# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0000940400-25-005159
**Filing Date:** 2025-10
**Character Count:** 346012
**Document Hash:** 7ce218d145dafb27072424c13873cb42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005159.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000940400-25-005159

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 251412370

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

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Ultra-Short Income Fund (Series ID: S000016624)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046410 | Class A      | ARMZX           |
| C000046412 | Class C      | LWAIX           |
| C000046413 | Class I      | SBAYX           |
| C000080302 | Class C1     | ARMGX           |
| C000118948 | Class IS     | ARMLX           |

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 53.5%** | **Corporate Bonds & Notes — 53.5%** | **Corporate Bonds & Notes — 53.5%** | **Corporate Bonds & Notes — 53.5%** | **Corporate Bonds & Notes — 53.5%** |
| **Communication Services — 1.5%** | **Communication Services — 1.5%** | **Communication Services — 1.5%** | **Communication Services — 1.5%** | **Communication Services — 1.5%** |
| *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $800000<br>| &nbsp;&nbsp;&nbsp; $799206<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 406227<br>|
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.620% | &nbsp;&nbsp; 7/16/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1010805<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 361870<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 568000<br>| &nbsp;&nbsp;&nbsp; 498610<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 663395<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *3740113* |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 407534<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 196000<br>| &nbsp;&nbsp;&nbsp; 193192<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *600726* |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 696910<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 126212<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *823122* |
| *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 857197<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 87209<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *944406* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6108367** |
| **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** | **Consumer Discretionary — 5.4%** |
| *Automobiles — 2.8%* | *Automobiles — 2.8%* | *Automobiles — 2.8%* | *Automobiles — 2.8%* | *Automobiles — 2.8%* |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 490993<br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 8/13/29 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp; 1429653<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/13/25 | &nbsp;&nbsp; 2710000<br>| &nbsp;&nbsp;&nbsp; 2701241<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1217386<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 6/10/26 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1368394<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1401579<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 954387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1471759<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 262005<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *11297397* |
| *Broadline Retail — 0.6%* | *Broadline Retail — 0.6%* | *Broadline Retail — 0.6%* | *Broadline Retail — 0.6%* | *Broadline Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; eBay Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 5/10/26 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 931673<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.257% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1305624<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *2237297* |
| *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* | *Hotels, Restaurants & Leisure — 2.0%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 196601<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 297473<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 832299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 2090000<br>| &nbsp;&nbsp;&nbsp; 2132063<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; 1474690<br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 484023<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 665800<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; $960000<br>| &nbsp;&nbsp;&nbsp; $977737<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 319718<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 206575<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 420432<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *8007411* |
| *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* | *Household Durables — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *161548*<br> <sup>(a)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **21703653** |
| **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** | **Consumer Staples — 3.7%** |
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 3820000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3868251*<br> <sup>(a)</sup><br>|
| *Tobacco — 2.7%* | *Tobacco — 2.7%* | *Tobacco — 2.7%* | *Tobacco — 2.7%* | *Tobacco — 2.7%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 9/16/26 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1524910<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1005390<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1152880<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 493696<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1114905<br>|
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 1.668% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp;&nbsp; 1437754<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 976480<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Japan Tobacco Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 987318<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1090191<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1293215<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *11076739* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **14944990** |
| **Energy — 6.9%** | **Energy — 6.9%** | **Energy — 6.9%** | **Energy — 6.9%** | **Energy — 6.9%** |
| *Oil, Gas & Consumable Fuels — 6.9%* | *Oil, Gas & Consumable Fuels — 6.9%* | *Oil, Gas & Consumable Fuels — 6.9%* | *Oil, Gas & Consumable Fuels — 6.9%* | *Oil, Gas & Consumable Fuels — 6.9%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 265473<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 989542<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.055% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1707000<br>| &nbsp;&nbsp;&nbsp; 1727958<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.042% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1538228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1333267<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 117324<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1551971<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/18/27 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 832700<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1160386<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1276631<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 2950000<br>| &nbsp;&nbsp;&nbsp; 2940678<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 493165<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 1960000<br>| &nbsp;&nbsp;&nbsp; 1937580<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 578000<br>| &nbsp;&nbsp;&nbsp; 572786<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 556611<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1134692<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 930970<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 166069<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30578<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1145977<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; QazaqGaz NC JSC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/26/27 | &nbsp;&nbsp; $1550000<br>| &nbsp;&nbsp;&nbsp; $1540550<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1640293<br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 462016<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 32925<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 33422<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63005<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 615237<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1858867<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 674047<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **27622948** |
| **Financials — 15.2%** | **Financials — 15.2%** | **Financials — 15.2%** | **Financials — 15.2%** | **Financials — 15.2%** |
| *Banks — 8.2%* | *Banks — 8.2%* | *Banks — 8.2%* | *Banks — 8.2%* | *Banks — 8.2%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1797479<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. Term <br> SOFR + 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 402946<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + <br> 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 1930000<br>| &nbsp;&nbsp;&nbsp; 1934577<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.933% to 9/15/26 then SOFR + <br> 1.340%) | &nbsp;&nbsp; 5.933% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 975732<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (3 mo. Term SOFR + 1.022%) | &nbsp;&nbsp; 5.340% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200719<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 6/24/26 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 762821<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (2.591% to 1/20/27 then SOFR + 1.228%) | &nbsp;&nbsp; 2.591% | &nbsp;&nbsp; 1/20/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 683362<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (4.792% to 5/9/28 then SOFR + 1.450%) | &nbsp;&nbsp; 4.792% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1241898<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury <br> Constant Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 866319<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citibank NA, Senior Notes | &nbsp;&nbsp; 4.929% | &nbsp;&nbsp; 8/6/26 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1560700<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.070% to 2/24/27 then SOFR + 1.280%) | &nbsp;&nbsp; 3.070% | &nbsp;&nbsp; 2/24/28 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1306588<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.643% to 5/7/27 then SOFR + 1.143%) | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3017127<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year <br> Treasury Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 545164<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, Senior Notes (1.535% to 5/25/26 then 1 year Treasury <br> Constant Maturity Rate + 0.720%) | &nbsp;&nbsp; 1.535% | &nbsp;&nbsp; 5/25/27 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1205904<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (5.283% to 3/18/26 then SOFR + <br> 0.777%) | &nbsp;&nbsp; 5.283% | &nbsp;&nbsp; 3/18/27 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 934357<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1123332<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.505% to 10/22/27 then SOFR + <br> 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201356<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.040% to 1/23/27 then SOFR + <br> 1.190%) | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 1/23/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1000670<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.103% to 4/22/30 then SOFR + <br> 1.435%) | &nbsp;&nbsp; 5.103% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1073268<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 1.150% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 2660000<br>| &nbsp;&nbsp;&nbsp; 2595008<br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 587165<br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (1.673% to 6/14/26 then <br> SOFR + 0.989%) | &nbsp;&nbsp; 1.673% | &nbsp;&nbsp; 6/14/27 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1370500<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 6/3/26 | &nbsp;&nbsp; 3620000<br>| &nbsp;&nbsp;&nbsp; 3538778<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; $890000<br>| &nbsp;&nbsp;&nbsp; $900396<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%) | &nbsp;&nbsp; 2.215% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 145858<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 270962<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.707% to 4/22/27 then SOFR + 1.070%) | &nbsp;&nbsp; 5.707% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 982056<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1867663<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *33092705* |
| *Capital Markets — 4.4%* | *Capital Markets — 4.4%* | *Capital Markets — 4.4%* | *Capital Markets — 4.4%* | *Capital Markets — 4.4%* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + <br> 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1682708<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.482% to 8/23/27 then SOFR + <br> 1.725%) | &nbsp;&nbsp; 4.482% | &nbsp;&nbsp; 8/23/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120553<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.727% to 4/25/29 then SOFR + <br> 1.265%) | &nbsp;&nbsp; 5.727% | &nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 984758<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%) | &nbsp;&nbsp; 0.985% | &nbsp;&nbsp; 12/10/26 | &nbsp;&nbsp; 7830000<br>| &nbsp;&nbsp;&nbsp; 7754081<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.210% to 4/20/27 then SOFR + 1.610%) | &nbsp;&nbsp; 4.210% | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 2370000<br>| &nbsp;&nbsp;&nbsp; 2370834<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.994% to 4/12/28 then SOFR + 1.380%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 814966<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.656% to 4/18/29 then SOFR + 1.260%) | &nbsp;&nbsp; 5.656% | &nbsp;&nbsp; 4/18/30 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 981877<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1173553<br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 431770<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (1.494% to 8/10/26 then 1 year Treasury <br> Constant Maturity Rate + 0.850%) | &nbsp;&nbsp; 1.494% | &nbsp;&nbsp; 8/10/27 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1216911<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *17532011* |
| *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* | *Consumer Finance — 0.4%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.645% to 4/23/26 then SOFR + <br> 0.750%) | &nbsp;&nbsp; 5.645% | &nbsp;&nbsp; 4/23/27 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 282310<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1205065<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *1487375* |
| *Financial Services — 1.8%* | *Financial Services — 1.8%* | *Financial Services — 1.8%* | *Financial Services — 1.8%* | *Financial Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1727565<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp;&nbsp; 2067341<br>|
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 195182<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust, Secured Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp;&nbsp; 1691535<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 501806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1134852<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *7318281* |
| *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* |
| &nbsp;&nbsp;&nbsp; Allstate Corp., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197885<br>|
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1215101<br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1412986* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **60843358** |
| **Health Care — 6.3%** | **Health Care — 6.3%** | **Health Care — 6.3%** | **Health Care — 6.3%** | **Health Care — 6.3%** |
| *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp;&nbsp; *2455965*<br>|
| *Health Care Equipment & Supplies — 0.7%* | *Health Care Equipment & Supplies — 0.7%* | *Health Care Equipment & Supplies — 0.7%* | *Health Care Equipment & Supplies — 0.7%* | *Health Care Equipment & Supplies — 0.7%* |
| &nbsp;&nbsp;&nbsp; Roche Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 1003511<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/25/27 | &nbsp;&nbsp; $1610000<br>| &nbsp;&nbsp;&nbsp; $1641355<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *2644866* |
| *Health Care Providers & Services — 3.3%* | *Health Care Providers & Services — 3.3%* | *Health Care Providers & Services — 3.3%* | *Health Care Providers & Services — 3.3%* | *Health Care Providers & Services — 3.3%* |
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1057126<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1389894<br>|
| &nbsp;&nbsp;&nbsp; Cencora Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 777718<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1254067<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 159944<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 2/3/27 | &nbsp;&nbsp; 2780000<br>| &nbsp;&nbsp;&nbsp; 2671309<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 239843<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1388058<br>|
| &nbsp;&nbsp;&nbsp; Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 576778<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 915197<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp;&nbsp; 1945982<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 889157<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *13265073* |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Agilent Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/9/27 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; *880825*<br>|
| *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 592313<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC, Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 5/28/26 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1340954<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/9/29 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp;&nbsp; 1871203<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 1865000<br>| &nbsp;&nbsp;&nbsp; 1855603<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210728<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *5870801* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **25117530** |
| **Industrials — 4.6%** | **Industrials — 4.6%** | **Industrials — 4.6%** | **Industrials — 4.6%** | **Industrials — 4.6%** |
| *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* |
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52777<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 93700<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 522882<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/8/26 | &nbsp;&nbsp; 2720000<br>| &nbsp;&nbsp;&nbsp; 2765974<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400512<br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 235769<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *4071614* |
| *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; 210000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *216715*<br> <sup>(a)</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 Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *234145*<br> <sup>(a)</sup><br>|
| *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 12/2/26 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; *1341153*<br>|
| *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 1.050% | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1016161<br>|
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/14/28 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1223023<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 107461<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2346645* |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; $250000<br>| &nbsp;&nbsp;&nbsp; $262142<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 1318733<br>| &nbsp;&nbsp;&nbsp; 1294944<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 624928<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/10/28 | &nbsp;&nbsp; 350515<br>| &nbsp;&nbsp;&nbsp; 331024<br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes <br> (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 264823<br>| &nbsp;&nbsp;&nbsp; 125129<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 2670000<br>| &nbsp;&nbsp;&nbsp; 2662922<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *5301089* |
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Paychex Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; *545659*<br>|
| *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp;&nbsp; 2452595<br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 921692<br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72899<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73482<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 217414<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 193672<br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 663699<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *4595453* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18652473** |
| **Information Technology — 3.2%** | **Information Technology — 3.2%** | **Information Technology — 3.2%** | **Information Technology — 3.2%** | **Information Technology — 3.2%** |
| *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 127589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vontier Corp., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1666442<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1794031* |
| *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc., Senior Notes | &nbsp;&nbsp; 4.319% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1323243<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 386058<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120173<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 987773<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 989715<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 1580000<br>| &nbsp;&nbsp;&nbsp; 1466725<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1061275<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *6334962* |
| *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1296927<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 709595<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2006522* |
| *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* |
| &nbsp;&nbsp;&nbsp; Apple Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 8/5/28 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; *2668435*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **12803950** |
| **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; EQUATE Petrochemical Co. KSC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1614778*<br> <sup>(a)</sup><br>|
| *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1113916*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; $420000<br>| &nbsp;&nbsp;&nbsp; $447022<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1630000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp;&nbsp; 1530562<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 356859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1049278<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *5215822* |
| *Paper & Forest Products — 0.8%* | *Paper & Forest Products — 0.8%* | *Paper & Forest Products — 0.8%* | *Paper & Forest Products — 0.8%* | *Paper & Forest Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1172735<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Inversiones CMPC SA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/4/27 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1295038<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suzano International Finance BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/17/27 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 647577<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *3115350* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **11059866** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; CTR Partnership LP/CareTrust Capital Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **574872**<br> <sup>(a)</sup><br>|
| **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** |
| *Electric Utilities — 3.4%* | *Electric Utilities — 3.4%* | *Electric Utilities — 3.4%* | *Electric Utilities — 3.4%* | *Electric Utilities — 3.4%* |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1176990<br>|
| &nbsp;&nbsp;&nbsp; Connecticut Light and Power Co., First Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 457854<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 978775<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 705994<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.004% | &nbsp;&nbsp; 2/23/27 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1126003<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.749% | &nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240000<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/20/27 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 956930<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1869854<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 915505<br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/21/28 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp;&nbsp; 1603892<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 2299836<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 84011<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1229801<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *13645445* |
| *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Snam SpA, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *629171*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *116762*<br> <sup>(a)</sup><br>|
| *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *916488*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **15307866** |
| **Total Corporate Bonds & Notes (Cost — $214,192,815)** | **Total Corporate Bonds & Notes (Cost — $214,192,815)** | **Total Corporate Bonds & Notes (Cost — $214,192,815)** | **Total Corporate Bonds & Notes (Cost — $214,192,815)** | &nbsp;&nbsp; **214739873** |
| **Asset-Backed Securities — 15.6%** | **Asset-Backed Securities — 15.6%** | **Asset-Backed Securities — 15.6%** | **Asset-Backed Securities — 15.6%** | **Asset-Backed Securities — 15.6%** |
| &nbsp;&nbsp;&nbsp; Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, <br> 2005-4 M2 (1 mo. Term SOFR + 0.819%) | &nbsp;&nbsp; 5.142% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 362099<br>| &nbsp;&nbsp;&nbsp; 348153<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.522% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 891111<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust, 2022-3 A3 | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 118545<br>| &nbsp;&nbsp;&nbsp; 118719<br>|
| &nbsp;&nbsp;&nbsp; American Heritage Auto Receivables Issuer Trust, 2025-1A A3 | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 913158<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A1AR (3 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 5.351% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; $910000<br>| &nbsp;&nbsp;&nbsp; $910683<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A A1RR (3 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 622542<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., XXXA A2R (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.829% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1232161<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.270%) | &nbsp;&nbsp; 5.588% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 922086<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2021-1A C | &nbsp;&nbsp; 2.130% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 919259<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2025-1A A | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/20/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 395660<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., 2019-2A A1RR (3 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.604% | &nbsp;&nbsp; 2/20/36 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 511624<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Battery Park CLO Ltd., 2019-1A AR (3 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.718% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 321096<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.968% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1137001<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, 2022-2 A3 | &nbsp;&nbsp; 3.660% | &nbsp;&nbsp; 5/17/27 | &nbsp;&nbsp; 118437<br>| &nbsp;&nbsp;&nbsp; 118190<br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A A1 (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.715% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 830766<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust, 2021-MH1 A1 | &nbsp;&nbsp; 1.753% | &nbsp;&nbsp; 2/25/46 | &nbsp;&nbsp; 180434<br>| &nbsp;&nbsp;&nbsp; 164003<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cayuga Park CLO Ltd., 2020-1A AR (3 mo. Term SOFR + 1.382%) | &nbsp;&nbsp; 5.704% | &nbsp;&nbsp; 7/17/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501250<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cedar Funding CLO Ltd., 2016-5A AFRR | &nbsp;&nbsp; 1.937% | &nbsp;&nbsp; 7/17/31 | &nbsp;&nbsp; 1279160<br>| &nbsp;&nbsp;&nbsp; 1250892<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2024-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.852% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200390<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CMFT Net Lease Master Issuer LLC, 2021-1 A1 | &nbsp;&nbsp; 2.090% | &nbsp;&nbsp; 7/20/51 | &nbsp;&nbsp; 1024744<br>| &nbsp;&nbsp;&nbsp; 945730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust, 2022-B A3 | &nbsp;&nbsp; 3.890% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 433619<br>| &nbsp;&nbsp;&nbsp; 432756<br>|
| &nbsp;&nbsp;&nbsp; College Ave Student Loans LLC, 2023-A C | &nbsp;&nbsp; 6.060% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 529930<br>| &nbsp;&nbsp;&nbsp; 538044<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2022-32A A1R (3 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.769% | &nbsp;&nbsp; 7/24/34 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1102403<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonbond Student Loan Trust, 2021-AGS A | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 3/25/52 | &nbsp;&nbsp; 313639<br>| &nbsp;&nbsp;&nbsp; 272645<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund, 2015-41A AR (3 mo. Term SOFR + 1.232%) | &nbsp;&nbsp; 5.549% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 167148<br>| &nbsp;&nbsp;&nbsp; 167383<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ECMC Group Student Loan Trust, 2016-1A A (30 Day Average SOFR + <br> 1.464%) | &nbsp;&nbsp; 5.813% | &nbsp;&nbsp; 7/26/66 | &nbsp;&nbsp; 1281230<br>| &nbsp;&nbsp;&nbsp; 1286765<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, 2023-1 A2 | &nbsp;&nbsp; 5.510% | &nbsp;&nbsp; 1/22/29 | &nbsp;&nbsp; 323578<br>| &nbsp;&nbsp;&nbsp; 324468<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Auto Trust, 2023-1 A3 | &nbsp;&nbsp; 5.530% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1705061<br>| &nbsp;&nbsp;&nbsp; 1720429<br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, 2023-1 A1 | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1955000<br>| &nbsp;&nbsp;&nbsp; 1964708<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GECU Auto Receivables Trust, 2023-1A A3 | &nbsp;&nbsp; 5.630% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1151981<br>| &nbsp;&nbsp;&nbsp; 1158917<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, 2024-2 A2A | &nbsp;&nbsp; 5.430% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; 437267<br>| &nbsp;&nbsp;&nbsp; 438064<br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.892%) | &nbsp;&nbsp; 6.205% | &nbsp;&nbsp; 4/26/31 | &nbsp;&nbsp; 1027000<br>| &nbsp;&nbsp;&nbsp; 1030292<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2020-3A A1R (3 mo. Term SOFR + 1.480%) | &nbsp;&nbsp; 5.790% | &nbsp;&nbsp; 7/30/37 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 432212<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harbor Park CLO Ltd., 2018-1A B1R (3 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 6.025% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1043638<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, 2024-A A2 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 2/16/27 | &nbsp;&nbsp; 185929<br>| &nbsp;&nbsp;&nbsp; 186078<br>|
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC, 2023-4A A | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104825<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hildene Community Funding CDO Ltd., 2015-1A ARR | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 319701<br>| &nbsp;&nbsp;&nbsp; 281082<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, 2023-1A A | &nbsp;&nbsp; 5.720% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 427084<br>| &nbsp;&nbsp;&nbsp; 437141<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home Equity Mortgage Loan Asset-Backed Trust, 2005-C M2 (1 mo. Term <br> SOFR + 0.864%) | &nbsp;&nbsp; 5.187% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 230510<br>| &nbsp;&nbsp;&nbsp; 228706<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2024-2 A2 | &nbsp;&nbsp; 5.480% | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; 419222<br>| &nbsp;&nbsp;&nbsp; 419915<br>|
| &nbsp;&nbsp;&nbsp; HPS Loan Management Ltd., 15A-19 A1R (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 5.652% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 370917<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, 2024-A A2A | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 37569<br>| &nbsp;&nbsp;&nbsp; 37582<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; M&T Equipment Notes, 2023-1A A4 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1292121<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., 2016-21A AARR (3 mo. Term SOFR + 1.342%) | &nbsp;&nbsp; 5.659% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 739144<br>| &nbsp;&nbsp;&nbsp; 739991<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., 2019-35A A1R (3 mo. Term SOFR + 1.252%) | &nbsp;&nbsp; 5.577% | &nbsp;&nbsp; 4/20/32 | &nbsp;&nbsp; 669858<br>| &nbsp;&nbsp;&nbsp; 670491<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, 2025-2A A2 | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 799234<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Milos CLO Ltd., 2017-1A AR (3 mo. Term SOFR + 1.332%) | &nbsp;&nbsp; 5.657% | &nbsp;&nbsp; 10/20/30 | &nbsp;&nbsp; 440811<br>| &nbsp;&nbsp;&nbsp; 441272<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2022-1A A1R (3 mo. Term SOFR + 1.460%) | &nbsp;&nbsp; 5.778% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1223372<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; MVW LLC, 2020-1A A | &nbsp;&nbsp; 1.740% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; $289713<br>| &nbsp;&nbsp;&nbsp; $282558<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. Term SOFR + <br> 1.014%) | &nbsp;&nbsp; 5.378% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 42648<br>| &nbsp;&nbsp;&nbsp; 42648<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2015-1 A2 (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 5.063% | &nbsp;&nbsp; 4/25/40 | &nbsp;&nbsp; 557226<br>| &nbsp;&nbsp;&nbsp; 537588<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 5.063% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 416704<br>| &nbsp;&nbsp;&nbsp; 414498<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2015-2A A2 (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 5.063% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 208243<br>| &nbsp;&nbsp;&nbsp; 206264<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2021-A A2 (1 mo. Term SOFR + 1.144%) | &nbsp;&nbsp; 5.485% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1549230<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2021-CA AFL (1 mo. Term SOFR + 0.854%) | &nbsp;&nbsp; 5.195% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 677633<br>| &nbsp;&nbsp;&nbsp; 676242<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust, 2004-2 M2 (1 mo. Term SOFR + <br> 1.044%) | &nbsp;&nbsp; 5.367% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 101712<br>| &nbsp;&nbsp;&nbsp; 129299<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, 2023-B A3 | &nbsp;&nbsp; 5.690% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 44839<br>| &nbsp;&nbsp;&nbsp; 44861<br>|
| &nbsp;&nbsp;&nbsp; OCCU Auto Receivables Trust, 2025-1A D | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 758299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A AR2 (3 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.618% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 571472<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2022-12A A1R (3 mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 5.655% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 873665<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., 2013-2A AR (3 mo. Term SOFR + 1.302%) | &nbsp;&nbsp; 5.497% | &nbsp;&nbsp; 5/23/31 | &nbsp;&nbsp; 188675<br>| &nbsp;&nbsp;&nbsp; 188908<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oscar US Funding LLC, 2021-2A A4 | &nbsp;&nbsp; 1.270% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 528495<br>| &nbsp;&nbsp;&nbsp; 523392<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.050%) | &nbsp;&nbsp; 5.368% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1174663<br>| &nbsp;&nbsp;&nbsp; 1175321<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Parallel Ltd., 2023-1A A1R (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.715% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 882565<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., 2023-B B | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1832665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., 2024-A B (30 Day Average SOFR + 1.300%) | &nbsp;&nbsp; 5.643% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1382720<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO Ltd., 2024-8A A1 (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 1/30/38 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 411476<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, 2022-4 B | &nbsp;&nbsp; 4.420% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 130745<br>| &nbsp;&nbsp;&nbsp; 130739<br>|
| &nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust, 2024-B A2 | &nbsp;&nbsp; 5.670% | &nbsp;&nbsp; 11/20/26 | &nbsp;&nbsp; 178350<br>| &nbsp;&nbsp;&nbsp; 178490<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, 2025-1A A | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1208888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sesac Finance LLC, 2024-1 A2 | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 1172150<br>| &nbsp;&nbsp;&nbsp; 1198431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, 2006-B A5 (3 mo. Term SOFR + <br> 0.532%) | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 748105<br>| &nbsp;&nbsp;&nbsp; 731707<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%) | &nbsp;&nbsp; 9.228% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 958240<br>| &nbsp;&nbsp;&nbsp; 1006333<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2005-4 B (90 Day Average SOFR + 0.442%) | &nbsp;&nbsp; 4.782% | &nbsp;&nbsp; 7/25/55 | &nbsp;&nbsp; 113187<br>| &nbsp;&nbsp;&nbsp; 107081<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2013-1 A3 (30 Day Average SOFR + 0.664%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 5/26/55 | &nbsp;&nbsp; 541283<br>| &nbsp;&nbsp;&nbsp; 536254<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2013-6 A3 (30 Day Average SOFR + 0.764%) | &nbsp;&nbsp; 5.113% | &nbsp;&nbsp; 6/26/28 | &nbsp;&nbsp; 548568<br>| &nbsp;&nbsp;&nbsp; 544740<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-C A2 (1 mo. Term SOFR + 0.914%) | &nbsp;&nbsp; 5.278% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 1622969<br>| &nbsp;&nbsp;&nbsp; 1610181<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2024-C A1B (30 Day Average SOFR + <br> 1.100%) | &nbsp;&nbsp; 5.443% | &nbsp;&nbsp; 6/17/52 | &nbsp;&nbsp; 701901<br>| &nbsp;&nbsp;&nbsp; 701967<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program Trust, 2020-C AFX | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 292507<br>| &nbsp;&nbsp;&nbsp; 273323<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SpringCastle America Funding LLC, 2020-AA A | &nbsp;&nbsp; 1.970% | &nbsp;&nbsp; 9/25/37 | &nbsp;&nbsp; 585461<br>| &nbsp;&nbsp;&nbsp; 554540<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunrun Atlas Issuer LLC, 2019-2 A | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 490001<br>| &nbsp;&nbsp;&nbsp; 468262<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, 2023-B B | &nbsp;&nbsp; 6.570% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1537133<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TRP LLC, 2021-1 A | &nbsp;&nbsp; 2.070% | &nbsp;&nbsp; 6/19/51 | &nbsp;&nbsp; 802280<br>| &nbsp;&nbsp;&nbsp; 766523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2019-38A ARR (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 5.310% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 326900<br>| &nbsp;&nbsp;&nbsp; 326759<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, 2023-2 A2A | &nbsp;&nbsp; 5.720% | &nbsp;&nbsp; 3/22/27 | &nbsp;&nbsp; 83682<br>| &nbsp;&nbsp;&nbsp; 83811<br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2016-1A BR (3 mo. Term SOFR + 2.062%) | &nbsp;&nbsp; 6.387% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360733<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2016-3A A1R2 (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 5.479% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 878249<br>| &nbsp;&nbsp;&nbsp; 879433<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2018-3A A1R2 (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.518% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1166612<br>| &nbsp;&nbsp;&nbsp; 1167474<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2019-1A A1RR (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 5.639% | &nbsp;&nbsp; 7/24/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400799<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2021-3A A1R (3 mo. Term SOFR + 1.270%) | &nbsp;&nbsp; 5.588% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; $1100000<br>| &nbsp;&nbsp;&nbsp; $1102695<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodmont Trust, 2023-12A A1R (3 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.718% | &nbsp;&nbsp; 10/25/32 | &nbsp;&nbsp; 885652<br>| &nbsp;&nbsp;&nbsp; 886656<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, 2024-B A2B (30 Day Average SOFR + <br> 0.430%) | &nbsp;&nbsp; 4.773% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 366080<br>| &nbsp;&nbsp;&nbsp; 366122<br> <sup>(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $62,772,182)** | **Total Asset-Backed Securities (Cost — $62,772,182)** | **Total Asset-Backed Securities (Cost — $62,772,182)** | **Total Asset-Backed Securities (Cost — $62,772,182)** | &nbsp;&nbsp; **62512670** |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 14.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 14.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 14.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 14.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 14.1%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 5.538% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 496489<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2021-7 A3 | &nbsp;&nbsp; 2.337% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 250351<br>| &nbsp;&nbsp;&nbsp; 219110<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AOA Mortgage Trust, 2021-1177 A (1 mo. Term SOFR + 0.989%) | &nbsp;&nbsp; 5.353% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 767100<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 A (1 mo. Term <br> SOFR + 1.354%) | &nbsp;&nbsp; 5.694% | &nbsp;&nbsp; 8/20/42 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 519673<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN32 A5 | &nbsp;&nbsp; 2.643% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 873189<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN36 A5 | &nbsp;&nbsp; 2.470% | &nbsp;&nbsp; 9/15/64 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 348357<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B29 XA, IO | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 12231351<br>| &nbsp;&nbsp;&nbsp; 456964<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B31 A5 | &nbsp;&nbsp; 2.669% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 551926<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2023-V3 A3 | &nbsp;&nbsp; 6.363% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 895166<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2023-V3 XA, IO | &nbsp;&nbsp; 1.053% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 20891527<br>| &nbsp;&nbsp;&nbsp; 434193<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, 2024-BOCA A (1 mo. Term SOFR + <br> 1.921%) | &nbsp;&nbsp; 6.284% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 784663<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 142872<br>| &nbsp;&nbsp;&nbsp; 139308<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2024-NQM1 A1 | &nbsp;&nbsp; 5.943% | &nbsp;&nbsp; 12/1/63 | &nbsp;&nbsp; 582946<br>| &nbsp;&nbsp;&nbsp; 587524<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%) | &nbsp;&nbsp; 5.618% | &nbsp;&nbsp; 8/19/38 | &nbsp;&nbsp; 457372<br>| &nbsp;&nbsp;&nbsp; 456247<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2020-VIV4 A | &nbsp;&nbsp; 2.843% | &nbsp;&nbsp; 3/9/44 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1194499<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-CIP A (1 mo. Term SOFR + 1.035%) | &nbsp;&nbsp; 5.398% | &nbsp;&nbsp; 12/15/38 | &nbsp;&nbsp; 96761<br>| &nbsp;&nbsp;&nbsp; 96764<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-SOAR A (1 mo. Term SOFR + 0.784%) | &nbsp;&nbsp; 5.148% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 964412<br>| &nbsp;&nbsp;&nbsp; 964270<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-VOLT A (1 mo. Term SOFR + 0.814%) | &nbsp;&nbsp; 5.178% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 1414489<br>| &nbsp;&nbsp;&nbsp; 1412703<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2022-AHP A (1 mo. Term SOFR + 0.990%) | &nbsp;&nbsp; 5.353% | &nbsp;&nbsp; 1/17/39 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1570037<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. <br> Term SOFR + 0.414%) | &nbsp;&nbsp; 4.737% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 788<br>| &nbsp;&nbsp;&nbsp; 766<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. <br> Term SOFR + 0.694%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 3729<br>| &nbsp;&nbsp;&nbsp; 3623<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIM Trust, 2021-R6 A1 | &nbsp;&nbsp; 1.425% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 625640<br>| &nbsp;&nbsp;&nbsp; 567374<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2017-B1 A4 | &nbsp;&nbsp; 3.458% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 324591<br>|
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, 2023-H2 A1A | &nbsp;&nbsp; 7.135% | &nbsp;&nbsp; 11/25/68 | &nbsp;&nbsp; 491906<br>| &nbsp;&nbsp;&nbsp; 499689<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, 2024-H2 A1 | &nbsp;&nbsp; 6.093% | &nbsp;&nbsp; 4/25/69 | &nbsp;&nbsp; 259843<br>| &nbsp;&nbsp;&nbsp; 262584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-AFC1 A1 | &nbsp;&nbsp; 3.573% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 70321<br>| &nbsp;&nbsp;&nbsp; 68450<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-AFC1 A2 | &nbsp;&nbsp; 3.776% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 154619<br>| &nbsp;&nbsp;&nbsp; 151252<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-UVIL A | &nbsp;&nbsp; 3.160% | &nbsp;&nbsp; 12/15/41 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1385580<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2020-AFC1 A1 | &nbsp;&nbsp; 3.240% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 247206<br>| &nbsp;&nbsp;&nbsp; 237732<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 0.830% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 323622<br>| &nbsp;&nbsp;&nbsp; 267396<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-AFC1 A3 | &nbsp;&nbsp; 1.169% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 323622<br>| &nbsp;&nbsp;&nbsp; 270852<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM3 A3 | &nbsp;&nbsp; 1.632% | &nbsp;&nbsp; 4/25/66 | &nbsp;&nbsp; 385002<br>| &nbsp;&nbsp;&nbsp; 338767<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM5 A1 | &nbsp;&nbsp; 0.938% | &nbsp;&nbsp; 5/25/66 | &nbsp;&nbsp; 694164<br>| &nbsp;&nbsp;&nbsp; 589266<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM7 A1 | &nbsp;&nbsp; 1.756% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 366730<br>| &nbsp;&nbsp;&nbsp; 324172<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.205% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 1197896<br>| &nbsp;&nbsp;&nbsp; 1101517<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2024-1 A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 174926<br>| &nbsp;&nbsp;&nbsp; 176183<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2021-2 A1 | &nbsp;&nbsp; 0.931% | &nbsp;&nbsp; 6/25/66 | &nbsp;&nbsp; $513460<br>&nbsp;&nbsp;&nbsp; $433488<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.206% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 276119<br>&nbsp;&nbsp;&nbsp; 244455<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ELP Commercial Mortgage Trust, 2021-ELP A (1 mo. Term SOFR + 0.815%) | &nbsp;&nbsp; 5.179% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 1209919<br>&nbsp;&nbsp;&nbsp; 1209480<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, KS12 A (30 Day Average SOFR + 0.764%) | &nbsp;&nbsp; 5.105% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 1187786<br>&nbsp;&nbsp;&nbsp; 1191297<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4945 KF, PAC (30 Day <br> Average SOFR + 0.564%) | &nbsp;&nbsp; 4.913% | &nbsp;&nbsp; 9/25/49 | &nbsp;&nbsp; 564460<br>&nbsp;&nbsp;&nbsp; 550285<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%) | &nbsp;&nbsp; 6.648% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 224313<br>&nbsp;&nbsp;&nbsp; 229414<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA3 M2 (30 Day Average SOFR + 2.100%) | &nbsp;&nbsp; 6.448% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 692905<br>&nbsp;&nbsp;&nbsp; 707352<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%) | &nbsp;&nbsp; 6.748% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 880000<br>&nbsp;&nbsp;&nbsp; 897148<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%) | &nbsp;&nbsp; 8.848% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 810000<br>&nbsp;&nbsp;&nbsp; 860079<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2024-DNA1 M2 (30 Day Average SOFR + 1.950%) | &nbsp;&nbsp; 6.298% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 510000<br>&nbsp;&nbsp;&nbsp; 517424<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2016-1 M2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/25/55 | &nbsp;&nbsp; 723270<br>&nbsp;&nbsp;&nbsp; 665780<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 19 F | &nbsp;&nbsp; 5.577% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 15<br>&nbsp;&nbsp;&nbsp; 15<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R05 1M2 (30 <br> Day Average SOFR + 3.100%) | &nbsp;&nbsp; 7.450% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 300000<br>&nbsp;&nbsp;&nbsp; 313978<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M2 (30 <br> Day Average SOFR + 2.500%) | &nbsp;&nbsp; 6.848% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 870000<br>&nbsp;&nbsp;&nbsp; 895519<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2025-18 FH (30 Day <br> Average SOFR + 1.400%) | &nbsp;&nbsp; 5.748% | &nbsp;&nbsp; 8/25/54 | &nbsp;&nbsp; 2299945<br>&nbsp;&nbsp;&nbsp; 2320658<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Grantor Trust, 2000-T6 A3 | &nbsp;&nbsp; 4.238% | &nbsp;&nbsp; 11/25/40 | &nbsp;&nbsp; 70123<br>&nbsp;&nbsp;&nbsp; 70017<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Grantor Trust, 2002-T19 A4 | &nbsp;&nbsp; 5.197% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 511665<br>&nbsp;&nbsp;&nbsp; 509256<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Grantor Trust, 2004-T3 2A | &nbsp;&nbsp; 5.353% | &nbsp;&nbsp; 8/25/43 | &nbsp;&nbsp; 247190<br>&nbsp;&nbsp;&nbsp; 248441<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Whole Loan, 2003-W6 6A | &nbsp;&nbsp; 4.769% | &nbsp;&nbsp; 8/25/42 | &nbsp;&nbsp; 179012<br>&nbsp;&nbsp;&nbsp; 176154<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Whole Loan, 2003-W8 3F1 <br> (30 Day Average SOFR + 0.514%) | &nbsp;&nbsp; 4.863% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 37793<br>&nbsp;&nbsp;&nbsp; 37743<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GCAT Trust, 2020-NQM1 A3 | &nbsp;&nbsp; 3.554% | &nbsp;&nbsp; 1/25/60 | &nbsp;&nbsp; 526838<br>&nbsp;&nbsp;&nbsp; 514421<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.942% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 17216<br>&nbsp;&nbsp;&nbsp; 17226<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-H08 BF (1 mo. <br> Term SOFR + 0.514%) | &nbsp;&nbsp; 4.842% | &nbsp;&nbsp; 3/20/63 | &nbsp;&nbsp; 87239<br>&nbsp;&nbsp;&nbsp; 86899<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2016-H07 FK (1 mo. <br> Term SOFR + 1.114%) | &nbsp;&nbsp; 5.442% | &nbsp;&nbsp; 3/20/66 | &nbsp;&nbsp; 716377<br>&nbsp;&nbsp;&nbsp; 720146<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2017-H15 FN (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.942% | &nbsp;&nbsp; 7/20/67 | &nbsp;&nbsp; 215716<br>&nbsp;&nbsp;&nbsp; 215848<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-H16 CF (1 mo. <br> Term SOFR + 0.814%) | &nbsp;&nbsp; 5.142% | &nbsp;&nbsp; 10/20/69 | &nbsp;&nbsp; 482961<br>&nbsp;&nbsp;&nbsp; 481872<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day <br> Average SOFR + 0.380%) | &nbsp;&nbsp; 4.795% | &nbsp;&nbsp; 4/20/70 | &nbsp;&nbsp; 1408217<br>&nbsp;&nbsp;&nbsp; 1402193<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H09 QF (30 Day <br> Average SOFR + 1.500%) | &nbsp;&nbsp; 5.845% | &nbsp;&nbsp; 6/20/71 | &nbsp;&nbsp; 2835213<br>&nbsp;&nbsp;&nbsp; 2901447<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H16 FG (30 Day <br> Average SOFR + 0.300%) | &nbsp;&nbsp; 4.645% | &nbsp;&nbsp; 9/20/71 | &nbsp;&nbsp; $1893198<br>| &nbsp;&nbsp;&nbsp; $1876093<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%) | &nbsp;&nbsp; 5.498% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 101081<br>| &nbsp;&nbsp;&nbsp; 101198<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2000-1A A (1 mo. Term SOFR + 0.464%) | &nbsp;&nbsp; 4.789% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 53521<br>| &nbsp;&nbsp;&nbsp; 5438<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2021-IP A (1 mo. Term SOFR + 1.064%) | &nbsp;&nbsp; 5.428% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1109648<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, 2005-9 2A1C (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 5.355% | &nbsp;&nbsp; 6/20/35 | &nbsp;&nbsp; 147510<br>| &nbsp;&nbsp;&nbsp; 139234<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HGI CRE CLO Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.114%) | &nbsp;&nbsp; 5.474% | &nbsp;&nbsp; 9/17/36 | &nbsp;&nbsp; 167876<br>| &nbsp;&nbsp;&nbsp; 168072<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.184%) | &nbsp;&nbsp; 5.548% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 634008<br>| &nbsp;&nbsp;&nbsp; 634248<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2020-RPL1 A1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/59 | &nbsp;&nbsp; 687855<br>| &nbsp;&nbsp;&nbsp; 661089<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2021-GS2 A1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/25/61 | &nbsp;&nbsp; 473026<br>| &nbsp;&nbsp;&nbsp; 473381<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2021-GS5 A1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/25/67 | &nbsp;&nbsp; 1001635<br>| &nbsp;&nbsp;&nbsp; 1002645<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.848% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 591884<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%) | &nbsp;&nbsp; 5.554% | &nbsp;&nbsp; 10/16/36 | &nbsp;&nbsp; 435661<br>| &nbsp;&nbsp;&nbsp; 435125<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust, 2019-1 A1 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 340431<br>| &nbsp;&nbsp;&nbsp; 332358<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Trust, 2015-2 M3 | &nbsp;&nbsp; 3.704% | &nbsp;&nbsp; 9/25/57 | &nbsp;&nbsp; 473224<br>| &nbsp;&nbsp;&nbsp; 469144<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 ASB | &nbsp;&nbsp; 3.514% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 149484<br>| &nbsp;&nbsp;&nbsp; 148522<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. Term SOFR + 1.147%) | &nbsp;&nbsp; 5.511% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 173277<br>| &nbsp;&nbsp;&nbsp; 171462<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2015-1A A3 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/28/52 | &nbsp;&nbsp; 99031<br>| &nbsp;&nbsp;&nbsp; 95478<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.156% | &nbsp;&nbsp; 11/27/56 | &nbsp;&nbsp; 605842<br>| &nbsp;&nbsp;&nbsp; 537172<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2022-NQM2 A1 | &nbsp;&nbsp; 3.079% | &nbsp;&nbsp; 3/27/62 | &nbsp;&nbsp; 772468<br>| &nbsp;&nbsp;&nbsp; 735396<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 1.101% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 574148<br>| &nbsp;&nbsp;&nbsp; 472733<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.563% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 579205<br>| &nbsp;&nbsp;&nbsp; 483279<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.054% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 704188<br>| &nbsp;&nbsp;&nbsp; 581421<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM4 A1 | &nbsp;&nbsp; 1.957% | &nbsp;&nbsp; 10/25/61 | &nbsp;&nbsp; 729884<br>| &nbsp;&nbsp;&nbsp; 625244<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 911256<br>| &nbsp;&nbsp;&nbsp; 776576<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 591709<br>| &nbsp;&nbsp;&nbsp; 600580<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAMP Trust, 2004-SL4 A5 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/25/32 | &nbsp;&nbsp; 5661<br>| &nbsp;&nbsp;&nbsp; 1853<br>|
| &nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, 2003-A11 A2, PAC (1 mo. Term SOFR + <br> 0.564%) | &nbsp;&nbsp; 4.887% | &nbsp;&nbsp; 11/25/33 | &nbsp;&nbsp; 15945<br>| &nbsp;&nbsp;&nbsp; 15742<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SFO Commercial Mortgage Trust, 2021-555 A (1 mo. Term SOFR + 1.264%) | &nbsp;&nbsp; 5.627% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 914431<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMRT, 2022-MINI A (1 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 5.364% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp;&nbsp; 1557663<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, 2004-2 1A1 | &nbsp;&nbsp; 6.834% | &nbsp;&nbsp; 3/25/34 | &nbsp;&nbsp; 56876<br>| &nbsp;&nbsp;&nbsp; 55441<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp., 2005-RF3 2A | &nbsp;&nbsp; 4.426% | &nbsp;&nbsp; 6/25/35 | &nbsp;&nbsp; 201163<br>| &nbsp;&nbsp;&nbsp; 181936<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, 2025-DATA A (1 mo. Term SOFR + <br> 1.443%) | &nbsp;&nbsp; 5.806% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1113412<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2019-HY1 B1 (1 mo. Term SOFR + 2.264%) | &nbsp;&nbsp; 6.587% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp;&nbsp; 1501778<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. <br> Term SOFR + 0.834%) | &nbsp;&nbsp; 5.157% | &nbsp;&nbsp; 7/25/45 | &nbsp;&nbsp; 262048<br>| &nbsp;&nbsp;&nbsp; 250819<br> <sup>(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $58,147,833)** | **Total Collateralized Mortgage Obligations (Cost — $58,147,833)** | **Total Collateralized Mortgage Obligations (Cost — $58,147,833)** | **Total Collateralized Mortgage Obligations (Cost — $58,147,833)** | &nbsp;&nbsp; **56576506** |
| **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** |
| *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (SOFR + 0.140%) | &nbsp;&nbsp; 4.480% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250287<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Notes (SOFR + 0.100%) | &nbsp;&nbsp; 4.440% | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp; 1210494<br> <sup>(b)</sup><br>|
| *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | &nbsp;&nbsp; *1460781* |
| *U.S. Government Obligations — 7.0%* | *U.S. Government Obligations — 7.0%* | *U.S. Government Obligations — 7.0%* | *U.S. Government Obligations — 7.0%* | *U.S. Government Obligations — 7.0%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp; 1113816<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; $1700000 | &nbsp;&nbsp;&nbsp; $1707172<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 324487<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 8940000 | &nbsp;&nbsp;&nbsp; 9013336<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/32 | &nbsp;&nbsp; 3950000 | &nbsp;&nbsp;&nbsp; 4005470<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; 12056250<br>|
| *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | &nbsp;&nbsp; *28220531* |
| **Total U.S. Government & Agency Obligations (Cost — $29,564,494)** | **Total U.S. Government & Agency Obligations (Cost — $29,564,494)** | **Total U.S. Government & Agency Obligations (Cost — $29,564,494)** | **Total U.S. Government & Agency Obligations (Cost — $29,564,494)** | &nbsp;&nbsp; **29681312** |
| **Mortgage-Backed Securities — 4.5%** | **Mortgage-Backed Securities — 4.5%** | **Mortgage-Backed Securities — 4.5%** | **Mortgage-Backed Securities — 4.5%** | **Mortgage-Backed Securities — 4.5%** |
| *FHLMC — 1.6%* | *FHLMC — 1.6%* | *FHLMC — 1.6%* | *FHLMC — 1.6%* | *FHLMC — 1.6%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 1475646<br>| &nbsp;&nbsp;&nbsp; 1410365<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 2042060<br>| &nbsp;&nbsp;&nbsp; 1755809<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 77257<br>| &nbsp;&nbsp;&nbsp; 81423<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.630%) | &nbsp;&nbsp; 3.267% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 3477621<br>| &nbsp;&nbsp;&nbsp; 3390528<br> <sup>(b)</sup><br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *6638125* |
| *FNMA — 2.1%* | *FNMA — 2.1%* | *FNMA — 2.1%* | *FNMA — 2.1%* | *FNMA — 2.1%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.280% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1173062<br>| &nbsp;&nbsp;&nbsp; 1146672<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 879167<br>| &nbsp;&nbsp;&nbsp; 849537<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/38- <br>2/1/40<br>| &nbsp;&nbsp; 1303331 | &nbsp;&nbsp;&nbsp; 1246578<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/38- <br>1/1/59<br>| &nbsp;&nbsp; 651774 | &nbsp;&nbsp;&nbsp; 645532<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 670110<br>| &nbsp;&nbsp;&nbsp; 576174<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 1632988<br>| &nbsp;&nbsp;&nbsp; 1660417<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 779933<br>| &nbsp;&nbsp;&nbsp; 812967<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/53 | &nbsp;&nbsp; 1118798<br>| &nbsp;&nbsp;&nbsp; 1153249<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.375%) | &nbsp;&nbsp; 6.453% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 194460<br>| &nbsp;&nbsp;&nbsp; 196506<br> <sup>(b)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *8287632* |
| *GNMA — 0.8%* | *GNMA — 0.8%* | *GNMA — 0.8%* | *GNMA — 0.8%* | *GNMA — 0.8%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/20/48 | &nbsp;&nbsp; 19733<br>| &nbsp;&nbsp;&nbsp; 18281<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/20/50 | &nbsp;&nbsp; 131820 | &nbsp;&nbsp;&nbsp; 111361<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/20/53 | &nbsp;&nbsp; 1039029<br>| &nbsp;&nbsp;&nbsp; 1052800<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 1020737<br>| &nbsp;&nbsp;&nbsp; 1056185<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/20/54 | &nbsp;&nbsp; 884214<br>| &nbsp;&nbsp;&nbsp; 919145<br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *3157772* |
| **Total Mortgage-Backed Securities (Cost — $18,451,464)** | **Total Mortgage-Backed Securities (Cost — $18,451,464)** | **Total Mortgage-Backed Securities (Cost — $18,451,464)** | **Total Mortgage-Backed Securities (Cost — $18,451,464)** | &nbsp;&nbsp; **18083529** |
| **Senior Loans — 1.0%** | **Senior Loans — 1.0%** | **Senior Loans — 1.0%** | **Senior Loans — 1.0%** | **Senior Loans — 1.0%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, Term Loan B4 (3 mo. Term SOFR + <br> 2.000%) | 6.291% | &nbsp;&nbsp; 12/7/30 | &nbsp;&nbsp; 627547<br>| &nbsp;&nbsp;&nbsp; 627726<br> <sup>(b)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Inc., Term Loan B5 (1 mo. Term SOFR + 2.500%) | 6.816% | &nbsp;&nbsp; 6/28/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 339097<br> <sup>(b)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, Term Loan Facility Y4 (3 mo. Term SOFR + 3.275%) | 7.593% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp;&nbsp; 289857<br> <sup>(b)(f)(g)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1256680** |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* |
| &nbsp;&nbsp;&nbsp; 1011778 BC Unlimited Liability Co., Term Loan B6 (1 mo. Term SOFR + <br> 1.750%)  | 6.066% | &nbsp;&nbsp; 9/20/30 | &nbsp;&nbsp; $57660<br>| &nbsp;&nbsp;&nbsp; $*57540*<br> <sup>(b)(f)(g)</sup><br>|
| *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 (1 mo. Term SOFR + 2.250%) | 6.566% | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 376200<br>| &nbsp;&nbsp;&nbsp; 372274<br> <sup>(b)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rent-A-Center Inc., 2025 Term Loan (1 mo. Term SOFR + 2.750%) | 7.103% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 504215<br>| &nbsp;&nbsp;&nbsp; 505688<br> <sup>(b)(f)(g)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *877962* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **935502** |
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing DAC, Term Loan B (3 mo. Term SOFR + 1.750%)  | 6.046% | &nbsp;&nbsp; 11/6/28 | &nbsp;&nbsp; 192500<br>| &nbsp;&nbsp;&nbsp;&nbsp; *193789*<br> <sup>(b)(f)(g)</sup><br>|
| *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B9 (1 mo. Term SOFR + 3.364%) | 7.680% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 530605<br>| &nbsp;&nbsp;&nbsp; 531024<br> <sup>(b)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B11 (1 mo. Term SOFR + 4.350%) | 8.666% | &nbsp;&nbsp; 8/21/28 | &nbsp;&nbsp; 47028<br>| &nbsp;&nbsp;&nbsp; 47050<br> <sup>(b)(f)(g)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *578074* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **771863** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA Inc., Dollar Term Loan B (1 mo. Term SOFR <br> + 2.100%)  | 6.416% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 284935<br>| &nbsp;&nbsp;&nbsp;&nbsp; *284628*<br> <sup>(b)(f)(g)</sup><br>|
| *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux Sarl, Dollar Term Loan Facility B2 (1 mo. Term SOFR + <br> 2.250%)  | 6.566% | &nbsp;&nbsp; 5/5/28 | &nbsp;&nbsp; 310645<br>| &nbsp;&nbsp;&nbsp;&nbsp; *311810*<br> <sup>(b)(f)(g)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **596438** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; APi Group DE Inc., 2021 Incremental Term Loan B (1 mo. Term SOFR + <br> 1.750%)  | 6.066% | &nbsp;&nbsp; 1/3/29 | &nbsp;&nbsp; 281341<br>| &nbsp;&nbsp;&nbsp;&nbsp; **281394**<br> <sup>(b)(f)(g)</sup><br>|
| **Total Senior Loans (Cost — $3,843,958)** | **Total Senior Loans (Cost — $3,843,958)** | **Total Senior Loans (Cost — $3,843,958)** | **Total Senior Loans (Cost — $3,843,958)** | &nbsp;&nbsp; **3841877** |
|  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.375 | 12/12/25 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; $110000 | &nbsp;&nbsp;&nbsp; 9625<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 132750<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Put @ $96.250 | 12/12/25 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 33000<br>|
| **Total Purchased Options (Cost — $254,955)** | **Total Purchased Options (Cost — $254,955)** | **Total Purchased Options (Cost — $254,955)** | **Total Purchased Options (Cost — $254,955)** | &nbsp;&nbsp; **175375** |
|  |  |  | Shares |  |
| **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%††** |
| *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; 60 | &nbsp;&nbsp;&nbsp; 73<br> \*<sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 10243 | &nbsp;&nbsp;&nbsp; 12,497<br> \*<br>|
| **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | &nbsp;&nbsp;&nbsp; **12570**<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date<br>| Warrants | Value |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $88,598) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 7278<br>| &nbsp;&nbsp;&nbsp; **$8,879**<br> \*<sup>(a)(h)(i)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $387,460,169)** | **Total Investments before Short-Term Investments (Cost — $387,460,169)** | **Total Investments before Short-Term Investments (Cost — $387,460,169)** | **Total Investments before Short-Term Investments (Cost — $387,460,169)** | &nbsp;&nbsp; **385632591** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 5.0%** | **Short-Term Investments — 5.0%** | **Short-Term Investments — 5.0%** | **Short-Term Investments — 5.0%** | **Short-Term Investments — 5.0%** |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $6,758,636)  | &nbsp;&nbsp; 4.246% |  | &nbsp;&nbsp; 6758636<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6758636**<br> <sup>(j)(k)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Commercial Paper — 1.6%** | **Commercial Paper — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp; MUFG Bank Ltd. (Cost — $6,239,861) | &nbsp;&nbsp; 4.491% | &nbsp;&nbsp; 11/19/25 | &nbsp;&nbsp; $6300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6239634**<br> <sup>(l)</sup><br>|
| **Certificates of Deposit — 1.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp (Cost — $6,174,993) | &nbsp;&nbsp; 4.430% | &nbsp;&nbsp; 11/24/25 | &nbsp;&nbsp; 6175000<br>| &nbsp;&nbsp;&nbsp; **6178106**<br>|
| **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank (FHLB), Discount Notes (Cost — $866,439) | &nbsp;&nbsp; 4.484% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **866244**<br> <sup>(l)</sup><br>|
| **Total Short-Term Investments (Cost — $20,039,929)** | **Total Short-Term Investments (Cost — $20,039,929)** | **Total Short-Term Investments (Cost — $20,039,929)** | **Total Short-Term Investments (Cost — $20,039,929)** | &nbsp;&nbsp; **20042620** |
| **Total Investments — 101.1% (Cost — $407,500,098)** | **Total Investments — 101.1% (Cost — $407,500,098)** | **Total Investments — 101.1% (Cost — $407,500,098)** | **Total Investments — 101.1% (Cost — $407,500,098)** | &nbsp;&nbsp; **405675211** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.1)% | &nbsp;&nbsp;&nbsp; (4517797)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$401157414** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(d)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(e)</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>(f)</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>(g)</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>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Restricted security (Note 3). |
| <sup>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(k)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2025, the total market value of <br> investments in Affiliated Companies was $6,758,636 and the cost was $6,758,636 (Note 2).<br>|
| <sup>(l)</sup> | Rate shown represents yield-to-maturity. |

---

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

See Notes to Schedule of Investments.

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Western Asset Ultra-Short Income Fund 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Ultra-Short Income Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CDO |  | Collateralized Debt Obligation |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| IBOR |  | Interbank Offered Rate |
| IO |  | Interest Only |
| JSC |  | Joint Stock Company |
| PAC |  | Planned Amortization Class |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |
| USD |  | United States Dollar |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $96.875 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; $110000 | &nbsp;&nbsp;&nbsp;&nbsp; $(2750) |
| SOFR 1-Year Mid-Curve Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;96.250 | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; (2750) |
| **Total Exchange-Traded Written Options (Premiums received — $85,523)** | **Total Exchange-Traded Written Options (Premiums received — $85,523)** | **Total Exchange-Traded Written Options (Premiums received — $85,523)** | **Total Exchange-Traded Written Options (Premiums received — $85,523)** | **Total Exchange-Traded Written Options (Premiums received — $85,523)** | &nbsp;&nbsp;&nbsp; **$(5500)** |

---

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

---

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

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $24578339 | &nbsp;&nbsp;&nbsp;&nbsp; $24538650 | &nbsp;&nbsp;&nbsp;&nbsp; $(39689) |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 13279846 | &nbsp;&nbsp;&nbsp;&nbsp; 13340937 | &nbsp;&nbsp;&nbsp;&nbsp; 61091 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19487003 | &nbsp;&nbsp;&nbsp;&nbsp; 19575000 | &nbsp;&nbsp;&nbsp;&nbsp; 87997 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109399 |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 168104824 | &nbsp;&nbsp;&nbsp;&nbsp; 168291023 | &nbsp;&nbsp;&nbsp;&nbsp; (186199) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 12542887 | &nbsp;&nbsp;&nbsp;&nbsp; 12588907 | &nbsp;&nbsp;&nbsp;&nbsp; (46020) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1602319 | &nbsp;&nbsp;&nbsp;&nbsp; 1599499 | &nbsp;&nbsp;&nbsp;&nbsp; 2820 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1479712 | &nbsp;&nbsp;&nbsp;&nbsp; 1487281 | &nbsp;&nbsp;&nbsp;&nbsp; (7569) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (236143) |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(126744)** |

---

&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 |

---

See Notes to Schedule of Investments.

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Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $10450000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.450% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2062) | &nbsp;&nbsp;&nbsp;&nbsp; $(1489) | &nbsp;&nbsp;&nbsp;&nbsp; $(573) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 12186000 | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47312 | &nbsp;&nbsp;&nbsp;&nbsp; 5098 | &nbsp;&nbsp;&nbsp;&nbsp; 42214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 46740000 | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.490% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105741) | &nbsp;&nbsp;&nbsp;&nbsp; 134419 | &nbsp;&nbsp;&nbsp;&nbsp; (240160) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2828000 | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.850% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31838) | &nbsp;&nbsp;&nbsp;&nbsp; (12899) | &nbsp;&nbsp;&nbsp;&nbsp; (18939) |
| **Total** | &nbsp;&nbsp;&nbsp; **$72204000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(92329)** | &nbsp;&nbsp;&nbsp; **$125129** | &nbsp;&nbsp;&nbsp; **$(217458)** |

---

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

† Percentage shown is an annual percentage rate.

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 4.340% |

---

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

---

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

---

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

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

------

Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $214739873 | &nbsp;&nbsp; — | &nbsp;&nbsp; $214739873 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 62512670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62512670 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 56576506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56576506 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 29681312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29681312 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 18083529 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18083529 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 3841877 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3841877 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; $175375 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 175375 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 12497 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12570 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 8879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8879 |
| Total Long-Term Investments | &nbsp;&nbsp; 187872 | &nbsp;&nbsp; 385444719 | &nbsp;&nbsp; — | &nbsp;&nbsp; 385632591 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 6758636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6758636 |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 6239634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6239634 |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 6178106 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6178106 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 866244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 866244 |
| Total Short-Term Investments | &nbsp;&nbsp; 6758636 | &nbsp;&nbsp; 13283984 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20042620 |
| **Total Investments** | &nbsp;&nbsp; **$6946508** | &nbsp;&nbsp; **$398728703** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$405675211** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $152733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $152733 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $42214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42214 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$152733** | &nbsp;&nbsp; **$42214** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$194947** |
| **Total** | &nbsp;&nbsp; **$7099241** | &nbsp;&nbsp; **$398770917** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$405870158** |
| **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; $5500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5500 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 279477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 279477 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $259672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 259672 |
| **Total** | &nbsp;&nbsp; **$284977** | &nbsp;&nbsp; **$259672** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$544649** |

---

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

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

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2025. The following transactions were effected

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Western Asset Ultra-Short Income Fund 2025 Quarterly Report

------

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

in such company for the period ended August 31, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>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>| $10687165 | $71629273 | 71629273 | $75557802 | 75557802 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>August 31, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $108897 |  | $6758636 |

---

**3. Restricted securities**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 8/31/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 60 | 3/25 | $730 | $73 | &nbsp;&nbsp; $1.22 | 0.00 <br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 7278 | 3/25 | 88598 | 8879 <br><sup>(b)</sup><br>| 1.22 | 0.00 <br> <sup>(a)</sup><br>|
|  |  |  | **$89328** | **$8952** |  | **0.00%**<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 Ultra-Short Income Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

- **a. Name of Series:** Western Asset Ultra-Short Income Fund

- **b. EDGAR series identifier (if any):** S000016624

- **c. LEI of Series:** 549300MFJCCCF04ZU149

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $402817882.85

**Total Liabilities:** $2619857.44

**Net Assets:** $400198025.41

**Delayed Delivery Securities:** $910000.00

**Cash Not Reported:** $3394660.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2352.76000000 | **1-Year:** 35187.74000000 | **5-Year:** 33174.39000000 | **10-Year:** 815.84000000 | **30-Year:** 0.00000000

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

- **3-Month:** 107.99000000 | **1-Year:** 1397.66000000 | **5-Year:** 1970.84000000 | **10-Year:** 34.73000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000046410 | 0.42%                | 0.44%                | 0.43%                |
| Class ID C000046412 | 0.47%                | 0.26%                | 0.47%                |
| Class ID C000046413 | 0.55%                | 0.46%                | 0.46%                |
| Class ID C000080302 | 0.47%                | 0.38%                | 0.37%                |
| Class ID C000118948 | 0.45%                | 0.46%                | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-244781.27              | $1649192.48                                |
| Month 2  | $-11544.12               | $-314585.27                                |
| Month 3  | $-73830.76               | $1680497.55                                |

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       102 | NC      | $-39689.20    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        88 | NC      | $33000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32924.94     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                                  | CUSIP: 05377REK6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $919258.90    | 0.23%             | 2027-08-20      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co                          | Structured Asset Securities Corp                                          | CUSIP: 86359DME4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    201163 | PA      | $181935.79    | 0.05%             | 2035-06-25      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140X9MD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    845469 | PA      | $807219.28    | 0.20%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                       | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $501805.44    | 0.13%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                          | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1114905.33   | 0.28%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust                                     | CNH Equipment Trust 2022-B                                                | CUSIP: 12663JAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    433619 | PA      | $432755.52    | 0.11%             | 2027-11-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                       | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   2670000 | PA      | $2662921.80   | 0.67%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Cayuga Park CLO, Ltd.                                   | Cayuga Park CLO Ltd                                                       | CUSIP: 149791AP0<br>LEI: 549300SVH2QJEV4A2G21 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501249.75    | 0.13%             | 2034-07-17      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| SUZANO INTL FINANCE BV                                  | Suzano International Finance BV                                           | CUSIP: 000000000<br>LEI: 5493000KMIB6J1KMKL84 | Long             | DBT              | CORP              | NL        |    640000 | PA      | $647576.96    | 0.16%             | 2027-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       174 | NC      | $87997.43     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA2                                   | CUSIP: 35564KDB2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |    224313 | PA      | $229414.30    | 0.06%             | 2033-08-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                            | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $683362.13    | 0.17%             | 2028-01-20      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Series 2019-UVIL                                                     | CUSIP: 12656DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1480000 | PA      | $1385580.00   | 0.35%             | 2041-12-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                     | Delta Air Lines Inc                                                       | CUSIP: 247361ZZ4<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    620000 | PA      | $624927.76    | 0.16%             | 2026-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33422.22     | 0.01%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-AFC1 Trust                                                      | CUSIP: 12597MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    247206 | PA      | $237731.50    | 0.06%             | 2050-02-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                  | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1229801.48   | 0.31%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                           | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1293214.42   | 0.32%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CMFT Net Lease Master Issuer L                          | CMFT Net Lease Master Issuer LLC                                          | CUSIP: 12575AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1024744 | PA      | $945729.51    | 0.24%             | 2051-07-20      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2020-VIV4                                    | CUSIP: 05608MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1290000 | PA      | $1194499.11   | 0.30%             | 2044-03-09      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 2 YEAR U.S. TREASURY NOTE                                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -807 | NC      | $-186198.62   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Mortgage Asset Trust                             | Legacy Mortgage Asset Trust 2020-RPL1                                     | CUSIP: 52474HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    687855 | PA      | $661089.26    | 0.17%             | 2059-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2016-1 Ltd                                                       | CUSIP: 92915CAU8<br>LEI: 549300BRUAMTEA33B077 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $360733.28    | 0.09%             | 2031-01-20      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEVICES                                  | Advanced Micro Devices Inc                                                | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1323243.00   | 0.33%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140FXLU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    220679 | PA      | $212021.27    | 0.05%             | 2059-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                                 | Imperial Brands Finance PLC                                               | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    970000 | PA      | $976479.83    | 0.24%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Springcastle SPV                                        | SpringCastle America Funding LLC                                          | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    585461 | PA      | $554539.62    | 0.14%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| MetroNet Infrastructure Issuer                          | MetroNet Infrastructure Issuer LLC                                        | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    790000 | PA      | $799233.99    | 0.20%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo I Ltd                                                        | CUSIP: 96467FAU4<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400799.36    | 0.10%             | 2036-07-24      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                 | John Deere Capital Corp                                                   | CUSIP: 24422EXB0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1223022.42   | 0.31%             | 2028-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                    | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    120000 | PA      | $127588.92    | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        55 | NC      | $61091.10     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $202101.20    | 0.05%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                            | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    640000 | PA      | $674047.37    | 0.17%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2015-2                                          | CUSIP: 64033QAB5<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |    208243 | PA      | $206263.97    | 0.05%             | 2042-09-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2023-H2 Mortgage Trust                                              | CUSIP: 22757NAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    491906 | PA      | $499688.50    | 0.12%             | 2068-11-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| 1011778 BC Unlimited Liability Company                  | 1011778 BC ULC                                                            | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |     57660 | PA      | $57539.61     | 0.01%             | 2030-09-20      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $696909.71    | 0.17%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                              | CUSIP: 11135FCA7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120173.12    | 0.03%             | 2028-02-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                    | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    920000 | PA      | $915196.66    | 0.23%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE MORTGAGE FUNDING C                          | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3        | CUSIP: 16678RBV8<br>LEI: 549300TC8R2SGZ2KM445 | Long             | ABS-MBS          | CORP              | US        |       788 | PA      | $765.70       | 0.00%             | 2035-08-25      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                    | Royal Bank of Canada                                                      | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    580000 | PA      | $587165.51    | 0.15%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-31837.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HGI CRE CLO Ltd                                         | HGI CRE CLO 2021-FL2 Ltd                                                  | CUSIP: 40390JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    167876 | PA      | $168072.27    | 0.04%             | 2036-09-17      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                        | CUSIP: 3617MQCZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     69696 | PA      | $58868.02     | 0.01%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                        | CUSIP: 69335PEW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1820000 | PA      | $1832665.38   | 0.46%             | 2028-05-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                         | CUSIP: 37045VAN0<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1217385.54   | 0.30%             | 2027-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                                    | Sagard-Halseypoint Clo 8 Ltd                                              | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $411476.00    | 0.10%             | 2038-01-30      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                            | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2510000 | PA      | $2452594.49   | 0.61%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| YAMANA GOLD INC                                         | Yamana Gold Inc                                                           | CUSIP: 98462YAD2<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1049278.35   | 0.26%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                     | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $262142.75    | 0.07%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                            | CUSIP: 532457CK2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1871203.16   | 0.47%             | 2029-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                            | HARBOR FREIGHT TOOLS USA INC                                              | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    376200 | PA      | $372274.35    | 0.09%             | 2031-06-11      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-105740.36   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                               | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32               | CUSIP: 61691GAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    149484 | PA      | $148521.78    | 0.04%             | 2049-12-15      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140QP4F1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1632989 | PA      | $1660416.62   | 0.41%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                               | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1682708.13   | 0.42%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EBAY INC                                                | eBay Inc                                                                  | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    950000 | PA      | $931672.68    | 0.23%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                       | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201355.80    | 0.05%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    420000 | PA      | $447022.25    | 0.11%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                          | HarborView Mortgage Loan Trust 2005-9                                     | CUSIP: 41161PSM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147510 | PA      | $139234.02    | 0.03%             | 2035-06-20      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                               | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    890000 | PA      | $915505.07    | 0.23%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                  | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   3820000 | PA      | $3868251.26   | 0.97%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Education Loan Trust 2010-C                                   | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |    958241 | PA      | $1006332.91   | 0.25%             | 2041-10-15      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-2062.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                      | CUSIP: 378272AX6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1630000.00   | 0.41%             | 2025-09-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securitizati                          | Residential Asset Securitization Trust 2003-A11                           | CUSIP: 45660NUU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     15945 | PA      | $15742.15     | 0.00%             | 2033-11-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1466725.25   | 0.37%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                 | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $195182.38    | 0.05%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                      | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    323622 | PA      | $267396.49    | 0.07%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                          | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87209.35     | 0.02%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                              | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    460000 | PA      | $484023.04    | 0.12%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                        | CUSIP: 3622AC4V9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    884214 | PA      | $919144.48    | 0.23%             | 2054-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                               | Apple Inc                                                                 | CUSIP: 037833EH9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2668434.79   | 0.67%             | 2028-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                   | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   5620094 | NS      | $5620093.77   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $47311.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EQUATE PETROCHEMICAL CO                                 | EQUATE Petrochemical Co KSC                                               | CUSIP: 29441WAC9<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |   1620000 | PA      | $1614777.93   | 0.40%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2022-DNA5                                   | CUSIP: 35564KYP8<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |    810000 | PA      | $860078.74    | 0.21%             | 2042-06-25      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XJHZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    879167 | PA      | $849537.18    | 0.21%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                | SPIRIT AVIA HOL RESTRICT                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        60 | NS      | $73.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                  | General Motors Financial Co Inc                                           | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1368394.20   | 0.34%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38382YGG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1893198 | PA      | $1876093.24   | 0.47%             | 2071-09-20      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                          | MVW 2020-1 LLC                                                            | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    289713 | PA      | $282558.27    | 0.07%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                        | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1276630.82   | 0.32%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO 3, Ltd.                                 | HalseyPoint CLO 3 Ltd                                                     | CUSIP: 40638UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $432211.96    | 0.11%             | 2037-07-30      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73482.22     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                                      | BMW US Capital LLC                                                        | CUSIP: 05565ECR4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1429653.00   | 0.36%             | 2029-08-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3138LEZV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1173062 | PA      | $1146671.58   | 0.29%             | 2026-09-01      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                  | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2710000 | PA      | $2701241.14   | 0.67%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                             | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3017127.48   | 0.75%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM4 Trust                                                       | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    729884 | PA      | $625243.78    | 0.16%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                                   | CUSIP: 15189XBD9<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1176990.34   | 0.29%             | 2028-10-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr                          | World Omni Auto Receivables Trust 2024-B                                  | CUSIP: 98164HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    366080 | PA      | $366122.28    | 0.09%             | 2027-09-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                           | CGMS Commercial Mortgage Trust 2017-B1                                    | CUSIP: 17326CAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $324591.33    | 0.08%             | 2050-08-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                        | NTT Finance Corp                                                          | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1010804.93   | 0.25%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                              | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1250000 | PA      | $1216910.65   | 0.30%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                           | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30578.22     | 0.01%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-1 Ltd                                              | CUSIP: 69701WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500000.00    | 0.12%             | 2038-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                              | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    970000 | PA      | $987773.18    | 0.25%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                        | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    390000 | PA      | $420432.48    | 0.11%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC                                                               | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     47028 | PA      | $47050.24     | 0.01%             | 2028-08-21      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2023-V3 Mortgage Trust                                          | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $895166.28    | 0.22%             | 2056-07-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38375BN99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     87239 | PA      | $86899.41     | 0.02%             | 2063-03-20      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                          | Deephaven Residential Mortgage Trust 2022-1                               | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1197896 | PA      | $1101517.25   | 0.28%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                          | Deephaven Residential Mortgage Trust 2024-1                               | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    174926 | PA      | $176183.33    | 0.04%             | 2069-07-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                      | CUSIP: 12657LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    323622 | PA      | $270851.68    | 0.07%             | 2056-03-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                 | CUSIP: 89114TZD7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3620000 | PA      | $3538778.42   | 0.88%             | 2026-06-03      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                                         | Venture 38 CLO Ltd                                                        | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    326900 | PA      | $326759.44    | 0.08%             | 2032-07-30      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       180 | NC      | $132750.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2025-FL19 LLC                                                         | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    590000 | PA      | $591883.99    | 0.15%             | 2042-05-18      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                           | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    330000 | PA      | $319717.63    | 0.08%             | 2027-03-08      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                   | QXO Building Products Inc                                                 | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217414.00    | 0.05%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC                                                               | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    530605 | PA      | $531023.72    | 0.13%             | 2027-07-31      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                          | CUSIP: 02209SAU7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1524910.03   | 0.38%             | 2026-09-16      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                    | BAT International Finance PLC                                             | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   1460000 | PA      | $1437754.39   | 0.36%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Milos CLO, LTD                                          | Milos CLO Ltd                                                             | CUSIP: 60162PAE2<br>LEI: 254900GFWI4EEB8IJS18 | Long             | ABS-CBDO         | CORP              | KY        |    440811 | PA      | $441271.86    | 0.11%             | 2030-10-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                               | CUSIP: 68389XCS2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1296927.05   | 0.32%             | 2029-09-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                          | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    320000 | PA      | $324487.50    | 0.08%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC1 Trust                                                     | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    911256 | PA      | $776575.52    | 0.19%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                                 | Fannie Mae Grantor Trust 2002-T19                                         | CUSIP: 31392GVT9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    511665 | PA      | $509255.83    | 0.13%             | 2042-03-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | Citibank NA                                                               | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1560699.74   | 0.39%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                           | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1254067.09   | 0.31%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                  | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    620000 | PA      | $629171.12    | 0.16%             | 2030-05-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                                     | CUSIP: 69703NAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1174663 | PA      | $1175320.91   | 0.29%             | 2032-10-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2021-7                                           | CUSIP: 03464JAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250351 | PA      | $219110.06    | 0.05%             | 2066-10-25      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                         | CUSIP: 29379VBH5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   2950000 | PA      | $2940678.44   | 0.73%             | 2026-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2021-BNK32                                                           | CUSIP: 06542BBH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $873189.41    | 0.22%             | 2054-04-15      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                            | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1641354.98   | 0.41%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                  | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    550000 | PA      | $556611.34    | 0.14%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA3                                   | CUSIP: 35564KEL9<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |    692905 | PA      | $707352.07    | 0.18%             | 2033-10-25      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                                  | CUSIP: 05377RKL7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $395659.91    | 0.10%             | 2029-08-20      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                      | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1530561.57   | 0.38%             | 2026-04-27      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Mortgage Loan Trust 2019-1                                      | CUSIP: 59981AAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    340431 | PA      | $332358.16    | 0.08%             | 2069-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                                | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145857.69    | 0.04%             | 2028-01-27      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                   | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1134691.88   | 0.28%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2021-B29 Mortgage Trust                                         | CUSIP: 08163JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12231351 | PA      | $456964.48    | 0.11%             | 2054-09-15      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XMTM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    779933 | PA      | $812967.13    | 0.20%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Harbor Park CLO Ltd                                     | Harbor Park CLO 18-1 Ltd                                                  | CUSIP: 41154XAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1040000 | PA      | $1043638.44   | 0.26%             | 2031-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                 | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2110000 | PA      | $2067340.61   | 0.52%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                    | CUSIP: 91324PFG2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    870000 | PA      | $889157.12    | 0.22%             | 2030-01-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    380000 | PA      | $361869.89    | 0.09%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2022-NQM2                             | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    772468 | PA      | $735395.61    | 0.18%             | 2062-03-27      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| SMRT                                                    | SMRT 2022-MINI                                                            | CUSIP: 78457JAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1560000 | PA      | $1557663.28   | 0.39%             | 2039-01-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                         | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72899.33     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                          | Ellington Financial Mortgage Trust 2021-2                                 | CUSIP: 31572LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    513460 | PA      | $433487.61    | 0.11%             | 2066-06-25      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                  | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1937580.29   | 0.48%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                | Santander UK Group Holdings PLC                                           | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1400000 | PA      | $1370499.93   | 0.34%             | 2027-06-14      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                              | Federal National Mortgage Association                                     | CUSIP: 3135G1AB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $250287.28    | 0.06%             | 2026-12-11      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                         | CUSIP: 3136BVAP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2299945 | PA      | $2320657.84   | 0.58%             | 2054-08-25      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                   | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1401579.36   | 0.35%             | 2026-09-21      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2021-R6                                                         | CUSIP: 12567RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    625640 | PA      | $567374.20    | 0.14%             | 2061-07-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                                    | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    820000 | PA      | $832699.68    | 0.21%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                          | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    264823 | PA      | $125128.91    | 0.03%             | 2030-03-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                               | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    960000 | PA      | $977736.96    | 0.24%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                    | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    420000 | PA      | $462016.38    | 0.12%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ENGIE SA                                                | Engie SA                                                                  | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    890000 | PA      | $916488.07    | 0.23%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2022-DNA2                                   | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |    880000 | PA      | $897148.03    | 0.22%             | 2042-02-25      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2021-II LLC                                               | CUSIP: 03755QAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    910000 | PA      | $910682.50    | 0.23%             | 2034-10-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-3 Ltd                                                       | CUSIP: 92917KAQ7<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |   1166612 | PA      | $1167473.48   | 0.29%             | 2031-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                            | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1230000 | PA      | $1241897.73   | 0.31%             | 2029-05-09      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM2 Trust                                                       | CUSIP: 670857AC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    579205 | PA      | $483279.30    | 0.12%             | 2061-05-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2021-NQM2                                 | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    142872 | PA      | $139308.13    | 0.03%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2021-FL7 Ltd                                                          | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    435661 | PA      | $435124.56    | 0.11%             | 2036-10-16      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                          | Ellington Financial Mortgage Trust 2022-1                                 | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    276119 | PA      | $244454.52    | 0.06%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                        | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63004.50     | 0.02%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                          | Greystone CRE Notes 2021-FL3 Ltd                                          | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    101082 | PA      | $101198.05    | 0.03%             | 2039-07-15      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHNOLOGIES INC                                | Agilent Technologies Inc                                                  | CUSIP: 00846UAQ4<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |    880000 | PA      | $880825.44    | 0.22%             | 2027-09-09      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38376R5Y8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    215716 | PA      | $215847.56    | 0.05%             | 2067-07-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                          | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3950000 | PA      | $4005469.73   | 1.00%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Parallel Ltd                                            | Parallel 2023-1 Ltd                                                       | CUSIP: 69915NAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    880000 | PA      | $882565.02    | 0.22%             | 2036-07-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                       | Mountain View CLO XVI Ltd                                                 | CUSIP: 62432UAN1<br>LEI: 549300MWKXOHYV7Z8O91 | Long             | ABS-CBDO         | CORP              | KY        |   1220000 | PA      | $1223371.84   | 0.31%             | 2034-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38375BKP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17216 | PA      | $17225.59     | 0.00%             | 2061-02-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2023-R05                              | CUSIP: 207942AB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $313978.02    | 0.08%             | 2043-06-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                         | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    490000 | PA      | $493165.47    | 0.12%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                        | CUSIP: 29273RBG3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1160385.50   | 0.29%             | 2026-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                          | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    210000 | PA      | $193671.56    | 0.05%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                           | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1090190.74   | 0.27%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM3                                                            | CUSIP: 12660LAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    385002 | PA      | $338767.15    | 0.08%             | 2066-04-25      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                 | Transcontinental Gas Pipe Line Co LLC                                     | CUSIP: 893574AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1640293.42   | 0.41%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                                       | TSMC Arizona Corp                                                         | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1061275.16   | 0.27%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                   | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    160000 | PA      | $161548.00    | 0.04%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                          | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1126003.09   | 0.28%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                            | Hilton Grand Vacations Trust 2023-1                                       | CUSIP: 432917AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    427084 | PA      | $437141.39    | 0.11%             | 2038-01-25      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                          | 280 Park Avenue 2017-280P Mortgage Trust                                  | CUSIP: 90205FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $496488.85    | 0.12%             | 2034-09-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                          | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    900000 | PA      | $857196.86    | 0.21%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| IndyMac Residential Asset Back                          | Home Equity Mortgage Loan Asset-Backed Trust Series INABS 2005-C          | CUSIP: 456606HV7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230510 | PA      | $228705.56    | 0.06%             | 2035-10-25      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                     | SPIRIT AIRLINES LLC                                                       | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7278 | NS      | $8879.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fifth Third Auto Trust                                  | Fifth Third Auto Trust 2023-1                                             | CUSIP: 31680EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1705061 | PA      | $1720429.25   | 0.43%             | 2028-08-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitizat                          | Hyundai Auto Lease Securitization Trust 2024-A                            | CUSIP: 448988AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37569 | PA      | $37582.42     | 0.01%             | 2026-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2024-DNA1                                   | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |    510000 | PA      | $517423.56    | 0.13%             | 2044-02-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                            | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    800000 | PA      | $814966.06    | 0.20%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E                          | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                    | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    520000 | PA      | $519673.39    | 0.13%             | 2042-08-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2024-NQM1                                 | CUSIP: 10570FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    582946 | PA      | $587524.12    | 0.15%             | 2063-12-01      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust                           | ECMC Group Student Loan Trust 2016-1                                      | CUSIP: 26827XAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1281230 | PA      | $1286765.01   | 0.32%             | 2066-07-26      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                                     | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    890000 | PA      | $900395.69    | 0.22%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                            | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    900000 | PA      | $921692.18    | 0.23%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Avenue of Americas                                      | AOA 2021-1177 Mortgage Trust                                              | CUSIP: 00192NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    790000 | PA      | $767100.11    | 0.19%             | 2038-10-15      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails CLO XII Ltd                                                  | CUSIP: 67515DAS7<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |    870000 | PA      | $873665.05    | 0.22%             | 2035-07-20      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                            | CUSIP: 654740BS7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1471759.35   | 0.37%             | 2026-03-09      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FINANCE LLC                                 | Astrazeneca Finance LLC                                                   | CUSIP: 04636NAA1<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1340953.59   | 0.34%             | 2026-05-28      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                  | American Honda Finance Corp                                               | CUSIP: 02665WEY3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    490000 | PA      | $490993.02    | 0.12%             | 2026-01-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                              | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1333266.85   | 0.33%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 31329KUG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1475646 | PA      | $1410365.01   | 0.35%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 2019-2 Ltd                                                  | CUSIP: 05875MAX0<br>LEI: 254900IF22Z7SA13VI60 | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $511624.40    | 0.13%             | 2036-02-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2023-A LLC                                      | CUSIP: 193938AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    529930 | PA      | $538044.12    | 0.13%             | 2055-05-25      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                                  | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $262004.79    | 0.07%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                 | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    170000 | PA      | $166068.48    | 0.04%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates              | CUSIP: 3137FNXD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1187786 | PA      | $1191297.34   | 0.30%             | 2029-08-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Battery Park CLO Ltd.                                   | Battery Park Clo Ltd                                                      | CUSIP: 07133YAL4<br>LEI: 549300HAR0K520KW1A03 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $321096.29    | 0.08%             | 2036-07-15      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                 | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    190000 | PA      | $196601.17    | 0.05%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                      | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    360000 | PA      | $356858.40    | 0.09%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Mortgage Trust 2015-2                                           | CUSIP: 599808BG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    473224 | PA      | $469143.88    | 0.12%             | 2057-09-25      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                    | Royal Bank of Canada                                                      | CUSIP: 78016EZT7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2660000 | PA      | $2595007.63   | 0.65%             | 2026-07-14      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XM5C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1118798 | PA      | $1153248.79   | 0.29%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XB4B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    457862 | PA      | $439358.90    | 0.11%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                     | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    240000 | PA      | $234145.08    | 0.06%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                 | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    940000 | PA      | $930969.51    | 0.23%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                            | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $93699.99     | 0.02%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                             | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $126212.15    | 0.03%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -44 | NC      | $-2750.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Inc                                       | NEXSTAR MEDIA INC                                                         | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    340000 | PA      | $339097.30    | 0.08%             | 2032-06-28      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA Inc                    | Grifols Worldwide Operations USA Inc                                      | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    284934 | PA      | $284628.04    | 0.07%             | 2027-11-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE MORTGAGE FUNDING C                          | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-4        | CUSIP: 16678RCD7<br>LEI: 549300BO65N44G8TZI31 | Long             | ABS-MBS          | CORP              | US        |      3729 | PA      | $3623.32      | 0.00%             | 2035-10-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                               | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117324.42    | 0.03%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                             | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    290000 | PA      | $297473.30    | 0.07%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                            | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   7830000 | PA      | $7754081.57   | 1.94%             | 2026-12-10      | Fixed         | 0.98%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                | Cooperatieve Rabobank UA                                                  | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $545164.09    | 0.14%             | 2028-04-06      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| OHA Loan Funding Ltd                                    | OHA Loan Funding 2013-2 Ltd                                               | CUSIP: 67104LAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    188675 | PA      | $188908.07    | 0.05%             | 2031-05-23      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                                    | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1551970.62   | 0.39%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                      | CUSIP: 59022CAA1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200718.62    | 0.05%             | 2026-09-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2017-ASHF                                  | CUSIP: 61691KAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    173277 | PA      | $171462.03    | 0.04%             | 2034-11-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                                    | Fannie Mae Trust 2003-W6                                                  | CUSIP: 31393BW76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179012 | PA      | $176153.57    | 0.04%             | 2042-08-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2000-1                                  | CUSIP: 36228FCU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     53522 | PA      | $5438.16      | 0.00%             | 2023-03-20      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating LLC                    | CHARTER COMMUNICATIONS OPER                                               | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    627547 | PA      | $627726.34    | 0.16%             | 2030-12-07      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                                     | Cheniere Energy Inc                                                       | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |    990000 | PA      | $989541.90    | 0.25%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRP LLC                                                 | TRP 2021 LLC                                                              | CUSIP: 87267CAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    802280 | PA      | $766523.35    | 0.19%             | 2051-06-19      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced                           | Volkswagen Auto Loan Enhanced Trust 2023-2                                | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     83682 | PA      | $83810.51     | 0.02%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                  | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    578000 | PA      | $572785.97    | 0.14%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                          | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1707171.88   | 0.43%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                               | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120553.25    | 0.03%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                          | Ford Credit Floorplan Master Owner Trust A                                | CUSIP: 34528QHV9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   1955000 | PA      | $1964707.75   | 0.49%             | 2028-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                                | Vertiv Group Corp                                                         | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    110000 | PA      | $107461.10    | 0.03%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-HOME1 Trust                                                    | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    591709 | PA      | $600579.91    | 0.15%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                                             | Paychex Inc                                                               | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    530000 | PA      | $545659.16    | 0.14%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                              | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    700000 | PA      | $709595.16    | 0.18%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Service Experts Issuer                                  | Service Experts Issuer 2025-1 LLC                                         | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1208887.68   | 0.30%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CTR PARTNERSHIP/CARETRST                                | CTR Partnership LP / CareTrust Capital Corp                               | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $574872.16    | 0.14%             | 2028-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2019-NQM2 Trust                                                      | CUSIP: 36167FAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    526838 | PA      | $514420.75    | 0.13%             | 2060-01-25      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM2 Trust                                                       | CUSIP: 670857AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    574148 | PA      | $472732.72    | 0.12%             | 2061-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| SFO Commerical Mortgage Trust                           | SFO Commercial Mortgage Trust 2021-555                                    | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    920000 | PA      | $914430.96    | 0.23%             | 2038-05-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                             | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    810000 | PA      | $832298.49    | 0.21%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                          | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493696.20    | 0.12%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust                                  | Tesla Auto Lease Trust 2023-B                                             | CUSIP: 88167QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1530000 | PA      | $1537133.17   | 0.38%             | 2027-08-20      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                           | McKesson Corp                                                             | CUSIP: 581557BV6<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1388058.41   | 0.35%             | 2029-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA                                  | Goldman Sachs Bank USA/New York NY                                        | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    930000 | PA      | $934356.72    | 0.23%             | 2027-03-18      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                  | Cascade MH Asset Trust 2021-MH1                                           | CUSIP: 14731QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180434 | PA      | $164003.26    | 0.04%             | 2046-02-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T                          | Honda Auto Receivables 2024-2 Owner Trust                                 | CUSIP: 437930AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    419222 | PA      | $419915.22    | 0.10%             | 2026-11-18      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2015-1                                | CUSIP: 64829CAD0<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |     99031 | PA      | $95477.77     | 0.02%             | 2052-05-28      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mor                          | Structured Adjustable Rate Mortgage Loan Trust                            | CUSIP: 86359BKY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     56876 | PA      | $55441.35     | 0.01%             | 2034-03-25      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                          | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $12056250.00  | 3.01%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                            | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $52776.85     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 32 Ltd                                                  | CUSIP: 19737TBA3<br>LEI: 549300NBGVSLUALOY827 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1102403.06   | 0.28%             | 2034-07-24      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                              | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    380000 | PA      | $386057.35    | 0.10%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                | CUSIP: 444859BQ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2671308.95   | 0.67%             | 2027-02-03      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                              | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    980000 | PA      | $989715.28    | 0.25%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                             | CUSIP: 842400HY2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2299835.55   | 0.57%             | 2028-10-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2024-C                                   | CUSIP: 83206EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    701901 | PA      | $701966.99    | 0.18%             | 2052-06-17      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                            | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2370000 | PA      | $2370833.93   | 0.59%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                           | CUSIP: 42806MCE7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $104825.35    | 0.03%             | 2030-03-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-C                                          | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    677633 | PA      | $676242.13    | 0.17%             | 2062-04-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38380Q5Q1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2835213 | PA      | $2901446.63   | 0.73%             | 2071-06-20      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                  | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   2720000 | PA      | $2765973.88   | 0.69%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OCCU Auto Receivables Trust                             | OCCU Auto Receivables Trust 2025-1                                        | CUSIP: 67098SAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $758298.60    | 0.19%             | 2034-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXV Ltd                                             | CUSIP: 55819MAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    669858 | PA      | $670490.90    | 0.17%             | 2032-04-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2016-3 Ltd                                                       | CUSIP: 92915HAW3<br>LEI: 549300001G5S0D8B8343 | Long             | ABS-CBDO         | CORP              | KY        |    878249 | PA      | $879433.45    | 0.22%             | 2031-10-18      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2023-R08                              | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    870000 | PA      | $895519.19    | 0.22%             | 2043-10-25      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                      | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   2090000 | PA      | $2132063.07   | 0.53%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2005-AR8                   | CUSIP: 92922FS25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    262048 | PA      | $250818.95    | 0.06%             | 2045-07-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | GREYWOLF CLO VI Ltd                                                       | CUSIP: 39809GAC9<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |   1027000 | PA      | $1030292.25   | 0.26%             | 2031-04-26      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                                       | KREF 2021-FL2 Ltd                                                         | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    634008 | PA      | $634247.93    | 0.16%             | 2039-02-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                      | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1934577.23   | 0.48%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Sunrun Issuer                                           | Sunrun Atlas Issuer 2019-2 LLC                                            | CUSIP: 86772FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490002 | PA      | $468262.30    | 0.12%             | 2055-02-01      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                                        | API GROUP DE INC                                                          | CUSIP: 00186XAN3<br>LEI: 549300XP4G7B4QYA0G83 | Long             | LON              | CORP              | US        |    281341 | PA      | $281394.37    | 0.07%             | 2029-01-03      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Non Gold Pool                                                 | CUSIP: 31288QFQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3477621 | PA      | $3390528.42   | 0.85%             | 2049-01-01      | Floating      | 3.27%                 | No            |                  2 | On Loan: No      |
| Aegis Asset Backed Securities                           | Aegis Asset Backed Securities Trust Mortgage Pass-Through Ctfs Ser 2005-4 | CUSIP: 00764MGH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    362099 | PA      | $348153.38    | 0.09%             | 2035-10-25      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                                | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    260000 | PA      | $270962.16    | 0.07%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| SESAC Finance, LLC                                      | Sesac Finance LLC                                                         | CUSIP: 78396YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1172150 | PA      | $1198430.54   | 0.30%             | 2054-01-25      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2021-C                                   | CUSIP: 83208AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1622969 | PA      | $1610181.17   | 0.40%             | 2053-01-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    670110 | PA      | $576174.06    | 0.14%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox CLO III Ltd                                                      | CUSIP: 96467HAL0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1102695.00   | 0.28%             | 2035-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                  | CUSIP: 00206RGL0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    800000 | PA      | $799205.94    | 0.20%             | 2028-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                                          | Woodmont 2023-12 Trust                                                    | CUSIP: 979926AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    885652 | PA      | $886656.24    | 0.22%             | 2032-10-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                  | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406226.51    | 0.10%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                      | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1474689.64   | 0.37%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                           | Commonbond Student Loan Trust 2021-A-GS                                   | CUSIP: 20268WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    313639 | PA      | $272644.82    | 0.07%             | 2052-03-25      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                   | Amrize Finance US LLC                                                     | CUSIP: 43475RAB2<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1113915.95   | 0.28%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                          | SWCH Commercial Mortgage Trust 2025-DATA                                  | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1120000 | PA      | $1113412.05   | 0.28%             | 2042-02-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2021-NQM3                             | CUSIP: 64831TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    605842 | PA      | $537172.07    | 0.13%             | 2056-11-27      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                             | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    230000 | PA      | $235769.09    | 0.06%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin                          | GM Financial Automobile Leasing Trust 2024-2                              | CUSIP: 36269WAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    437267 | PA      | $438064.21    | 0.11%             | 2026-09-21      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3140XJFG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    431095 | PA      | $433511.56    | 0.11%             | 2038-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                                | Teva Pharmaceutical Finance Netherlands III BV                            | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1865000 | PA      | $1855602.82   | 0.46%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                           | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    160000 | PA      | $159943.67    | 0.04%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                        | CUSIP: 3137FQX57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    564460 | PA      | $550285.03    | 0.14%             | 2049-09-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                        | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $265473.00    | 0.07%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust                                   | SBNA Auto Lease Trust 2024-B                                              | CUSIP: 78437VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178350 | PA      | $178489.82    | 0.04%             | 2026-11-20      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                                 | Fannie Mae Grantor Trust 2000-T6                                          | CUSIP: 31358SR78<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     70123 | PA      | $70017.26     | 0.02%             | 2040-11-25      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                        | CUSIP: 3622ACYL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1020737 | PA      | $1056185.14   | 0.26%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                               | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1869853.83   | 0.47%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                          | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    960000 | PA      | $982056.09    | 0.25%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                                | Canadian Pacific Railway Co                                               | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |   1380000 | PA      | $1341153.12   | 0.34%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                            | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    940000 | PA      | $981876.65    | 0.25%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                            | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    210000 | PA      | $210728.49    | 0.05%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                             | Cencora Inc                                                               | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    770000 | PA      | $777717.61    | 0.19%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                 | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1690000 | PA      | $1727565.05   | 0.43%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                     | Bank of Nova Scotia/The                                                   | CUSIP: 0641594A1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    780000 | PA      | $762821.32    | 0.19%             | 2026-06-24      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38376RRL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    716377 | PA      | $720146.40    | 0.18%             | 2066-03-20      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2019-HY1                                        | CUSIP: 89177EAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1460000 | PA      | $1501778.19   | 0.38%             | 2048-10-25      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| New Century Home Equity Loan T                          | New Century Home Equity Loan Trust 2004-2                                 | CUSIP: 64352VGB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    101712 | PA      | $129299.17    | 0.03%             | 2034-08-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP                                            | Vontier Corp                                                              | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1666441.57   | 0.42%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Hildene Community Funding CLO                           | Hildene Community Funding CDO Ltd                                         | CUSIP: 43133KAC9<br>LEI: 549300845E8YWIPN4S43 | Long             | ABS-CBDO         | CORP              | KY        |    319701 | PA      | $281081.95    | 0.07%             | 2035-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                             | Legacy Mortgage Asset Trust 2021-GS5                                      | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1001635 | PA      | $1002644.70   | 0.25%             | 2067-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2020-AA                                 | Delta Air Lines 2020-1 Class AA Pass Through Trust                        | CUSIP: 247361ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350515 | PA      | $331024.04    | 0.08%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                    | CUSIP: 91324PEZ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1945981.84   | 0.49%             | 2029-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing DAC                            | SETANTA AIRCRAFT LEASING                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    192500 | PA      | $193788.79    | 0.05%             | 2028-11-06      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                       | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1000670.46   | 0.25%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2021-BNK36                                                           | CUSIP: 06540DBH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $348357.48    | 0.09%             | 2064-09-15      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2006-B                              | CUSIP: 78443CCU6<br>LEI: 549300MJYMBTZU2FTV38 | Long             | ABS-O            | CORP              | US        |    748105 | PA      | $731707.44    | 0.18%             | 2039-12-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                                     | CUSIP: 03740MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1215100.76   | 0.30%             | 2029-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corportation Trust 2021-IP                         | CUSIP: 36262MAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1110000 | PA      | $1109647.58   | 0.28%             | 2036-10-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        44 | NC      | $9625.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                        | CUSIP: 3622ACXB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1039029 | PA      | $1052799.89   | 0.26%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                                 | Fannie Mae Grantor Trust 2004-T3                                          | CUSIP: 31393YV77<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    247190 | PA      | $248440.89    | 0.06%             | 2043-08-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                             | Legacy Mortgage Asset Trust 2021-GS2                                      | CUSIP: 52476DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    473026 | PA      | $473380.57    | 0.12%             | 2061-04-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                                 | Nissan Auto Lease Trust 2023-B                                            | CUSIP: 65473FAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44839 | PA      | $44861.10     | 0.01%             | 2026-07-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                | CUSIP: 92343VFX7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    568000 | PA      | $498610.37    | 0.12%             | 2030-10-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38380LF65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    482961 | PA      | $481872.39    | 0.12%             | 2069-10-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO XI C Ltd                                                       | CUSIP: 14688RAA8<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    830000 | PA      | $830766.17    | 0.21%             | 2037-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                                           | UBS AG/London                                                             | CUSIP: 902674ZZ6<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |   1200000 | PA      | $1173552.59   | 0.29%             | 2026-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                            | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    570000 | PA      | $592313.22    | 0.15%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                               | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    660000 | PA      | $665800.08    | 0.17%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2021-1                                         | CUSIP: 63942NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    416704 | PA      | $414497.95    | 0.10%             | 2069-12-26      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| MUFG BK LTD N Y BRH DIS 0.0 19NOV25                     | MUFG BK LTD N Y BRH DIS 0.0 19NOV25                                       | CUSIP: 62479LYK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6300000 | PA      | $6239634.03   | 1.56%             | 2025-11-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                        | CUSIP: 69335PFD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1380000 | PA      | $1382719.98   | 0.35%             | 2028-01-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                                 | Connecticut Light and Power Co/The                                        | CUSIP: 207597ER2<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |    450000 | PA      | $457853.68    | 0.11%             | 2029-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2019-AFC1 Trust                                                      | CUSIP: 12596XAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154619 | PA      | $151252.36    | 0.04%             | 2049-07-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Rent-A-Center Inc                                       | UPBOUND GROUP INC                                                         | CUSIP: 000000000<br>LEI: 529900QUHE15UQNCCJ63 | Long             | LON              | CORP              | US        |    504215 | PA      | $505687.78    | 0.13%             | 2032-08-13      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                                       | Japan Tobacco Inc                                                         | CUSIP: 471105AC0<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    970000 | PA      | $987318.38    | 0.25%             | 2028-05-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1707000 | PA      | $1727957.83   | 0.43%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | Florida Power & Light Co                                                  | CUSIP: 341081GT8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    680000 | PA      | $705993.71    | 0.18%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux Sarl                                 | JAZZ FINANCING LUX SARL                                                   | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    310645 | PA      | $311810.08    | 0.08%             | 2028-05-05      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                  | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    196000 | PA      | $193192.30    | 0.05%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                 | John Deere Capital Corp                                                   | CUSIP: 24422EVR7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1016161.40   | 0.25%             | 2026-06-17      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-CIP                                     | CUSIP: 12434FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     96761 | PA      | $96764.02     | 0.02%             | 2038-12-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-VOLT                                    | CUSIP: 05609VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1414489 | PA      | $1412702.70   | 0.35%             | 2036-09-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                             | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1306587.74   | 0.33%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| ELP 2021-ELP                                            | ELP Commercial Mortgage Trust 2021-ELP                                    | CUSIP: 26863LAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1209919 | PA      | $1209479.53   | 0.30%             | 2038-11-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                | VIRGIN MEDIA BRISTOL LLC                                                  | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    295000 | PA      | $289856.68    | 0.07%             | 2031-03-31      | Floating      | 7.59%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                        | Freddie Mac Strips                                                        | CUSIP: 31351DCS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        15 | PA      | $14.75        | 0.00%             | 2028-06-01      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                           | CUSIP: 3138EKYT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194460 | PA      | $196506.05    | 0.05%             | 2037-09-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                  | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400512.24    | 0.10%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| INVERSIONES CMPC SA                                     | Inversiones CMPC SA                                                       | CUSIP: 46128MAJ0<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |   1300000 | PA      | $1295038.16   | 0.32%             | 2027-04-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2019-AFC1 Trust                                                      | CUSIP: 12596XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70321 | PA      | $68450.39     | 0.02%             | 2049-07-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                  | NextEra Energy Capital Holdings Inc                                       | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240000.00    | 0.06%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                          | CUSIP: 02209SBS1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1005389.61   | 0.25%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                 | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |   1560000 | PA      | $1603892.16   | 0.40%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                 | CUSIP: 74365PAG3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   1330000 | PA      | $1305624.68   | 0.33%             | 2027-01-19      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| ALLSTATE CORP                                           | Allstate Corp/The                                                         | CUSIP: 020002BH3<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197884.74    | 0.05%             | 2025-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                         | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1538228.01   | 0.38%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                                 | Federal Home Loan Bank Discount Notes                                     | CUSIP: 313385MQ6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    870000 | PA      | $866244.02    | 0.22%             | 2025-10-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2013-1                                             | CUSIP: 78447MAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    541283 | PA      | $536254.40    | 0.13%             | 2055-05-26      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                     | Georgia-Pacific LLC                                                       | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1172735.45   | 0.29%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM3 Trust                                                       | CUSIP: 67114JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    704188 | PA      | $581420.71    | 0.15%             | 2061-07-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                        | CUSIP: 3617MKP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62124 | PA      | $52492.53     | 0.01%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2013-6                                             | CUSIP: 78448CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    548568 | PA      | $544739.50    | 0.14%             | 2028-06-26      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                  | CUSIP: 38380QYC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1408217 | PA      | $1402193.40   | 0.35%             | 2070-04-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                | CUSIP: 444859BZ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    230000 | PA      | $239843.51    | 0.06%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Loan Fund 2024-1 Ltd                                               | CUSIP: 037986AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    920000 | PA      | $922085.46    | 0.23%             | 2035-04-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                                    | Mercedes-Benz Finance North America LLC                                   | CUSIP: 58769JBA4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1205064.72   | 0.30%             | 2029-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                      | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    410000 | PA      | $402946.38    | 0.10%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receiva                          | Capital One Prime Auto Receivables Trust 2022-2                           | CUSIP: 14043GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118437 | PA      | $118190.18    | 0.03%             | 2027-05-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-AHP                                     | CUSIP: 05610FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1570000 | PA      | $1570037.05   | 0.39%             | 2039-01-17      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                            | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1858866.65   | 0.46%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 15-1 A PTT                                   | American Airlines 2015-1 Class A Pass Through Trust                       | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1318733 | PA      | $1294943.99   | 0.32%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                        | CUSIP: 3622AANA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     19733 | PA      | $18281.45     | 0.00%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                          | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1867663.11   | 0.47%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2023-V3 Mortgage Trust                                          | CUSIP: 08163VAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20891527 | PA      | $434192.78    | 0.11%             | 2056-07-15      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM7                                                            | CUSIP: 12662QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    366730 | PA      | $324171.93    | 0.08%             | 2066-10-25      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                          | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1134852.42   | 0.28%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo X                                                        | CUSIP: 67516CAW9<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $571471.68    | 0.14%             | 2034-10-15      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    680000 | PA      | $663394.93    | 0.17%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                   | Black Diamond CLO 2024-1 Ltd                                              | CUSIP: 09204UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1130000 | PA      | $1137001.25   | 0.28%             | 2037-10-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2019-A                          | CUSIP: 63941BAC9<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     42648 | PA      | $42648.42     | 0.01%             | 2043-01-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                                   | Quest Diagnostics Inc                                                     | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    570000 | PA      | $576778.50    | 0.14%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl                          | Santander Drive Auto Receivables Trust 2022-4                             | CUSIP: 80286FAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130745 | PA      | $130738.77    | 0.03%             | 2027-11-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                | Viper Energy Partners LLC                                                 | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    610000 | PA      | $615236.85    | 0.15%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                          | CUSIP: 64035DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1550000 | PA      | $1549229.81   | 0.39%             | 2062-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| GECU Auto Receivables Trust                             | GECU Auto Receivables Trust 2023-1                                        | CUSIP: 36169EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1151981 | PA      | $1158917.10   | 0.29%             | 2028-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC                          | Enterprise Fleet Financing 2023-1 LLC                                     | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    323578 | PA      | $324468.44    | 0.08%             | 2029-01-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XXX                                                            | CUSIP: 03768CAS8<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |   1230000 | PA      | $1232160.74   | 0.31%             | 2031-10-18      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Tru                          | Harley-Davidson Motorcycle Trust 2024-A                                   | CUSIP: 412922AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185929 | PA      | $186077.65    | 0.05%             | 2027-02-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                              | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10243 | NS      | $12496.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    210000 | PA      | $216714.96    | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | Aimco CLO 15 Ltd                                                          | CUSIP: 00889BAE1<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    890000 | PA      | $891111.08    | 0.22%             | 2038-04-17      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                           | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    220000 | PA      | $206574.79    | 0.05%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST                                 | GA Global Funding Trust                                                   | CUSIP: 36143L2A2<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1691534.91   | 0.42%             | 2026-01-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                               | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    940000 | PA      | $984758.01    | 0.25%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | ULTRA U.S. TREASURY BOND                                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -2 | NC      | $824.95       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                       | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1057126.06   | 0.26%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                          | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    640000 | PA      | $663699.20    | 0.17%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2020 LTD                                                  | CUSIP: 03756ABC0<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | BM        |    620000 | PA      | $622541.81    | 0.16%             | 2035-04-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                                       | Cedar Funding V CLO Ltd                                                   | CUSIP: 15032AAY3<br>LEI: 635400NWFWJ92O7QGD64 | Long             | ABS-CBDO         | CORP              | KY        |   1279160 | PA      | $1250891.70   | 0.31%             | 2031-07-17      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2024-II Ltd                                                  | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200389.90    | 0.05%             | 2037-04-22      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2016-1             | CUSIP: 35563PAE9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    723270 | PA      | $665779.49    | 0.17%             | 2055-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receiva                          | American Heritage Auto Receivables Issuer Trust 2025-1                    | CUSIP: 02650VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $913157.88    | 0.23%             | 2030-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-SOAR                                    | CUSIP: 05608WAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    964412 | PA      | $964270.30    | 0.24%             | 2038-06-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXI Ltd                                              | CUSIP: 55820JBC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    739144 | PA      | $739990.50    | 0.18%             | 2032-10-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                              | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    970000 | PA      | $978775.38    | 0.24%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -14 | NC      | $2819.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2455964.89   | 0.61%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| QAZAQGAZ NC JSC                                         | QazaqGaz NC JSC                                                           | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |   1550000 | PA      | $1540550.18   | 0.38%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2015-1                                         | CUSIP: 63939FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    557226 | PA      | $537588.15    | 0.13%             | 2040-04-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                            | DNB Bank ASA                                                              | CUSIP: 23329PAG5<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   1230000 | PA      | $1205904.32   | 0.30%             | 2027-05-25      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                          | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1110000 | PA      | $1113815.63   | 0.28%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust                          | BOCA Commercial Mortgage Trust 2024-BOCA                                  | CUSIP: 096817AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    780000 | PA      | $784663.39    | 0.20%             | 2041-08-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| NORDEA BK ABP NEW YORK BRH 24NOV25                      | NORDEA BK ABP NEW YORK BRH 24NOV25                                        | CUSIP: 65558WKK3<br>LEI: N/A                  | Long             | DBT              | CORP              | FI        |   6175000 | PA      | $6178106.03   | 1.54%             | 2025-11-24      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                   | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    940000 | PA      | $954386.62    | 0.24%             | 2027-06-24      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                | Pioneer Natural Resources Co                                              | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1145977.03   | 0.29%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS INC                                      | Roche Holdings Inc                                                        | CUSIP: 771196CJ9<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    980000 | PA      | $1003510.69   | 0.25%             | 2029-03-08      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | SOFR 1 YEAR MIDCURVE                                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -88 | NC      | $-2750.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                       | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1073268.10   | 0.27%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                          | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1152879.77   | 0.29%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM5 Trust                                                      | CUSIP: 22946DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    694164 | PA      | $589266.31    | 0.15%             | 2066-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 41 Senior Loan Fund                                                | CUSIP: 26244KAN6<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |    167148 | PA      | $167382.87    | 0.04%             | 2031-04-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| UBS AG STAMFORD CT                                      | UBS AG/Stamford CT                                                        | CUSIP: 22550L2M2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $431769.90    | 0.11%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Pro                          | RAMP Series 2004-SL4 Trust                                                | CUSIP: 76112BGP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5661 | PA      | $1852.57      | 0.00%             | 2032-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                        | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1800000 | PA      | $1797478.54   | 0.45%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                      | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    960000 | PA      | $975731.64    | 0.24%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                       | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    280000 | PA      | $282310.64    | 0.07%             | 2027-04-23      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2021-B31 Mortgage Trust                                         | CUSIP: 08163MAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    620000 | PA      | $551926.29    | 0.14%             | 2054-12-15      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE                                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -115 | NC      | $-46019.55    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                      | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    520000 | PA      | $522881.50    | 0.13%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2024-H2 Mortgage Trust                                              | CUSIP: 22757BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    259843 | PA      | $262583.68    | 0.07%             | 2069-04-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                            | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    850000 | PA      | $866318.90    | 0.22%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2042060 | PA      | $1755808.49   | 0.44%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                       | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    110000 | PA      | $116762.47    | 0.03%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                              | Federal National Mortgage Association                                     | CUSIP: 3135G07G2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   1210000 | PA      | $1210493.66   | 0.30%             | 2026-06-18      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                                | BRSP 2021-FL1 Ltd                                                         | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    457372 | PA      | $456247.23    | 0.11%             | 2038-08-19      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Student Loan Trust 2005-4                                             | CUSIP: 78442GPL4<br>LEI: 549300L7X3DWAOC00Z83 | Long             | ABS-O            | CORP              | US        |    113187 | PA      | $107081.46    | 0.03%             | 2055-07-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                       | CUSIP: 14149YBN7<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1389893.59   | 0.35%             | 2029-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                      | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $407534.00    | 0.10%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 10YR ULTRA                                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -13 | NC      | $-7569.30     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                  | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     80000 | PA      | $84010.56     | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Ally Auto Receivables Trust                             | Ally Auto Receivables Trust 2022-3                                        | CUSIP: 02008DAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118545 | PA      | $118718.64    | 0.03%             | 2027-04-15      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                          | CUSIP: 3133KRQN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     77257 | PA      | $81423.27     | 0.02%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                         | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $1123332.19   | 0.28%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| M&T Equipment Notes                                     | M&T Equipment 2023-LEAF1 Notes                                            | CUSIP: 551925AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1270000 | PA      | $1292120.86   | 0.32%             | 2030-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                  | Oscar US Funding XIII LLC                                                 | CUSIP: 68785BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |    528495 | PA      | $523391.54    | 0.13%             | 2028-09-11      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management                                     | HPS Loan Management 15-2019 Ltd                                           | CUSIP: 40439DAN8<br>LEI: 254900T9FXVALKHZXT96 | Long             | ABS-CBDO         | CORP              | JE        |    370000 | PA      | $370916.75    | 0.09%             | 2035-01-22      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                            | CUSIP: 68233JCY8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    950000 | PA      | $956929.81    | 0.24%             | 2027-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                                    | Fannie Mae Trust 2003-W8                                                  | CUSIP: 31393CX24<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     37793 | PA      | $37742.71     | 0.01%             | 2042-05-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Progr                          | SoFi Professional Loan Program 2020-C Trust                               | CUSIP: 83390UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292507 | PA      | $273323.39    | 0.07%             | 2046-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer