAIC 2021-1A D                                                | CUSIP: 61947DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    268738 | PA      | $211127.46    | 0.40%             | 2046-12-20      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                           | T 4.625 11/15/45                                               | CUSIP: 912810UQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $20135.94     | 0.04%             | 2045-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | FN BZ2295                                                      | CUSIP: 3140NWRR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $203207.27    | 0.38%             | 2034-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc                                                  | RGCARE 9.875 08/15/30 144A                                     | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42728.68     | 0.08%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 4 01/31/31                                                   | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2180000 | PA      | $2226239.85   | 4.20%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                 | MU 5.3 01/15/31                                                | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63030.59     | 0.12%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | GN AB9207                                                      | CUSIP: 36178WGQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     57961 | PA      | $53702.67     | 0.10%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                                  | Jane Street Group Term Loan B 200 2031-12-01                   | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |     80000 | PA      | $77700.00     | 0.15%             | 2031-12-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                           | Focus Financial Term Loan B-8 (add-on) 275 2031-09-01          | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |     80000 | PA      | $75800.00     | 0.14%             | 2031-09-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                         | EUR/USD FORWARD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $808.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                     | VEGLPL 7.5 05/01/33 144A                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11098.09     | 0.02%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | GNR 2022-9 GA                                                  | CUSIP: 38383FR62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    135043 | PA      | $114871.02    | 0.22%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance Llc / Wynn Resorts Capital Corp                   | WYNFIN 7.125 02/15/31 144A                                     | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $64825.50     | 0.12%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| OHA CR FDG LTD 2024-18                                                 | OAKC 2024-18A D1                                               | CUSIP: 67706JAL8<br>LEI: 254900NGFKJYUCJCAJ59 | Long             | ABS-CBDO         | CORP              | BM        |    420000 | PA      | $425287.55    | 0.80%             | 2037-04-20      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2025-1 LLC                                      | SE 2025-1A A                                                   | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90298 | PA      | $91514.14     | 0.17%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                                     | BX 2019-IMC F                                                  | CUSIP: 05608BAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $322899.62    | 0.61%             | 2034-04-17      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE MORTGAGE SECURITIES INC                                       | DMSI 2004-4 7AR2                                               | CUSIP: 251563FE7<br>LEI: 529900RSBMUF46QF5O69 | Long             | ABS-O            | CORP              | US        |      2259 | PA      | $2167.61      | 0.00%             | 2034-06-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II MORTGAGE-BACKED SECURITIES | GNR 2014-47 IA                                                 | CUSIP: 38378NK51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    150258 | PA      | $601.93       | 0.00%             | 2048-02-16      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| Buenos Aires (Province Of)                                             | BUENOS 6.625 09/01/37 144A                                     | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    118365 | PA      | $94146.72     | 0.18%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | FR WN4101                                                      | CUSIP: 3132XJRX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $307013.52    | 0.58%             | 2035-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                         | AUD/USD FORWARD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1144.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CARRINGTON MORTGAGE LOAN TRUST SERIES 2005-OPT2                        | CMLTI 2005-9 1A1                                               | CUSIP: 17307GK31<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-O            | CORP              | US        |     68699 | PA      | $61206.85     | 0.12%             | 2035-11-25      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                          | CHTR 4.25 01/15/34 144A                                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $78458.93     | 0.15%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                   | CCL 6.125 02/15/33 144A                                        | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     60000 | PA      | $62151.96     | 0.12%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                     | SUBWAY 2024-1A A2I                                             | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246875 | PA      | $249821.65    | 0.47%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                    | CLYDESDALE ACQUISITION HOLDINGS INC                            | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     80000 | PA      | $79300.00     | 0.15%             | 2032-04-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | FNR 2012-51 B                                                  | CUSIP: 3136A54N3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     17623 | PA      | $19356.16     | 0.04%             | 2042-05-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                       | TEVA 3.15 10/01/26                                             | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     77000 | PA      | $76481.34     | 0.14%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL        | BNTNF 10 01/01/31 NTNF                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   4757000 | PA      | $830872.59    | 1.57%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                       | SANLTD 5.4 08/08/28                                            | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    590000 | PA      | $602752.85    | 1.14%             | 2028-08-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GOODLP SUS HM SOL TR 2022-1                                            | GOOD 2022-1GS C                                                | CUSIP: 38237JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    655630 | PA      | $201221.50    | 0.38%             | 2049-01-20      | Fixed         | 3.50%                 | 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        |        51 | NC      | $51.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA CENT CLO 35 LTD                                               | CECLO 2025-35A D1A                                             | CUSIP: 19739RAJ7<br>LEI: 2549006YWAD6BJI1C841 | Long             | ABS-CBDO         | CORP              | KY        |    180000 | PA      | $181255.39    | 0.34%             | 2036-07-25      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                     | VEGLPL 7.75 05/01/35 144A                                      | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11347.72     | 0.02%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL        | BNTNF 10 01/01/27 NTNF                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   6342000 | PA      | $1208044.55   | 2.28%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 4 07/31/32                                                   | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $81496.88     | 0.15%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                        | BBDBCN 7.25 07/01/31 144A                                      | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $21303.26     | 0.04%             | 2031-07-01      | Fixed         | 7.25%                 | 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        |    100000 | PA      | $99991.02     | 0.19%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Homes Trust 2024-NQM1                                                  | HOMES 2024-NQM1 A1                                             | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-O            | CORP              | US        |    176154 | PA      | $178263.89    | 0.34%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| CHL MORTGAGE PASS-THROUGH TRUST 2003-60                                | CWHL 2003-60 1A1                                               | CUSIP: 12669FJC8<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |      5409 | PA      | $5441.67      | 0.01%             | 2034-02-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                                | VSNT 7.25 01/30/31 144A                                        | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10240.29     | 0.02%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                          | UBSCM 2017-C7 A3                                               | CUSIP: 90276WAR8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    294581 | PA      | $291885.20    | 0.55%             | 2050-12-16      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                              | AUD/USD FORWARD                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9665.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | GNR 2017-21 IO                                                 | CUSIP: 38379U5F9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2471623 | PA      | $77903.83     | 0.15%             | 2058-10-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                           | Cloudera First-lien Term Loan 375 2028-07-24                   | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |     80000 | PA      | $70971.60     | 0.13%             | 2028-10-08      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                          | NFLX 3.875 11/15/29 REGs                                       | CUSIP: 000000000<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    690000 | PA      | $847899.58    | 1.60%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Czech (Republic of)                                                    | CZGB 2 10/13/33 103                                            | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   3180000 | PA      | $134157.85    | 0.25%             | 2033-10-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II MORTGAGE-BACKED SECURITIES | GNR 2014-50 IO                                                 | CUSIP: 38378NF99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    813300 | PA      | $18914.34     | 0.04%             | 2055-09-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                   | NCLH 6.25 09/15/33 144A                                        | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $20199.38     | 0.04%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 3.625 09/30/31                                               | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $701312.50    | 1.32%             | 2031-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW MOUNTAIN CLO 5 LTD                                                 | NMC CLO-5A D1R                                                 | CUSIP: 64754WAQ6<br>LEI: 2549000KVE2J1UOHZ207 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $201403.52    | 0.38%             | 2036-07-20      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                      | EPD V5.375 02/15/78                                            | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20164.00     | 0.04%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INDIA, GOVERNMENT OF                                                   | IGB 5.79 05/11/30                                              | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        | 128260000 | PA      | $1386925.86   | 2.62%             | 2030-05-11      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                           | USD/EUR FORWARD                                                | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-162.29      | -0.00%            |  |  |  | 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        |        51 | NC      | $7171.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equipmentshare Com Inc.                                                | EQMSRM 8 03/15/33 144A                                         | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42539.40     | 0.08%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE                                    | MSRM 2024-INV2 A1                                              | CUSIP: 617939AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    203187 | PA      | $207053.06    | 0.39%             | 2054-02-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| SWITCH ABS ISSUER LLC 2024-1                                           | SWTCH 2025-1A A2                                               | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $248678.05    | 0.47%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2021-L7                                 | MSC 2021-L7 XA                                                 | CUSIP: 61772TBN3<br>LEI: 549300RLSHIMYD3FZB52 | Long             | ABS-O            | CORP              | US        |   6132046 | PA      | $226848.28    | 0.43%             | 2054-10-19      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                          | CHTR 7.375 02/01/36 144A                                       | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30469.23     | 0.06%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | GN AB9109                                                      | CUSIP: 36178WDN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     67680 | PA      | $63461.05     | 0.12%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                     | CHRD 6 10/01/30 144A                                           | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51098.52     | 0.10%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                           | ORCL 6.85 02/04/66                                             | CUSIP: 68389XEC5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9586.45      | 0.02%             | 2066-02-04      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                    | CATMED 5.267 11/01/64                                          | CUSIP: 254010AE1<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112003.02    | 0.21%             | 2064-11-01      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                               | T 5.375 08/15/35                                               | CUSIP: 00206RMY5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72734.67     | 0.14%             | 2035-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | Two-Year Mid-Curve Options on Three-Month SOFR Futures         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -33 | NC      | $-14231.25    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| DC COMMERCIAL MORTGAGE TRUST 2023-D                                    | DC 2023-DC A                                                   | CUSIP: 24023AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $309298.20    | 0.58%             | 2040-09-12      | Fixed         | 6.31%                 | 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        |    350000 | PA      | $347452.81    | 0.66%             | 2042-02-18      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | G2 784825                                                      | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4241 | PA      | $3985.26      | 0.01%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                            | FMCN 6.375 02/15/36 144A                                       | CUSIP: 335934AY1<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $200800.56    | 0.38%             | 2036-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Contingent                                             | SPIRIT FUNDED ROLL UP TL                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80301 | PA      | $70263.09     | 0.13%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                       | FR SC0460                                                      | CUSIP: 3132D9QM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77587 | PA      | $68817.00     | 0.13%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-Af1    | NAA 2006-AF2 4A                                                | CUSIP: 65536XAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25348 | PA      | $24542.31     | 0.05%             | 2036-08-25      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | G2-30YR-Multi                                                  | CUSIP: 21H022630<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    500000 | PA      | $441310.08    | 0.83%             | 2056-03-15      | Fixed         | 2.50%                 | 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    | 0.28%             | 2030-01-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                           | Harbor Freight Term Loan B 250 2031-05-27                      | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |     80000 | PA      | $78924.80     | 0.15%             | 2031-06-11      | Floating      | 0.00%                 | 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      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OAK STREET INVESTMENT                                                  | OAKIG 2020-1A A2                                               | CUSIP: 67181DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    139256 | PA      | $123308.65    | 0.23%             | 2050-11-20      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                            | CQP 4 03/01/31                                                 | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78438.79     | 0.15%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 3.875 06/30/30                                               | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     70000 | PA      | $71096.48     | 0.13%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                  | WOOF 8.25 02/01/31 144A                                        | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9773.29      | 0.02%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                           | ORCL 6.7 02/04/56                                              | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29111.17     | 0.05%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2026-DSC1               | MSRM 2026-DSC1 A2                                              | CUSIP: 617950AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     99575 | PA      | $99754.04     | 0.19%             | 2071-01-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                 | FHMS K514 X1                                                   | CUSIP: 3137HBLW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   4992579 | PA      | $122400.06    | 0.23%             | 2028-12-25      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Bx Commercial Mortgage Trust 2018-Bioa                                 | BX 2021-XL2 J                                                  | CUSIP: 05609KAQ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    329000 | PA      | $330952.42    | 0.62%             | 2038-10-15      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| CWALT INC MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-28CB          | CWALT 2005-28CB 2A3                                            | CUSIP: 12667GXC2<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |    706425 | PA      | $442170.81    | 0.83%             | 2035-08-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                     | CTRA 4.375 03/15/29                                            | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30339.72     | 0.06%             | 2029-03-15      | Fixed         | 4.38%                 | 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        |       -17 | NC      | $-132.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                               | G2 BS8420                                                      | CUSIP: 3617MKK99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    202285 | PA      | $195634.62    | 0.37%             | 2050-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lehman Xs Trust                                                        | LXS 2006-GP3 2A2                                               | CUSIP: 525228AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10214 | PA      | $25331.76     | 0.05%             | 2046-06-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | GNR 2014-134 IA                                                | CUSIP: 38378XSQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  21551858 | PA      | $52872.10     | 0.10%             | 2055-01-16      | Variable      | 0.12%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                  | Petco Animal Supplies Term Loan B 425 2031-01-11               | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |     40000 | PA      | $38550.00     | 0.07%             | 2031-01-22      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 3.625 12/31/30                                               | CUSIP: 91282CPR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8190000 | PA      | $8229030.43   | 15.52%            | 2030-12-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BAYVIEW OPPORTUNITY MASTER FUND VII 2025-EDU1, LLC                     | BVCLN 2025-EDU1 C                                              | CUSIP: 07337GAC7<br>LEI: 2549001VJ64UFK8PZA41 | Long             | ABS-O            | CORP              | US        |    293546 | PA      | $293393.48    | 0.55%             | 2048-07-27      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                           | ORCL 6.55 02/04/46                                             | CUSIP: 68389XEA9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29249.51     | 0.06%             | 2046-02-04      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| athenahealth                                                           | athenahealth Term Loan B 300 2029-02-01                        | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |     70000 | PA      | $68366.55     | 0.13%             | 2029-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                             | SAGB 8.75 01/31/44 2044                                        | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   2150000 | PA      | $136449.05    | 0.26%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                              | XYZ 6 08/15/33 144A                                            | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61015.26     | 0.12%             | 2033-08-15      | Fixed         | 6.00%                 | 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        |       -42 | NC      | $-49367.88    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Operating LP                                         | WES 4.05 02/01/30                                              | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177868.78    | 0.34%             | 2030-02-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| HAYFIN US XV LTD                                                       | HAYFN 2024-15A D1                                              | CUSIP: 420916AL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $323161.54    | 0.61%             | 2037-04-28      | Variable      | 7.93%                 | 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    | 0.19%             | 2034-01-11      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                            | TRACTC 5.875 03/01/31 144A                                     | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30155.54     | 0.06%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO X                                                     | OCTR 2020-10A ER                                               | CUSIP: 67516BAE1<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $341659.58    | 0.64%             | 2034-10-16      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | GN AB9108                                                      | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     54933 | PA      | $51541.54     | 0.10%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                | MIK 8.5 03/15/33 144A                                          | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38943.79     | 0.07%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2024-10                                       | AOMT 2024-10 A1                                                | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-O            | CORP              | US        |    215572 | PA      | $217093.35    | 0.41%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| UCFC Funding Corp 1998-3                                               | UCFCM 1997-3 M                                                 | CUSIP: 90263ABB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165250 | PA      | $164776.11    | 0.31%             | 2029-01-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                                  | JANEST 6.75 05/01/33 144A                                      | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51347.46     | 0.10%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                 | U.S. Treasury Bond Options                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -4 | NC      | $-14437.50    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank 2017-Bnk4                                                         | BANK 2018-BN15 B                                               | CUSIP: 06036FBG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $332412.40    | 0.63%             | 2061-11-17      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                               | SPIRIT AVIA HOL RESTRICT                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        56 | NS      | $26.88        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                   | Spirit Airlines, LLC DIP New Money Term Loan 10/25             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24704 | PA      | $24086.26     | 0.05%             | 2040-01-02      | None          | 11.66%                | No            |                  2 | On Loan: No      |
| CoreLogic Inc                                                          | CoreLogic Term Loan B 350 2028-03-28                           | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |     50000 | PA      | $47625.00     | 0.09%             | 2028-06-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| GREYWOLF CLO IVR-R LTD                                                 | GWOLF 2019-1A CR2                                              | CUSIP: 39809TBC0<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |    140000 | PA      | $140937.83    | 0.27%             | 2034-04-17      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                      | HRI 7.25 06/15/33 144A                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31731.51     | 0.06%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                           | T 3.75 11/15/43                                                | CUSIP: 912810RD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3600000 | PA      | $3255046.88   | 6.14%             | 2043-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | G2 BS1728                                                      | CUSIP: 3617MB4M8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     55425 | PA      | $52841.64     | 0.10%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                            | HUM 8.15 06/15/38                                              | CUSIP: 444859AZ5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    330000 | PA      | $405587.52    | 0.76%             | 2038-06-15      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                     | META 5.5 11/15/45                                              | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158167.68    | 0.30%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                             | CNH/USD FORWARD                                                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $801.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                              | PRXNA 3.061 07/13/31 144A                                      | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    310000 | PA      | $286294.34    | 0.54%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                         | WES 5.45 04/01/44                                              | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18442.11     | 0.03%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                   | VIKCRU 9.125 07/15/31 144A                                     | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $21289.10     | 0.04%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | G2-30YR-Multi                                                  | CUSIP: 21H030633<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1400000 | PA      | $1284347.71   | 2.42%             | 2056-03-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | CAS 2023-R06 1M2                                               | CUSIP: 20754EAB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    370000 | PA      | $380146.55    | 0.72%             | 2043-07-27      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                | ARGENT 4.125 07/09/35                                          | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    110000 | PA      | $83193.00     | 0.16%             | 2035-07-09      | Variable      | 4.12%                 | 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     | 0.05%             | 2050-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                                            | ASUCOR 8 12/31/32 144A                                         | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31535.04     | 0.06%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                           | T 3.625 08/15/43                                               | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    570000 | PA      | $507923.44    | 0.96%             | 2043-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Mastr Specialized Loan Trust 2006-03                                   | MASD 2006-3 A                                                  | CUSIP: 57643BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44283 | PA      | $43229.15     | 0.08%             | 2046-06-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                           | USD/AUD FORWARD                                                | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $511.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                       | SANLTD 2.3 03/08/27                                            | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $491079.45    | 0.93%             | 2027-03-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                   | VIKCRU 5.875 10/15/33 144A                                     | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     50000 | PA      | $51037.25     | 0.10%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PARK AVENUE INSTITUTIONAL ADVISERS CLO LTD 2022-1                      | PAIA 2022-1A B1                                                | CUSIP: 70017BAE9<br>LEI: 529900NLOXP1VWSKZX10 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250578.10    | 0.47%             | 2035-04-20      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LN TR 2021-A                                            | NSLT 2021-A APT2                                               | CUSIP: 64035DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    281078 | PA      | $268889.33    | 0.51%             | 2062-04-20      | Fixed         | 1.36%                 | No            |                  2 | On Loan: No      |
| CWMBS INC MORTGAGE PASS THROUGH CERTIFICATES SERIES 2003-J11           | CWHL 2001-HYB1 1A1                                             | CUSIP: 12669B2W1<br>LEI: 549300430UQIJMFG3R47 | Long             | ABS-O            | CORP              | US        |      1901 | PA      | $1889.98      | 0.00%             | 2031-06-19      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Ascensus                                                               | Ascensus Term Loan B 300 2028-08-01                            | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     30000 | PA      | $29349.90     | 0.06%             | 2032-11-26      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Versant Media Group Inc                                                | VERSANT MEDIA GROUP INC                                        | CUSIP: 000000000<br>LEI: 254900D2Q5F5F229PU30 | Long             | LON              | CORP              | US        |     20000 | PA      | $20021.90     | 0.04%             | 2031-01-30      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                           | UBS V7.125 PERP 144a                                           | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    230000 | PA      | $235747.24    | 0.44%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                       | PR 7 01/15/32 144A                                             | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105009.20    | 0.20%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 4 05/31/30                                                   | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $40818.75     | 0.08%             | 2030-05-31      | Fixed         | 4.00%                 | 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        |       -17 | NC      | $-6640.64     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol S.A.                                                         | ECOPET 8.375 01/19/36                                          | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    160000 | PA      | $164573.76    | 0.31%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                | ARGENT 0.75 07/09/30                                           | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     13032 | PA      | $11077.20     | 0.02%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                                  | Black Diamond CLO 2021-1 Ltd                                   | CUSIP: 09204WAM6<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $281644.44    | 0.53%             | 2034-11-22      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Sedgwick CMS                                                           | Sedgwick CMS Term Loan B 250 2031-07-01                        | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |     80000 | PA      | $77720.00     | 0.15%             | 2031-07-31      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 4.25 11/15/34                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $359645.51    | 0.68%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | G2-30YR-Multi                                                  | CUSIP: 21H042638<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $98851.56     | 0.19%             | 2056-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                         | C V6.625 PERP                                                  | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82754.09     | 0.16%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GCAT 2024-INV3 TRUST                                                   | GCAT 2024-INV3 A17                                             | CUSIP: 36830FAS5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69752 | PA      | $71887.23     | 0.14%             | 2054-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                           | T 2.875 05/15/49                                               | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $193730.47    | 0.37%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Tesla Sustainable Energy Trust 2024-1                                  | TSET 2024-1A A3                                                | CUSIP: 88164AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $294248.62    | 0.55%             | 2050-06-21      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                              | USD/BRL FORWARD                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $17136.40     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                       | FN BZ5402                                                      | CUSIP: 3140Q1AC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $201567.99    | 0.38%             | 2035-12-01      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                  | FN MA4643                                                      | CUSIP: 31418EER7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    444606 | PA      | $421130.63    | 0.79%             | 2042-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                    | Medline Industries Term Loan B 200 2028-10-01                  | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     40000 | PA      | $40102.20     | 0.08%             | 2028-10-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE HOME EQUITY LOAN TRUST 1999-3                              | CWALT 2005-76 3A1                                              | CUSIP: 12668BDJ9<br>LEI: 549300NHEJTDVQUV3M53 | Long             | ABS-O            | CORP              | US        |     43887 | PA      | $41795.37     | 0.08%             | 2046-01-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                          | PETBRA 6.5 07/03/33                                            | CUSIP: 71647NBK4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $211170.00    | 0.40%             | 2033-07-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                       | KZOKZ 3.5 04/14/33 144A                                        | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    350000 | PA      | $322479.96    | 0.61%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                     | PERUGB 5.4 08/12/34                                            | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    230000 | PA      | $68391.12     | 0.13%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AmWINS Group Inc                                                       | AmWINS Group Term Loan B 200 2032-01-01                        | CUSIP: 03234TBB3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |     80000 | PA      | $79300.00     | 0.15%             | 2032-01-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                      | HRI 7 06/15/30 144A                                            | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31456.26     | 0.06%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc                                    | Asurion First-lien Term Loan B-14 375 2033-02-09               | CUSIP: 04649VBF6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     40000 | PA      | $39383.40     | 0.07%             | 2033-02-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | Two-Year Mid-Curve Options on Three-Month SOFR Futures         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -11 | NC      | $-3850.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America, National Association                                  | INR/USD FORWARD                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-426.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | T 3.75 12/31/28                                                | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2420000 | PA      | $2443680.09   | 4.61%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                        | CVSPAS 6.036 12/10/28                                          | CUSIP: 126650BP4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     17038 | PA      | $17285.98     | 0.03%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                    | BTPCL 6 04/01/33                                               | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        | 105000000 | PA      | $126425.57    | 0.24%             | 2033-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MF1 2026-FL21 LLC                                                      | MF1 2026-FL21 A                                                | CUSIP: 55287NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    100000 | PA      | $100064.03    | 0.19%             | 2041-02-19      | Floating      | 5.01%                 | 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        |     60000 | PA      | $63310.72     | 0.12%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | G2-30YR-Multi                                                  | CUSIP: 21H020634<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200000 | PA      | $169498.33    | 0.32%             | 2056-03-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Holdings (US) Inc.                                   | GFLCN 5.5 02/01/34 144A                                        | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30145.41     | 0.06%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                           | TII 1.875 07/15/34                                             | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    413092 | PA      | $424864.79    | 0.80%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands II B.V                         | TEVA 7.375 09/15/29                                            | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $800103.05    | 1.51%             | 2029-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                          | Spirit Aviation Holdings Inc. COM                              | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9649 | NS      | $4631.52      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                 | 5-Year T-Note Options                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -18 | NC      | $-25312.50    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Funding Luxco S.a.r.l.                                           | MEXPCP 5.5 08/17/30 144A                                       | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $254660.00    | 0.48%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                  | QUIKHO 6.375 03/01/32 144A                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72796.36     | 0.14%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                | SWOP IRS USD                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |   1160000 | NC      | $4107.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                                     | Long Gilt Future - ICEU, Jun26                                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         2 | NC      | $3365.41      | 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        |       -41 | NC      | $-5637.50     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                 | 5-Year T-Note Options                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -18 | NC      | $-281.26      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                         | INR/USD FORWARD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $11426.12     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -61 | NC      | $-19062.50    | -0.04%            |  |  |  | No            |                  1 | 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        |       -17 | NC      | $-18062.50    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                           | GBP/USD FORWARD                                                | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-397.48      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |      -132 | NC      | $-58575.00    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank, National Association                              | USD/BRL FORWARD                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-14715.81    | -0.03%            |  |  |  | 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        |        76 | NC      | $24813.86     | 0.05%             |  |  |  | No            |                  1 | 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        |        51 | NC      | $398.44       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | One-Year Mid-Curve Options on Three-Month SOFR Futures         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        19 | NC      | $118.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                           | USD/EUR FORWARD                                                | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-481.48      | -0.00%            |  |  |  | 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        |        23 | NC      | $-8817.05     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                | SWOP IRS USD                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  -5120000 | NC      | $-73773.12    | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                         | EUR/USD FORWARD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-16061.66    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                  | EUR/USD FORWARD                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-378.97      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                             | CNH/USD FORWARD                                                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1808.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                           | JPY/USD FORWARD                                                | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $62.96        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                         | CNH/USD FORWARD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $806.18       | 0.00%             |  |  |  | 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        |       -17 | NC      | $-17.00       | -0.00%            |  |  |  | No            |                  1 | 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        |       171 | NC      | $78299.73     | 0.15%             |  |  |  | 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      | $88466.15     | 0.17%             |  |  |  | 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        |      -127 | NC      | $-119282.21   | -0.22%            |  |  |  | No            |                  1 | 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        |       -34 | NC      | $-63793.03    | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |      -115 | NC      | $-718.75      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                | SWOP IRS USD                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  22020000 | NC      | $77970.56     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                 | U.S. Treasury Bond Options                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -4 | NC      | $-312.50      | -0.00%            |  |  |  | No            |                  1 | 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        |        16 | NC      | $18775.28     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America, National Association                                  | BRL/USD FORWARD                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-237648.95   | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        98 | NC      | $13475.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                        | CDS CDX.NA.HY.45.V1                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $53856.64     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                              | IRS USD                                                        | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-11812.38    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                              | IRS BRL                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $3890.60      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                       | IRS USD                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-29089.02    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                              | IRS BRL                                                        | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $6798.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                       | IRS USD                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-22940.72    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                              | TRS JPEIFNTR INDEX                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $1125.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                   | NCLH 5.875 01/15/31 144A                                       | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $20220.20     | 0.04%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                      | CSCHLD 4.5 11/15/31 144a                                       | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    480000 | PA      | $288490.22    | 0.54%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASX 24                                                                 | ASX 10 Year Treasury Bond Futures                              | CUSIP: 000000000<br>LEI: 549300SDXT36XYPVWI79 | N/A              | DIR              | CORP              | N/A       |        14 | NC      | $15650.76     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                                 | Spirit Contingent TL                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30593 | PA      | $4971.43      | 0.01%             | 2026-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                               | MRP 6.25 09/15/32 144A                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20267.26     | 0.04%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                            | CLR 5.75 01/15/31 144A                                         | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51874.38     | 0.10%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING LLC                                   | CHTR 5.5 04/01/63                                              | CUSIP: 161175CL6<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     55000 | PA      | $43958.00     | 0.08%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 LLC                                                      | MF1 2025-FL19 A                                                | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    270000 | PA      | $271174.01    | 0.51%             | 2042-05-18      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                     | VEGLPL 6.75 01/15/36 144A                                      | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74606.42     | 0.14%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                    | ABT 5.5 03/15/56                                               | CUSIP: 002824BW9<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70291.85     | 0.13%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                               | G2 BM7534                                                      | CUSIP: 3617JYLP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     74376 | PA      | $69895.44     | 0.13%             | 2050-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | FN CB3077                                                      | CUSIP: 3140QNM33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    279703 | PA      | $257336.98    | 0.49%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                  | URUGUA 8.25 05/21/31                                           | CUSIP: 917288BM3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   2520000 | PA      | $69397.48     | 0.13%             | 2031-05-21      | Fixed         | 8.25%                 | 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      | $-2418.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                          | Spirit Aviation Holdings Inc. WT EXP                           | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6856 | NS      | $3290.88      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                   | Spirit Airlines, LLC Third DIP New Money TL                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     12100 | PA      | $11797.98     | 0.02%             | 2026-07-14      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO XIX LTD                                              | MVEW 2025-1A D1                                                | CUSIP: 623910AN6<br>LEI: 254900L6WFB2NIQTBG86 | Long             | ABS-CBDO         | CORP              | KY        |    190000 | PA      | $192128.49    | 0.36%             | 2038-10-18      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                       | SANLTD 3.25 08/08/31                                           | CUSIP: 80007RAS4<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $186486.32    | 0.35%             | 2031-08-08      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2023-R05                           | CAS 2023-R05 1M2                                               | CUSIP: 207942AB9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    393000 | PA      | $408501.96    | 0.77%             | 2043-06-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE HOME LOANS INC                                             | CWHEL 2007-A A                                                 | CUSIP: 126682AA1<br>LEI: 5493008WNOU8I3M5WW38 | Long             | ABS-O            | CORP              | US        |    364836 | PA      | $351723.19    | 0.66%             | 2037-04-15      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| AASET 2025-1 LTD                                                       | AASET 2025-1A A                                                | CUSIP: 00258PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    231355 | PA      | $238550.18    | 0.45%             | 2050-02-16      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA INC                                              | ESA 2025-ESH D                                                 | CUSIP: 30227TAG5<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $282777.77    | 0.53%             | 2042-10-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Fremont Home Loan Trust 2006-3                                         | FHLT 2006-B 2A2                                                | CUSIP: 35729QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    295548 | PA      | $92160.08     | 0.17%             | 2036-08-25      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                  | FN MA4617                                                      | CUSIP: 31418EDX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69001 | PA      | $65713.27     | 0.12%             | 2042-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                            | Options on Three-Month SOFR Futures                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       115 | NC      | $718.75       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                               | GN BS8439                                                      | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29688 | PA      | $27986.77     | 0.05%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                         | MBONO 7.75 11/13/42 M                                          | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   2610000 | PA      | $133827.97    | 0.25%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                               | MRP 6.375 08/01/30 144A                                        | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $41060.00     | 0.08%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                  | FN BF0301                                                      | CUSIP: 3140FXKP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28052 | PA      | $27799.57     | 0.05%             | 2058-08-01      | Fixed         | 4.50%                 | 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     | 0.10%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRPM 2024-Nmq4 Trust                                                   | PRPM 2024-NQM4 A1                                              | CUSIP: 69381UAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218130 | PA      | $220221.91    | 0.42%             | 2069-12-25      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                           | T 4.75 02/15/41                                                | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2190000 | PA      | $2287780.08   | 4.31%             | 2041-02-15      | Fixed         | 4.75%                 | 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     | 0.05%             | 2050-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MF1 2024-FL16 LLC                                                      | MF1 2024-FL16 A                                                | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    350000 | PA      | $351247.44    | 0.66%             | 2039-11-18      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                  | FCX 5.45 03/15/43                                              | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98996.04     | 0.19%             | 2043-03-15      | Fixed         | 5.45%                 | 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