# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0000940400-25-005171
**Filing Date:** 2025-10
**Character Count:** 311847
**Document Hash:** dda8c2ae67946ed112599b5813b78693
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005171.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000940400-25-005171

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06110
- **FILM NUMBER:** 251412383

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Total Return Unconstrained Fund (Series ID: S000012738)

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

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Mortgage-Backed Securities — 35.8%** | **Mortgage-Backed Securities — 35.8%** | **Mortgage-Backed Securities — 35.8%** | **Mortgage-Backed Securities — 35.8%** | **Mortgage-Backed Securities — 35.8%** |
| *FHLMC — 5.1%* | *FHLMC — 5.1%* | *FHLMC — 5.1%* | *FHLMC — 5.1%* | *FHLMC — 5.1%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/1/40- <br>5/1/42<br>| &nbsp;&nbsp; 3321605 | &nbsp;&nbsp;&nbsp; $2856151<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/1/42- <br>1/1/52<br>| &nbsp;&nbsp; 1572506 | &nbsp;&nbsp;&nbsp; 1364298<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/47- <br>11/1/52<br>| &nbsp;&nbsp; 663818 | &nbsp;&nbsp;&nbsp; 645111<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 1067834<br>| &nbsp;&nbsp;&nbsp; 942014<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/53- <br>4/1/53<br>| &nbsp;&nbsp; 491916 | &nbsp;&nbsp;&nbsp; 487633<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/53- <br>2/1/54<br>| &nbsp;&nbsp; 213189 | &nbsp;&nbsp;&nbsp; 222602<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/53- <br>8/1/53<br>| &nbsp;&nbsp; 562989 | &nbsp;&nbsp;&nbsp; 569634<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *7087443* |
| *FNMA — 23.3%* | *FNMA — 23.3%* | *FNMA — 23.3%* | *FNMA — 23.3%* | *FNMA — 23.3%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/40- <br>8/1/42<br>| &nbsp;&nbsp; 5020554 | &nbsp;&nbsp;&nbsp; 4331937<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/1/41- <br>3/1/52<br>| &nbsp;&nbsp; 2458995 | &nbsp;&nbsp;&nbsp; 2169924<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/1/42- <br>3/1/42<br>| &nbsp;&nbsp; 442870 | &nbsp;&nbsp;&nbsp; 368105<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/42- <br>5/1/51<br>| &nbsp;&nbsp; 1967969 | &nbsp;&nbsp;&nbsp; 1795957<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 237656<br>| &nbsp;&nbsp;&nbsp; 229561<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/49- <br>8/1/58<br>| &nbsp;&nbsp; 597964 | &nbsp;&nbsp;&nbsp; 580738<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/52- <br>7/1/52<br>| &nbsp;&nbsp; 643632 | &nbsp;&nbsp;&nbsp; 641135<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/1/54 | &nbsp;&nbsp; 257643<br>| &nbsp;&nbsp;&nbsp; 264849<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 89892<br>| &nbsp;&nbsp;&nbsp; 91116<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; 3655380<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2169996<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1140069<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 238332<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 15800000<br>| &nbsp;&nbsp;&nbsp; 13691017<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201157<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 715204<br> <sup>(a)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *32284477* |
| *GNMA — 7.4%* | *GNMA — 7.4%* | *GNMA — 7.4%* | *GNMA — 7.4%* | *GNMA — 7.4%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/42- <br>11/15/42<br>| &nbsp;&nbsp; 192602 | &nbsp;&nbsp;&nbsp; 174132<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 25420<br>| &nbsp;&nbsp;&nbsp; 23951<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 33087<br>| &nbsp;&nbsp;&nbsp; 30264<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/20/41- <br>9/20/52<br>| &nbsp;&nbsp; 1032632 | &nbsp;&nbsp;&nbsp; 1008237<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/20/48- <br>5/20/52<br>| &nbsp;&nbsp; 697180 | &nbsp;&nbsp;&nbsp; 656247<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/48- <br>1/20/53<br>| &nbsp;&nbsp; 288817 | &nbsp;&nbsp;&nbsp; $289653<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/49- <br>2/20/50<br>| &nbsp;&nbsp; 81516 | &nbsp;&nbsp;&nbsp; 74260<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/20/50 | &nbsp;&nbsp; 213647<br>| &nbsp;&nbsp;&nbsp; 186477<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/20/50- <br>10/20/51<br>| &nbsp;&nbsp; 676886 | &nbsp;&nbsp;&nbsp; 572828<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/20/54 | &nbsp;&nbsp; 633172<br>| &nbsp;&nbsp;&nbsp; 657629<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/54 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1188186<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/20/55 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3022959<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/20/55 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2346322<br> <sup>(a)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *10231145* |
| **Total Mortgage-Backed Securities (Cost — $49,867,229)** | **Total Mortgage-Backed Securities (Cost — $49,867,229)** | **Total Mortgage-Backed Securities (Cost — $49,867,229)** | **Total Mortgage-Backed Securities (Cost — $49,867,229)** | &nbsp;&nbsp; **49603065** |
| **U.S. Government & Agency Obligations — 18.4%** | **U.S. Government & Agency Obligations — 18.4%** | **U.S. Government & Agency Obligations — 18.4%** | **U.S. Government & Agency Obligations — 18.4%** | **U.S. Government & Agency Obligations — 18.4%** |
| *U.S. Government Obligations — 18.4%* | *U.S. Government Obligations — 18.4%* | *U.S. Government Obligations — 18.4%* | *U.S. Government Obligations — 18.4%* | *U.S. Government Obligations — 18.4%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 12190000 | &nbsp;&nbsp;&nbsp; 12293805<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 486326<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; 3118078<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 183935<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp; 845990<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 162001<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 774980<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/30/25 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 550852<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 368316<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; 2420000 | &nbsp;&nbsp;&nbsp; 2431297<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40561<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 70582<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp; 2206356<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp; 1493308<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 80375<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 352372<br>|
| **Total U.S. Government & Agency Obligations (Cost — $26,138,005)** | **Total U.S. Government & Agency Obligations (Cost — $26,138,005)** | **Total U.S. Government & Agency Obligations (Cost — $26,138,005)** | **Total U.S. Government & Agency Obligations (Cost — $26,138,005)** | &nbsp;&nbsp; **25459134** |
| **Corporate Bonds & Notes — 13.4%** | **Corporate Bonds & Notes — 13.4%** | **Corporate Bonds & Notes — 13.4%** | **Corporate Bonds & Notes — 13.4%** | **Corporate Bonds & Notes — 13.4%** |
| **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** |
| *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *203879*<br>|
| *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 690000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *842270*<br> <sup>(d)</sup><br>|
| *Media — 1.4%* | *Media — 1.4%* | *Media — 1.4%* | *Media — 1.4%* | *Media — 1.4%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 938560<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 46892<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp;&nbsp; 176166<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 145630<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 301414<br> <sup>(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* |
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; $10365<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 348736<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *1967763* |
| *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 229664<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 441636<br> <sup>(e)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *671300* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3685212** |
| **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** |
| *Automobiles — 0.3%* | *Automobiles — 0.3%* | *Automobiles — 0.3%* | *Automobiles — 0.3%* | *Automobiles — 0.3%* |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 3.522% | &nbsp;&nbsp; 9/17/25 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380316<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 79395<br> <sup>(e)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *459711* |
| *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *278805*<br> <sup>(e)</sup><br>|
| *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20516<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102577<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 277433<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 231632<br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 399845<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91494<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82128<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 484421<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/8/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 601555<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 309862<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181528<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 140144<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 129245<br> <sup>(e)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *3052380* |
| *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *60581*<br> <sup>(e)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3851477** |
| **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** |
| *Oil, Gas & Consumable Fuels — 2.1%* | *Oil, Gas & Consumable Fuels — 2.1%* | *Oil, Gas & Consumable Fuels — 2.1%* | *Oil, Gas & Consumable Fuels — 2.1%* | *Oil, Gas & Consumable Fuels — 2.1%* |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 163882<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 63407<br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97319<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112980<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69924<br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39108<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 26000<br>| &nbsp;&nbsp;&nbsp; 26038<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 26000<br>| &nbsp;&nbsp;&nbsp; 26001<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8449<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 314240<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Total Return Unconstrained 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; Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 <br> mo. Term SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; $49594<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 112000<br>| &nbsp;&nbsp;&nbsp; 110990<br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 123738<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/14/33 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 310972<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Parsley Energy LLC/Parsley Finance Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69474<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 238610<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10193<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/3/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207125<br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10975<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11141<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73505<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 641905<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 43997<br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 89608<br>| &nbsp;&nbsp;&nbsp; 90120<br> <sup>(e)</sup><br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2913687** |
| **Financials — 2.5%** | **Financials — 2.5%** | **Financials — 2.5%** | **Financials — 2.5%** | **Financials — 2.5%** |
| *Banks — 2.0%* | *Banks — 2.0%* | *Banks — 2.0%* | *Banks — 2.0%* | *Banks — 2.0%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199720<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.551% to 2/4/27 then SOFR + <br> 1.050%) | &nbsp;&nbsp; 2.551% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 303019<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + <br> 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27104<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (2.871% to 4/19/31 then 3 mo. Term SOFR + <br> 1.387%) | &nbsp;&nbsp; 2.871% | &nbsp;&nbsp; 4/19/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 272120<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Junior Subordinated Notes (4.625% to 12/29/25 <br> then EUR 5 year Swap Rate + 4.098%) | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/29/25 | &nbsp;&nbsp; 600000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 705041<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then <br> USD 5 year ICE Swap Rate + 6.185%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 625071<br> <sup>(e)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury <br> Constant Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320146<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.500% to 9/27/28 <br> then U.K. Government Bonds 5 year Note Generic Bid Yield + 5.143%) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/27/28 | &nbsp;&nbsp; 200000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 286370<br> <sup>(f)(g)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *2738591* |
| *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* |
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1680000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(h)(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5 <br> year SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 234723<br> <sup>(e)(f)(g)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *234723* |
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61637<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50267<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82719<br> <sup>(e)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *194623* |

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* |
| &nbsp;&nbsp;&nbsp; MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; $*356544*<br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **3524481** |
| **Health Care — 1.5%** | **Health Care — 1.5%** | **Health Care — 1.5%** | **Health Care — 1.5%** | **Health Care — 1.5%** |
| *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, Secured Trust | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 12/10/28 | &nbsp;&nbsp; 19869<br>| &nbsp;&nbsp;&nbsp; 20300<br>|
| &nbsp;&nbsp;&nbsp; Dignity Health, Secured Notes | &nbsp;&nbsp; 5.267% | &nbsp;&nbsp; 11/1/64 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 219230<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 8.150% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 461384<br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 43361<br> <sup>(e)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *744275* |
| *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207829<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 600000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 800114<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 197000<br>| &nbsp;&nbsp;&nbsp; 193227<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 205810<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1406980* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2151255** |
| **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** |
| *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* |
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21111<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31233<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 260903<br> <sup>(e)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *313247* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62646<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72238<br> <sup>(e)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *134884* |
| *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; 80000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *78048*<br> <sup>(e)</sup><br>|
| *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* | *Passenger Airlines — 0.6%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 115343<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 28500<br>| &nbsp;&nbsp;&nbsp; 28468<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes <br> (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 249471<br>| &nbsp;&nbsp;&nbsp; 117875<br> <sup>(e)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 551451<br> <sup>(e)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *813137* |
| *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31243<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31493<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72471<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 64557<br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 217776<br> <sup>(e)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *417540* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1756856** |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *42530*<br> <sup>(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; $*258061*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **300591** |
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; **246285**<br>|
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 57854<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31504<br> <sup>(e)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *89358* |
| *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *42459*<br> <sup>(e)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **131817** |
| **Total Corporate Bonds & Notes (Cost — $18,658,171)** | **Total Corporate Bonds & Notes (Cost — $18,658,171)** | **Total Corporate Bonds & Notes (Cost — $18,658,171)** | **Total Corporate Bonds & Notes (Cost — $18,658,171)** | &nbsp;&nbsp; **18561661** |
| **Asset-Backed Securities — 12.1%** | **Asset-Backed Securities — 12.1%** | **Asset-Backed Securities — 12.1%** | **Asset-Backed Securities — 12.1%** | **Asset-Backed Securities — 12.1%** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 2025-7A D1 (3 mo. Term SOFR + 2.550%) | &nbsp;&nbsp; 6.831% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 294816<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AASET, 2025-1A A | &nbsp;&nbsp; 5.943% | &nbsp;&nbsp; 2/16/50 | &nbsp;&nbsp; 240766<br>| &nbsp;&nbsp;&nbsp; 247343<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2024-30A D (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.818% | &nbsp;&nbsp; 1/15/37 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 140594<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC, 2025-1A A2 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/22/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 222295<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.800%) | &nbsp;&nbsp; 7.971% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180450<br> <sup>(e)(f)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A DRR (3 mo. Term SOFR + 4.320%) | &nbsp;&nbsp; 8.645% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 279649<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2019-1A DR2 (3 mo. Term SOFR + 3.100%) | &nbsp;&nbsp; 7.425% | &nbsp;&nbsp; 4/19/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 361014<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%) | &nbsp;&nbsp; 8.219% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 279998<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 7.225% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 259385<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.325% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281457<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 2018-1A D1RR (3 mo. Term SOFR + 3.450%) | &nbsp;&nbsp; 7.775% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 341383<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%) | &nbsp;&nbsp; 6.868% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250002<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2025-35A D1A (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.822% | &nbsp;&nbsp; 7/25/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180431<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cook Park CLO Ltd., 2018-1A D (3 mo. Term SOFR + 2.862%) | &nbsp;&nbsp; 7.184% | &nbsp;&nbsp; 4/17/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251388<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Countrywide Home Equity Loan Trust, 2007-A A (1 mo. Term SOFR + 0.234%) | &nbsp;&nbsp; 4.598% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 398567<br>| &nbsp;&nbsp;&nbsp; 376293<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dividend Solar Loans LLC, 2018-1 C | &nbsp;&nbsp; 5.140% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 1685228<br>| &nbsp;&nbsp;&nbsp; 1481660<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, 2025-1 A1 | &nbsp;&nbsp; 4.630% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 274344<br>|
| &nbsp;&nbsp;&nbsp; Fremont Home Loan Trust, 2006-B 2A2 (1 mo. Term SOFR + 0.314%) | &nbsp;&nbsp; 4.637% | &nbsp;&nbsp; 8/25/36 | &nbsp;&nbsp; 299618<br>| &nbsp;&nbsp;&nbsp; 93448<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2016-22A DRRR (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.568% | &nbsp;&nbsp; 4/16/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250844<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2018-25A CRR (3 mo. Term SOFR + 1.800%) | &nbsp;&nbsp; 6.060% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320800<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gallatin CLO Ltd., 2023-1A C1 (3 mo. Term SOFR + 3.850%) | &nbsp;&nbsp; 8.170% | &nbsp;&nbsp; 10/14/35 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 362734<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2019-6A DR2 (3 mo. Term SOFR <br> + 2.450%) | &nbsp;&nbsp; 6.775% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 237395<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., 2024-76A D1 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 7.218% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 191070<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, 2022-1GS C | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/20/49 | &nbsp;&nbsp; 1557122<br>| &nbsp;&nbsp;&nbsp; 729581<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.780% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 141482<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hayfin US Ltd., 2024-15A D1 (3 mo. Term SOFR + 4.260%) | &nbsp;&nbsp; 8.574% | &nbsp;&nbsp; 4/28/37 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 322182<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.506% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199997<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2019-1A BR (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.825% | &nbsp;&nbsp; 4/20/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500000<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2019-22A DRR (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 7.218% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180556<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-25A D (3 mo. Term SOFR + 3.562%) | &nbsp;&nbsp; 7.880% | &nbsp;&nbsp; 1/25/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251443<br> <sup>(e)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

 **Western Asset Total Return Unconstrained 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; Magnetite Ltd., 2023-39A CR (3 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 6.018% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; $250828<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MASTR Specialized Loan Trust, 2006-3 A (1 mo. Term SOFR + 0.634%) | &nbsp;&nbsp; 4.957% | &nbsp;&nbsp; 6/25/46 | &nbsp;&nbsp; 46546<br>| &nbsp;&nbsp;&nbsp; 45598<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, 2021-1A D | &nbsp;&nbsp; 3.710% | &nbsp;&nbsp; 12/20/46 | &nbsp;&nbsp; 294753<br>| &nbsp;&nbsp;&nbsp; 236432<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2022-1A DR (3 mo. Term SOFR + 4.190%) | &nbsp;&nbsp; 8.508% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 471682<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR + 3.400%) | &nbsp;&nbsp; 7.571% | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 190713<br> <sup>(e)(f)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2021-A APT2 | &nbsp;&nbsp; 1.360% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 332916<br>| &nbsp;&nbsp;&nbsp; 314098<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., 2021-43A DR (3 mo. Term SOFR + <br> 2.650%) | &nbsp;&nbsp; 6.972% | &nbsp;&nbsp; 7/17/36 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170708<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Mountain CLO Ltd., 5A D1R (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 7.475% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201035<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund, 2020-1A A2 | &nbsp;&nbsp; 2.210% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 157110<br>| &nbsp;&nbsp;&nbsp; 139785<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%) | &nbsp;&nbsp; 12.149% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 361335<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 7.175% | &nbsp;&nbsp; 7/19/37 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 291033<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2024-18A D1 (3 mo. Term SOFR + 3.450%) | &nbsp;&nbsp; 7.775% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 421490<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2022-3A CR (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.318% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 519781<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-1A B (3 mo. Term SOFR + 1.800%) | &nbsp;&nbsp; 6.118% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231224<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-1A C (3 mo. Term SOFR + 2.550%) | &nbsp;&nbsp; 6.868% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250818<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Broadband Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.336% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 333537<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 7.325% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 340840<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.071% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 291088<br> <sup>(e)(f)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, 2025-1A A | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 241778<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Subway Funding LLC, 2024-1A A2I | &nbsp;&nbsp; 6.028% | &nbsp;&nbsp; 7/30/54 | &nbsp;&nbsp; 248125<br>| &nbsp;&nbsp;&nbsp; 252292<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Switch ABS Issuer LLC, 2025-1A A2 | &nbsp;&nbsp; 5.036% | &nbsp;&nbsp; 3/25/55 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 247947<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2024-5A D1 (3 mo. Term SOFR + 4.250%) | &nbsp;&nbsp; 8.575% | &nbsp;&nbsp; 4/20/36 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 342147<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tesla Sustainable Energy Trust, 2024-1A A3 | &nbsp;&nbsp; 5.290% | &nbsp;&nbsp; 6/20/50 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 295515<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; UCFC Manufactured Housing Contract, 1997-3 M | &nbsp;&nbsp; 7.115% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 242293<br>| &nbsp;&nbsp;&nbsp; 240754<br>|
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO Ltd., 2024-3A D (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.825% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 312079<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2025-5A D1 (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 7.104% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200696<br> <sup>(e)(f)</sup><br>|
| **Total Asset-Backed Securities (Cost — $17,829,223)** | **Total Asset-Backed Securities (Cost — $17,829,223)** | **Total Asset-Backed Securities (Cost — $17,829,223)** | **Total Asset-Backed Securities (Cost — $17,829,223)** | &nbsp;&nbsp; **16679267** |
| **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 11.4%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 11.4%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 11.4%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 11.4%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 11.4%** |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2024-10 A1 | &nbsp;&nbsp; 5.348% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 245454<br>| &nbsp;&nbsp;&nbsp; 246735<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2018-BN15 B | &nbsp;&nbsp; 4.807% | &nbsp;&nbsp; 11/15/61 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 992074<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK39 A4 | &nbsp;&nbsp; 2.928% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 217048<br> <sup>(f)</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; 585436<br>| &nbsp;&nbsp;&nbsp; 583996<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2019-IMC F (1 mo. Term SOFR + 2.946%) | &nbsp;&nbsp; 7.309% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 418125<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-XL2 J (1 mo. Term SOFR + 4.004%) | &nbsp;&nbsp; 8.367% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 749000<br>| &nbsp;&nbsp;&nbsp; 744718<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2021-ARIA G (1 mo. Term SOFR + 3.257%) | &nbsp;&nbsp; 7.620% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1027219<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2017-CD5 A4 | &nbsp;&nbsp; 3.431% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 333592<br>|
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust, 2001-HYB1 1A1 | &nbsp;&nbsp; 6.289% | &nbsp;&nbsp; 6/19/31 | &nbsp;&nbsp; 2180<br>| &nbsp;&nbsp;&nbsp; 2166<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust, 2003-60 1A1 | &nbsp;&nbsp; 6.741% | &nbsp;&nbsp; 2/25/34 | &nbsp;&nbsp; 5664<br>| &nbsp;&nbsp;&nbsp; 5682<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, 2005-9 1A1 (1 mo. Term SOFR + 0.374%) | &nbsp;&nbsp; 4.697% | &nbsp;&nbsp; 11/25/35 | &nbsp;&nbsp; 75717<br>| &nbsp;&nbsp;&nbsp; 65404<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, 2005-28CB 2A3 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 707346<br>| &nbsp;&nbsp;&nbsp; 442406<br>|
| &nbsp;&nbsp;&nbsp; Countrywide Alternative Loan Trust, 2005-76 3A1 (1 mo. Term SOFR + <br> 0.634%) | &nbsp;&nbsp; 4.957% | &nbsp;&nbsp; 1/25/46 | &nbsp;&nbsp; 60453<br>| &nbsp;&nbsp;&nbsp; 55132<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; DC Commercial Mortgage Trust, 2023-DC A | &nbsp;&nbsp; 6.314% | &nbsp;&nbsp; 9/12/40 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 624010<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Mortgage Securities Inc. Mortgage Loan Trust, 2004-4 7AR2 (1 mo. <br> Term SOFR + 0.564%) | &nbsp;&nbsp; 4.887% | &nbsp;&nbsp; 6/25/34 | &nbsp;&nbsp; 2360<br>| &nbsp;&nbsp;&nbsp; 2218<br> <sup>(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K104 XAM, IO | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; $167411<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K124 X1, IO | &nbsp;&nbsp; 0.806% | &nbsp;&nbsp; 12/25/30 | &nbsp;&nbsp; 13380211<br>| &nbsp;&nbsp;&nbsp; 421510<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K150 X1, IO | &nbsp;&nbsp; 0.446% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 8480425<br>| &nbsp;&nbsp;&nbsp; 180779<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K514 X1, IO | &nbsp;&nbsp; 1.160% | &nbsp;&nbsp; 12/25/28 | &nbsp;&nbsp; 4996009<br>| &nbsp;&nbsp;&nbsp; 144035<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5482 FC (30 Day <br> Average SOFR + 1.300%) | &nbsp;&nbsp; 5.648% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 100696<br>| &nbsp;&nbsp;&nbsp; 101062<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5483 FD (30 Day <br> Average SOFR + 1.300%) | &nbsp;&nbsp; 5.648% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 95626<br>| &nbsp;&nbsp;&nbsp; 96090<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2017-2 M1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 129244<br>| &nbsp;&nbsp;&nbsp; 128726<br> <sup>(e)(f)</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; 393000<br>| &nbsp;&nbsp;&nbsp; 411311<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R06 1M2 (30 <br> Day Average SOFR + 2.700%) | &nbsp;&nbsp; 7.048% | &nbsp;&nbsp; 7/25/43 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 382724<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2012-51 B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 18573<br>| &nbsp;&nbsp;&nbsp; 20214<br>|
| &nbsp;&nbsp;&nbsp; First Horizon Alternative Mortgage Securities Trust, 2005-AA12 1A1 | &nbsp;&nbsp; 4.372% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; 25145<br>| &nbsp;&nbsp;&nbsp; 17890<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GCAT Trust, 2024-INV3 A17 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 83387<br>| &nbsp;&nbsp;&nbsp; 85544<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-142 IO, IO | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 1934489<br>| &nbsp;&nbsp;&nbsp; 19<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-47 IA, IO | &nbsp;&nbsp; 0.163% | &nbsp;&nbsp; 2/16/48 | &nbsp;&nbsp; 156322<br>| &nbsp;&nbsp;&nbsp; 638<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-50 IO, IO | &nbsp;&nbsp; 0.588% | &nbsp;&nbsp; 9/16/55 | &nbsp;&nbsp; 824342<br>| &nbsp;&nbsp;&nbsp; 18953<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-134 IA, IO | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 1/16/55 | &nbsp;&nbsp; 24553240<br>| &nbsp;&nbsp;&nbsp; 108307<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2017-21 IO, IO | &nbsp;&nbsp; 0.611% | &nbsp;&nbsp; 10/16/58 | &nbsp;&nbsp; 2501468<br>| &nbsp;&nbsp;&nbsp; 80216<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2017-41 IO, IO | &nbsp;&nbsp; 0.559% | &nbsp;&nbsp; 7/16/58 | &nbsp;&nbsp; 325138<br>| &nbsp;&nbsp;&nbsp; 7757<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-9 GA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/20/52 | &nbsp;&nbsp; 141458<br>| &nbsp;&nbsp;&nbsp; 116788<br>|
| &nbsp;&nbsp;&nbsp; GreenPoint Mortgage Funding Trust, 2006-AR3 3A1 (1 mo. Term SOFR + <br> 0.574%) | &nbsp;&nbsp; 4.897% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 7726<br>| &nbsp;&nbsp;&nbsp; 7738<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2015-GC30 D | &nbsp;&nbsp; 3.384% | &nbsp;&nbsp; 5/10/50 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 625000<br>|
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, 2006-13 A (1 mo. Term SOFR + 0.294%) | &nbsp;&nbsp; 4.648% | &nbsp;&nbsp; 11/19/46 | &nbsp;&nbsp; 55011<br>| &nbsp;&nbsp;&nbsp; 38309<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2024-NQM1 A1 | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 199435<br>| &nbsp;&nbsp;&nbsp; 201253<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2021-HTL5 F (1 mo. <br> Term SOFR + 4.529%) | &nbsp;&nbsp; 8.893% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 637129<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2021-GS2 A2 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 4/25/61 | &nbsp;&nbsp; 1312676<br>| &nbsp;&nbsp;&nbsp; 1313649<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lehman XS Trust, 2006-16N A4B (1 mo. Term SOFR + 0.594%) | &nbsp;&nbsp; 4.917% | &nbsp;&nbsp; 11/25/46 | &nbsp;&nbsp; 6958<br>| &nbsp;&nbsp;&nbsp; 9662<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lehman XS Trust, 2006-GP3 2A2 (1 mo. Term SOFR + 0.554%) | &nbsp;&nbsp; 4.877% | &nbsp;&nbsp; 6/25/46 | &nbsp;&nbsp; 10434<br>| &nbsp;&nbsp;&nbsp; 23266<br> <sup>(f)</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; 270000<br>| &nbsp;&nbsp;&nbsp; 270862<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Trust, 2024-FL16 A (1 mo. Term SOFR + 1.541%) | &nbsp;&nbsp; 5.901% | &nbsp;&nbsp; 11/18/39 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350822<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2021-L7 XA, IO | &nbsp;&nbsp; 1.190% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 6286177<br>| &nbsp;&nbsp;&nbsp; 263455<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, 2024-INV2 A1 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/25/54 | &nbsp;&nbsp; 275310<br>| &nbsp;&nbsp;&nbsp; 281220<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust, 2023-1 A4 | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 5/15/56 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 166785<br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2019-FAME D | &nbsp;&nbsp; 4.544% | &nbsp;&nbsp; 8/15/36 | &nbsp;&nbsp; 562000<br>| &nbsp;&nbsp;&nbsp; 391018<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nomura Asset Acceptance Corp. Alternative Loan Trust, 2006-AF2 4A | &nbsp;&nbsp; 5.783% | &nbsp;&nbsp; 8/25/36 | &nbsp;&nbsp; 31967<br>| &nbsp;&nbsp;&nbsp; 31318<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM Trust, 2024-NQM4 A1 | &nbsp;&nbsp; 5.674% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 249668<br>| &nbsp;&nbsp;&nbsp; 251565<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMR Mortgage Trust, 2022-IND F (1 mo. Term SOFR + 6.000%) | &nbsp;&nbsp; 10.363% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 631817<br>| &nbsp;&nbsp;&nbsp; 621519<br> <sup>(e)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** |
| &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; 350000<br>| &nbsp;&nbsp;&nbsp; $347941<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2017-C7 A3 | &nbsp;&nbsp; 3.418% | &nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp; 379764<br>| &nbsp;&nbsp;&nbsp; 371542<br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2022-6 A3 | &nbsp;&nbsp; 4.910% | &nbsp;&nbsp; 6/25/67 | &nbsp;&nbsp; 1071892<br>| &nbsp;&nbsp;&nbsp; 1065879<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2022-ONL F | &nbsp;&nbsp; 5.092% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 324812<br> <sup>(e)(f)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $16,652,665)** | **Total Collateralized Mortgage Obligations (Cost — $16,652,665)** | **Total Collateralized Mortgage Obligations (Cost — $16,652,665)** | **Total Collateralized Mortgage Obligations (Cost — $16,652,665)** | &nbsp;&nbsp; **15845243** |
| **Sovereign Bonds — 7.2%** | **Sovereign Bonds — 7.2%** | **Sovereign Bonds — 7.2%** | **Sovereign Bonds — 7.2%** | **Sovereign Bonds — 7.2%** |
| *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 14480<br>| &nbsp;&nbsp;&nbsp; 10879<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (4.125% to 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 306120<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 469398<br>| &nbsp;&nbsp;&nbsp; 324941<br> <sup>(e)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *641940* |
| *Brazil — 4.1%* | *Brazil — 4.1%* | *Brazil — 4.1%* | *Brazil — 4.1%* | *Brazil — 4.1%* |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 13542000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 2386033<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 14057000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 2256864<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 6665000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 1028312<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *5671209* |
| *Colombia — 0.2%* | *Colombia — 0.2%* | *Colombia — 0.2%* | *Colombia — 0.2%* | *Colombia — 0.2%* |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; *276048*<br>|
| *Dominican Republic — 0.2%* | *Dominican Republic — 0.2%* | *Dominican Republic — 0.2%* | *Dominican Republic — 0.2%* | *Dominican Republic — 0.2%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 15700000 <br><sup>DOP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *274925*<br> <sup>(e)</sup><br>|
| *India — 2.0%* | *India — 2.0%* | *India — 2.0%* | *India — 2.0%* | *India — 2.0%* |
| &nbsp;&nbsp;&nbsp; India Government Bond, Senior Notes | &nbsp;&nbsp; 5.790% | &nbsp;&nbsp; 5/11/30 | &nbsp;&nbsp; 128260000 <br><sup>INR</sup><br>| &nbsp;&nbsp;&nbsp; 1424934<br>|
| &nbsp;&nbsp;&nbsp; India Government Bond, Senior Notes | &nbsp;&nbsp; 7.260% | &nbsp;&nbsp; 8/22/32 | &nbsp;&nbsp; 120000000 <br><sup>INR</sup><br>| &nbsp;&nbsp;&nbsp; 1409217<br>|
| *Total India* | *Total India* | *Total India* | *Total India* | &nbsp;&nbsp; *2834151* |
| *Mexico — 0.2%* | *Mexico — 0.2%* | *Mexico — 0.2%* | *Mexico — 0.2%* | *Mexico — 0.2%* |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *253838*<br> <sup>(e)</sup><br>|
| **Total Sovereign Bonds (Cost — $10,991,993)** | **Total Sovereign Bonds (Cost — $10,991,993)** | **Total Sovereign Bonds (Cost — $10,991,993)** | **Total Sovereign Bonds (Cost — $10,991,993)** | &nbsp;&nbsp; **9952111** |
| **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $851,578) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 832656<br>| &nbsp;&nbsp;&nbsp; **844397**<br>|
|  | Expiration <br>Date<br>| Contracts | Notional <br>Amount†<br>|  |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $95.875 | 9/12/25 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 7700<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $95.938 | 9/12/25 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 1875<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.000 | 9/12/25 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 182500 | &nbsp;&nbsp;&nbsp; 2738<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.063 | 9/12/25 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 107500 | &nbsp;&nbsp;&nbsp; 806<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.125 | 9/12/25 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 4500<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; 72275<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $110.000 | 9/26/25 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp; 11867<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $110.250 | 9/26/25 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp; 8805<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $108.750 | 9/26/25 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp; 7273<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $109.000 | 9/26/25 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp; 11101<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Total Return Unconstrained Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | Expiration<br> Date<br>| Contracts | Notional<br> Amount†<br>| Value |
| **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.500 | 9/26/25 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp; $15000<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Put @ $111.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Put @ $111.500 | 9/26/25 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp; 12000<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $116.000 | &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $116.000 | 9/26/25 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 14625<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $116.500 | &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $116.500 | 9/26/25 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 5813<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $117.000 | &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $117.000 | 9/26/25 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 4688<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Put @ $112.000 | &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Put @ $112.000 | 9/26/25 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp; 12000<br>|
| **Total Exchange-Traded Purchased Options (Cost — $326,553)** | **Total Exchange-Traded Purchased Options (Cost — $326,553)** | **Total Exchange-Traded Purchased Options (Cost — $326,553)** | **Total Exchange-Traded Purchased Options (Cost — $326,553)** | **Total Exchange-Traded Purchased Options (Cost — $326,553)** | &nbsp;&nbsp; **193066** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; U.S. Dollar/Chinese Yuan Renminbi, Call @ <br> 7.223<sup>CNY</sup>(Cost — $2,146)<br>| BNP Paribas SA | 10/27/25 | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp; **481**<br>|
| **Total Purchased Options (Cost — $328,699)** | **Total Purchased Options (Cost — $328,699)** | **Total Purchased Options (Cost — $328,699)** | **Total Purchased Options (Cost — $328,699)** | **Total Purchased Options (Cost — $328,699)** | &nbsp;&nbsp; **193547** |
|  |  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 69<br> \*<sup>(h)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 9649 | &nbsp;&nbsp;&nbsp; 11,772<br> \*<br>|
| **Total Common Stocks (Cost — $135,524)** | **Total Common Stocks (Cost — $135,524)** | **Total Common Stocks (Cost — $135,524)** | **Total Common Stocks (Cost — $135,524)** | **Total Common Stocks (Cost — $135,524)** | &nbsp;&nbsp;&nbsp; **11841**<br>|
|  |  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **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%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $83,461) | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $83,461) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 6856<br>| &nbsp;&nbsp;&nbsp; **8,364**<br> \*<sup>(e)(h)(n)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $141,536,548)** | **Total Investments before Short-Term Investments (Cost — $141,536,548)** | **Total Investments before Short-Term Investments (Cost — $141,536,548)** | **Total Investments before Short-Term Investments (Cost — $141,536,548)** | **Total Investments before Short-Term Investments (Cost — $141,536,548)** | &nbsp;&nbsp; **137158630** |
|  |  | Rate |  | Shares |  |
| **Short-Term Investments — 19.3%** | **Short-Term Investments — 19.3%** | **Short-Term Investments — 19.3%** | **Short-Term Investments — 19.3%** | **Short-Term Investments — 19.3%** | **Short-Term Investments — 19.3%** |
| **Money Market Funds — 14.1%** | **Money Market Funds — 14.1%** | **Money Market Funds — 14.1%** | **Money Market Funds — 14.1%** | **Money Market Funds — 14.1%** | **Money Market Funds — 14.1%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $19,570,293)  | &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $19,570,293)  | &nbsp;&nbsp; 4.246% |  | &nbsp;&nbsp; 19570293<br>| &nbsp;&nbsp;&nbsp;&nbsp; **19570293**<br> <sup>(o)(p)</sup><br>|
|  |  |  | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **U.S. Treasury Bills — 5.0%** | **U.S. Treasury Bills — 5.0%** | **U.S. Treasury Bills — 5.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills (Cost — $6,939,283) | &nbsp;&nbsp;&nbsp; U.S. Treasury Bills (Cost — $6,939,283) | &nbsp;&nbsp; 4.132% | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; 6980000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6940620**<br> <sup>(q)</sup><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%** | **U.S. Government Agencies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank (FHLB), Discount Notes (Cost — $239,018) | &nbsp;&nbsp;&nbsp; Federal Home Loan Bank (FHLB), Discount Notes (Cost — $239,018) | &nbsp;&nbsp; 4.484% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **238964**<br> <sup>(q)</sup><br>|
| **Total Short-Term Investments (Cost — $26,748,594)** | **Total Short-Term Investments (Cost — $26,748,594)** | **Total Short-Term Investments (Cost — $26,748,594)** | **Total Short-Term Investments (Cost — $26,748,594)** | **Total Short-Term Investments (Cost — $26,748,594)** | &nbsp;&nbsp; **26749877** |
| **Total Investments — 118.3% (Cost — $168,285,142)** | **Total Investments — 118.3% (Cost — $168,285,142)** | **Total Investments — 118.3% (Cost — $168,285,142)** | **Total Investments — 118.3% (Cost — $168,285,142)** | **Total Investments — 118.3% (Cost — $168,285,142)** | &nbsp;&nbsp; **163908507** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (18.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (18.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (18.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (18.3)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (18.3)% | &nbsp;&nbsp;&nbsp; (25399637)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$138508870** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

---

| | |
|:---|:---|
| † | Face amount/notional amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | This security is traded on a to-be-announced ("TBA") basis. At August 31, 2025, the Fund held TBA securities with a total cost of $28,316,910. |
| <sup>(b)</sup> | All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts. |
| <sup>(c)</sup> | All or a portion of this security is held at the broker as collateral for open futures contracts and exchange-traded options.  |
| <sup>(d)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Directors.<br>|
| <sup>(e)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. <br>|
| <sup>(f)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(g)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | Value is less than $1. |
| <sup>(k)</sup> | 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>(l)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(m)</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>(n)</sup> | Restricted security (Note 3). |
| <sup>(o)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(p)</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 $19,570,293 and the cost was $19,570,293 (Note 2).<br>|
| <sup>(q)</sup> | Rate shown represents yield-to-maturity. |

---

&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:** |
| BRL |  | Brazilian Real |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| CNY |  | Chinese Yuan Renminbi |
| DOP |  | Dominican Peso |
| EUR |  | Euro |
| GBP |  | British Pound |
| ICE |  | Intercontinental Exchange |
| INR |  | Indian Rupee |
| IO |  | Interest Only |
| JSC |  | Joint Stock Company |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| 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; 9/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $97.250 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; $167500 | &nbsp;&nbsp;&nbsp;&nbsp; $(419) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; (112200) |
| SOFR 1-Year Mid-Curve Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/12/25 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.250 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 167500 | &nbsp;&nbsp;&nbsp;&nbsp; (2094) |

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Total Return Unconstrained Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp;&nbsp; Expiration<br> Date<br>| &nbsp;&nbsp;&nbsp; Strike<br> Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional<br> Amount<br>| Value |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; $109.500 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; $33000 | &nbsp;&nbsp;&nbsp;&nbsp; $(19336) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.500 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; (20367) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;111.000 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; (52500) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;115.000 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; (4500) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;112.500 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; (14500) |
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(750) |
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;111.000 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; (4500) |
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;112.500 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; (14500) |
| U.S. Treasury Long-Term Bonds Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;114.000 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; (15750) |
| U.S. Treasury Long-Term Bonds Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;115.000 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; (11875) |
| U.S. Treasury Long-Term Bonds Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;114.000 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; (13750) |
| **Total Exchange-Traded Written Options (Premiums received — $381,555)** | **Total Exchange-Traded Written Options (Premiums received — $381,555)** | **Total Exchange-Traded Written Options (Premiums received — $381,555)** | **Total Exchange-Traded Written Options (Premiums received — $381,555)** | **Total Exchange-Traded Written Options (Premiums received — $381,555)** | &nbsp;&nbsp;&nbsp; **$(287041)** |

---

&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; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $14930826 | &nbsp;&nbsp;&nbsp;&nbsp; $14915650 | &nbsp;&nbsp;&nbsp;&nbsp; $(15176) |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6490930 | &nbsp;&nbsp;&nbsp;&nbsp; 6549187 | &nbsp;&nbsp;&nbsp;&nbsp; 58257 |
| Australian 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1871049 | &nbsp;&nbsp;&nbsp;&nbsp; 1860267 | &nbsp;&nbsp;&nbsp;&nbsp; (10782) |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 28725100 | &nbsp;&nbsp;&nbsp;&nbsp; 28778391 | &nbsp;&nbsp;&nbsp;&nbsp; 53291 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25304260 | &nbsp;&nbsp;&nbsp;&nbsp; 25396750 | &nbsp;&nbsp;&nbsp;&nbsp; 92490 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3766916 | &nbsp;&nbsp;&nbsp;&nbsp; 3770250 | &nbsp;&nbsp;&nbsp;&nbsp; 3334 |
| United Kingdom Long Gilt Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1588425 | &nbsp;&nbsp;&nbsp;&nbsp; 1590509 | &nbsp;&nbsp;&nbsp;&nbsp; 2084 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 183498 |
| **Contracts to Sell:** |  |  |  |  |  |
| Japanese 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3792159 | &nbsp;&nbsp;&nbsp;&nbsp; 3743731 | &nbsp;&nbsp;&nbsp;&nbsp; 48428 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4264135 | &nbsp;&nbsp;&nbsp;&nbsp; 4275000 | &nbsp;&nbsp;&nbsp;&nbsp; (10865) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13659189 | &nbsp;&nbsp;&nbsp;&nbsp; 13728750 | &nbsp;&nbsp;&nbsp;&nbsp; (69561) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17651651 | &nbsp;&nbsp;&nbsp;&nbsp; 17600938 | &nbsp;&nbsp;&nbsp;&nbsp; 50713 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18715 |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$202213** |

---

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| BRL | &nbsp;&nbsp; 32600000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6007666 | Citibank N.A. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; $(2909) |
| USD | &nbsp;&nbsp;&nbsp; 5797720 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 32600000 | Citibank N.A. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; (207037) |
| BRL | &nbsp;&nbsp; 32600000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6000368 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4389 |
| USD | &nbsp;&nbsp;&nbsp; 6007666 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 32600000 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2909 |
| USD | &nbsp;&nbsp;&nbsp; 5957167 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 32600000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; (4652) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 541174 | &nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp; 3853535 | Bank of America N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (2002) |

---

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

 **Western Asset Total Return Unconstrained Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| CNH | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91523 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $98 |
| CNH | &nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 159007 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1682 |
| CNH | &nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 198664 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| CNH | &nbsp;&nbsp;&nbsp; 1490000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 207818 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) |
| USD | &nbsp;&nbsp;&nbsp; 3054547 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 263132440 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 78692 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 173387 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 199843 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2973 |
| JPY | &nbsp;&nbsp; 142544952 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 982076 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (6937) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 141299 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
| USD | &nbsp;&nbsp;&nbsp; 1098549 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 804462 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10829 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36620 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 5353425 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| AUD | &nbsp;&nbsp;&nbsp; 1180411 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 770277 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2863 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46320 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 137786 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3029 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 149945 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 220336 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2621 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73154 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 111746 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 139643 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (1172) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 302283 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 257621 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) |
| USD | &nbsp;&nbsp;&nbsp; 1459536 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 1234981 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10337 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4706 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(94567)** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| GBP |  | British Pound |
| INR |  | Indian Rupee |
| JPY |  | Japanese Yen |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount\*<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &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>|
| Bank of America N.A. | 27166000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/30 | &nbsp;&nbsp;&nbsp;&nbsp; BRL-CDI\*\* | &nbsp;&nbsp;&nbsp;&nbsp; 14.755%\*\* | &nbsp;&nbsp;&nbsp; **$179471** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$179471** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Total Return Unconstrained Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <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;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22031000 | &nbsp;&nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp; 3.300% <br>annually<br>| &nbsp;&nbsp;&nbsp; $85535 | &nbsp;&nbsp;&nbsp; $(2685) | &nbsp;&nbsp;&nbsp; $88220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44103000 | &nbsp;&nbsp;&nbsp; 2/24/31 | &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br> annually<br>| &nbsp;&nbsp;&nbsp; 4.040% <br> annually<br>| &nbsp;&nbsp;&nbsp; 1490598 | &nbsp;&nbsp;&nbsp; (19219) | &nbsp;&nbsp;&nbsp; 1509817 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38913000 | &nbsp;&nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp;&nbsp; 3.490% <br>annually<br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88033) | &nbsp;&nbsp;&nbsp; 111910 | &nbsp;&nbsp;&nbsp; (199943) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5124000 | &nbsp;&nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp;&nbsp; 3.850% <br>annually<br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57686) | &nbsp;&nbsp;&nbsp;&nbsp; (8398) | &nbsp;&nbsp;&nbsp;&nbsp; (49288) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113000 | &nbsp;&nbsp;&nbsp; 2/24/56 | &nbsp;&nbsp;&nbsp; 3.990% <br>annually<br>| &nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56356 | &nbsp;&nbsp;&nbsp;&nbsp; (3355) | &nbsp;&nbsp;&nbsp;&nbsp; 59711 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **$114284000** |  |  |  | &nbsp;&nbsp;&nbsp; **$1486770** | &nbsp;&nbsp;&nbsp; **$78253** | &nbsp;&nbsp;&nbsp; **$1408517** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.HY.44 Index | $1172000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$84425** | &nbsp;&nbsp;&nbsp; **$61501** | &nbsp;&nbsp;&nbsp; **$22924** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.IG.44 Index | $3110000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$(67156)** | &nbsp;&nbsp;&nbsp; **$(57447)** | &nbsp;&nbsp;&nbsp; **$(9709)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| JPMorgan Chase & Co. | $1306000 | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$37395** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$37395** |

---

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

See Notes to Schedule of Investments.

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Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

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 **Western Asset Total Return Unconstrained Fund**

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| <sup>4</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive <br> from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or the underlying securities comprising the referenced index.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| ^ | Custom emerging markets debt basket is comprised of 41 bonds in the Sovereign Frontier sector. |
| \* | Notional amount denominated in U.S. dollars, unless otherwise noted. |
| \*\* | One time payment made at termination date. |

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; BRL-CDI | 14.900% |
| &nbsp;&nbsp;&nbsp; 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:** |
| BRL |  | Brazilian Real |
| BRL-CDI |  | Brazilian Cetip InterBank Deposit Rate |
| JPEIFNTR |  | Western Asset Management Emerging Markets Frontier Custom Basket |
| 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.

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Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Total Return Unconstrained Fund (the "Fund") is a separate diversified investment series of Western Asset Funds, Inc. (the "Corporation"). The Corporation, a Maryland corporation, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

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

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

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

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

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

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Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $49603065 | &nbsp;&nbsp; — | &nbsp;&nbsp; $49603065 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 25459134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25459134 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 3524481 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 3524481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 15037180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15037180 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 16679267 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16679267 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 15845243 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15845243 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 9952111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9952111 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 844397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 844397 |
| &nbsp;&nbsp;&nbsp; Purchased Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Purchased Options | &nbsp;&nbsp; $193066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 193066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 11772 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11841 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 8364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8364 |
| Total Long-Term Investments | &nbsp;&nbsp; 204838 | &nbsp;&nbsp; 136953792 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 137158630 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 19570293 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19570293 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 6940620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6940620 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 238964 | &nbsp;&nbsp; — | &nbsp;&nbsp; 238964 |
| Total Short-Term Investments | &nbsp;&nbsp; 19570293 | &nbsp;&nbsp; 7179584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26749877 |
| **Total Investments** | &nbsp;&nbsp; **$19775131** | &nbsp;&nbsp; **$144133376** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$163908507** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $308597 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $308597 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $130216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130216 |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 179471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 179471 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 1657748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1657748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 22924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22924 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 37395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37395 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$308597** | &nbsp;&nbsp; **$2027754** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2336351** |
| **Total** | &nbsp;&nbsp; **$20083728** | &nbsp;&nbsp; **$146161130** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$166244858** |

---

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Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp; $287041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $287041 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 106384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 106384 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $224783 | &nbsp;&nbsp; — | &nbsp;&nbsp; 224783 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 249231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 249231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Buy <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 9709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9709 |
| **Total** | &nbsp;&nbsp; **$393425** | &nbsp;&nbsp; **$483723** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$877148** |

---

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

---

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

---

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2025. The following transactions were effected 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>| $17598602 | $30592480 | 30592480 | $28620789 | 28620789 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>|  | $179473 |  | $19570293 |

---

**3. Restricted securities**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 8/31/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br>Common Shares<br>| &nbsp;&nbsp; 56 | 3/25 | $681 | $69 | &nbsp;&nbsp; $1.23 | 0.00<br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br>Warrants<br>| &nbsp;&nbsp; 6856 | 3/25 | 83461 | 8364 <br><sup>(b)</sup><br>| 1.22 | 0.01<br> %<br>|
|  |  |  | **$84142** | **$8433** |  | &nbsp;&nbsp; **0.01%** |

---

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

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

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

------

Western Asset Total Return Unconstrained Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

- **a. Name of Series:** Western Asset Total Return Unconstrained Fund

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

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

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

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

- **b. Date as of which information is reported:** 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:** $168693562.93

**Total Liabilities:** $30112212.70

**Net Assets:** $138581350.23

**Delayed Delivery Securities:** $660000.00

**Stand-by Commitments:** $28507597.75

**Cash Not Reported:** $2428025.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 177.13000000 | **1-Year:** 4388.72000000 | **5-Year:** 29693.77000000 | **10-Year:** 5575.31000000 | **30-Year:** 113.36000000

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

- **3-Month:** 26.42000000 | **1-Year:** 1317.36000000 | **5-Year:** 3082.66000000 | **10-Year:** 1893.70000000 | **30-Year:** 509.65000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034298 | 1.25%                | -0.22%               | 1.08%                |
| Class ID C000034299 | 1.30%                | -0.32%               | 1.08%                |
| Class ID C000066992 | 1.28%                | -0.22%               | 1.08%                |
| Class ID C000113713 | 1.30%                | -0.32%               | 1.19%                |
| Class ID C000113714 | 1.31%                | -0.43%               | 1.08%                |
| Class ID C000113715 | 1.33%                | -0.32%               | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31315.80                | $1866361.42                                |
| Month 2  | $-1573209.29             | $409381.01                                 |
| Month 3  | $-5678.75                | $849520.90                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Chase Bank, National Association               | AUD/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2862.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | USD/CNH FORWARD                                                                 | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5378.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EDX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72527 | PA      | $66265.51     | 0.05%             | 2042-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                              | Clover CLO 2018-1 LLC                                                           | CUSIP: 18914GAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    340000 | PA      | $341383.05    | 0.25%             | 2037-04-20      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     33087 | PA      | $30264.10     | 0.02%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60580.50     | 0.04%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXKP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29680 | PA      | $28598.50     | 0.02%             | 2058-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    830000 | PA      | $774980.08    | 0.56%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MB5B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52974 | PA      | $49923.45     | 0.04%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                             | MetLife Inc                                                                     | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    340000 | PA      | $356544.06    | 0.26%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H052694<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3000000 | PA      | $3022958.88   | 2.18%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-NQM4 Trust                                                            | CUSIP: 69381UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249668 | PA      | $251564.98    | 0.18%             | 2069-12-26      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24                  | AUST 10Y BOND                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |        25 | NC      | $-10781.57    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12190000 | PA      | $12293805.41  | 8.87%             | 2041-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MB5S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28480 | PA      | $26839.80     | 0.02%             | 2050-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SMR 2022-IND Mortgage Trust                             | SMR 2022-IND Mortgage Trust                                                     | CUSIP: 78458MAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    631817 | PA      | $621519.18    | 0.45%             | 2039-02-15      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2024-FL16                                                                   | CUSIP: 55287EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    350000 | PA      | $350822.47    | 0.25%             | 2039-11-18      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DPWM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    138219 | PA      | $144550.33    | 0.10%             | 2053-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QMK37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    367275 | PA      | $325851.41    | 0.24%             | 2041-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179VHV5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     84630 | PA      | $82701.37     | 0.06%             | 2050-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418DPR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     57001 | PA      | $55457.01     | 0.04%             | 2050-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                            | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    260000 | PA      | $246284.97    | 0.18%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYVF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    137188 | PA      | $117962.14    | 0.09%             | 2041-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | SOFR 1 YEAR MIDCURVE                                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -67 | NC      | $-2093.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AB6B3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80523 | PA      | $77864.62     | 0.06%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2022-6                                               | CUSIP: 92539AAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1071892 | PA      | $1065878.89   | 0.77%             | 2067-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F052698<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $201157.20    | 0.15%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                           | United States Treasury Bill                                                     | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6980000 | PA      | $6940620.17   | 5.01%             | 2025-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gallatin Funding Ltd                                    | Gallatin CLO X 2023-1 Ltd                                                       | CUSIP: 36362MAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |    360000 | PA      | $362733.66    | 0.26%             | 2035-10-14      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo V Ltd                                                              | CUSIP: 96467PAJ7<br>LEI: 254900XFXCOZ882U2O02 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200695.86    | 0.14%             | 2038-07-20      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                 | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    330000 | PA      | $309862.18    | 0.22%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AC4M9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    633172 | PA      | $657629.46    | 0.47%             | 2054-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X4MM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31541 | PA      | $30658.01     | 0.02%             | 2049-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust                            | CD 2017-CD5 Mortgage Trust                                                      | CUSIP: 12515HAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    340000 | PA      | $333591.82    | 0.24%             | 2050-08-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9165.03      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XFCD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58227 | PA      | $56595.98     | 0.04%             | 2051-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Blueberry Park CLO                                      | Blueberry Park CLO Ltd                                                          | CUSIP: 09609QAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    260000 | PA      | $259384.71    | 0.19%             | 2037-10-20      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217776.30    | 0.16%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABFC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     68202 | PA      | $57923.33     | 0.04%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179TUB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    220849 | PA      | $209489.40    | 0.15%             | 2048-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20516.18     | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 09659W2P8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $272119.66    | 0.20%             | 2032-04-19      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                               | CUSIP: 25179MBD4<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26037.66     | 0.02%             | 2027-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lehman XS Trust                                         | Lehman XS Trust Series 2006-16N                                                 | CUSIP: 52522DAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6958 | PA      | $9661.71      | 0.01%             | 2046-11-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                           | CUSIP: 25714PEW4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |  15700000 | PA      | $274924.56    | 0.20%             | 2035-09-15      | Fixed         | 11.25%                | 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        |        49 | NC      | $8804.70      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308JW8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57853.49     | 0.04%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     80000 | PA      | $82127.68     | 0.06%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    240000 | PA      | $231632.18    | 0.17%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                        | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $286370.25    | 0.21%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                    | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97318.75     | 0.07%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXV CLO Ltd                                                              | CUSIP: 36319XBG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $320800.00    | 0.23%             | 2036-04-25      | Floating      | 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        |    100000 | PA      | $79395.39     | 0.06%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XF4V0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    156651 | PA      | $132218.49    | 0.10%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     48796 | PA      | $49156.84     | 0.04%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                           | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    320000 | PA      | $348735.70    | 0.25%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | EUR/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8873.64      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-2                   | CUSIP: 35563PBH1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    129244 | PA      | $128726.11    | 0.09%             | 2056-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2015-GC30                                          | CUSIP: 36250GAX3<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $625000.00    | 0.45%             | 2050-05-10      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se                          | Natixis Commercial Mortgage Securities Trust 2019-FAME                          | CUSIP: 63873VAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    562000 | PA      | $391018.13    | 0.28%             | 2036-08-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    870000 | PA      | $845990.04    | 0.61%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ACCK4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    155116 | PA      | $154830.75    | 0.11%             | 2053-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F030694<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  15800000 | PA      | $13691017.26  | 9.88%             | 2055-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2022-BNK39                                                                 | CUSIP: 06539VAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $217048.32    | 0.16%             | 2055-02-15      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     90000 | PA      | $91494.27     | 0.07%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Dividend Solar Loans LLC                                | Dividend Solar Loans 2018-1 LLC                                                 | CUSIP: 255396AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1685228 | PA      | $1481659.54   | 1.07%             | 2038-07-20      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                           | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $78048.36     | 0.06%             | 2028-08-01      | Fixed         | 4.00%                 | 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        |        49 | NC      | $11101.57     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                  | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31233.33     | 0.02%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100696 | PA      | $101061.79    | 0.07%             | 2054-12-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | Danske Bank A/S                                                                 | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    320000 | PA      | $320145.84    | 0.23%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                 | CREDIT SUISSE ESCROW CL                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1680000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                   | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $145629.41    | 0.11%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                              | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $199719.84    | 0.14%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                     | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39108.14     | 0.03%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38376G5V8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1934489 | PA      | $19.34        | 0.00%             | 2046-09-16      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                   | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    100000 | PA      | $102577.00    | 0.07%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XNNH3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    263554 | PA      | $218732.34    | 0.16%             | 2042-03-01      | Fixed         | 1.50%                 | 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        |       -35 | NC      | $-18022.90    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    226896 | PA      | $195089.84    | 0.14%             | 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        |     40000 | PA      | $42459.08     | 0.03%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63406.81     | 0.05%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38379RPH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    325138 | PA      | $7757.02      | 0.01%             | 2058-07-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                                | BRSP 2021-FL1 Ltd                                                               | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    585436 | PA      | $583996.45    | 0.42%             | 2038-08-19      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| First Horizon Alternative Mort                          | First Horizon Alternative Mortgage Securities Trust 2005-AA12                   | CUSIP: 32051GQ57<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25145 | PA      | $17890.31     | 0.01%             | 2036-02-25      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                   | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $301414.08    | 0.22%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370000 | PA      | $368316.21    | 0.27%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                       | Jamestown CLO XII Ltd                                                           | CUSIP: 47047JAQ7<br>LEI: 254900TDIR3OOT3N8P57 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500000.00    | 0.36%             | 2032-04-20      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                          | MSWF Commercial Mortgage Trust 2023-1                                           | CUSIP: 55376CAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    160000 | PA      | $166784.62    | 0.12%             | 2056-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 5                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -49 | NC      | $-382.81      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31503.96     | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XQFP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179316 | PA      | $149373.12    | 0.11%             | 2042-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                        | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    112000 | PA      | $110989.67    | 0.08%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50267.10     | 0.04%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-3 Ltd                                           | CUSIP: 69690CAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    520000 | PA      | $519780.61    | 0.38%             | 2031-04-15      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418ECZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    228441 | PA      | $199845.28    | 0.14%             | 2042-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $46891.92     | 0.03%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAT8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $205809.80    | 0.15%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                   | Sycamore Tree CLO 2024-5 Ltd                                                    | CUSIP: 87122YAJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    340000 | PA      | $342147.27    | 0.25%             | 2036-04-20      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DVMC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1067834 | PA      | $942014.18    | 0.68%             | 2052-08-01      | Fixed         | 3.00%                 | 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        |        49 | NC      | $11867.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GreenPoint Mortgage Funding Tr                          | GreenPoint Mortgage Funding Trust 2006-AR3                                      | CUSIP: 39538WHC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      7726 | PA      | $7738.34      | 0.01%             | 2036-04-25      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-1                                                  | CUSIP: 61947DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    294753 | PA      | $236431.52    | 0.17%             | 2046-12-20      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H9CB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8480425 | PA      | $180778.93    | 0.13%             | 2032-09-25      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36241LUX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     27589 | PA      | $27546.47     | 0.02%             | 2041-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62646.20     | 0.05%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                          | J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5                | CUSIP: 46654PAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $637128.51    | 0.46%             | 2038-11-15      | Floating      | 8.89%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-ARIA                                                              | CUSIP: 05608RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1030000 | PA      | $1027219.10   | 0.74%             | 2036-10-15      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    170000 | PA      | $162001.37    | 0.12%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                            | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $43360.84     | 0.03%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2180000 | PA      | $2206355.85   | 1.59%             | 2031-01-31      | Fixed         | 4.00%                 | 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        |      -151 | NC      | $50713.05     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 5                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -49 | NC      | $-10718.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258061.48    | 0.19%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178WGQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62366 | PA      | $55904.79     | 0.04%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10974.98     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383FR62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    141458 | PA      | $116787.70    | 0.08%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                            | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $129245.04    | 0.09%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXII CLO Ltd                                                             | CUSIP: 36320TBK8<br>LEI: 54930022KENWLYJ8SJ86 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250843.68    | 0.18%             | 2034-04-16      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 18 Ltd                                                       | CUSIP: 67706JAL8<br>LEI: 254900NGFKJYUCJCAJ59 | Long             | ABS-CBDO         | CORP              | BM        |    420000 | PA      | $421490.12    | 0.30%             | 2037-04-20      | Floating      | 7.78%                 | 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        |    240000 | PA      | $241777.54    | 0.17%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers Clo 43 Ltd                                       | CUSIP: 64134AAQ5<br>LEI: 549300N83MM16HCONB28 | Long             | ABS-CBDO         | CORP              | KY        |    170000 | PA      | $170707.90    | 0.12%             | 2036-07-17      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AAKS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    213647 | PA      | $186477.37    | 0.13%             | 2050-01-20      | Fixed         | 3.00%                 | 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        |       -33 | NC      | $-20367.19    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2019-IMC                                           | CUSIP: 05608BAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430000 | PA      | $418124.86    | 0.30%             | 2034-04-15      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DN5L3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    234009 | PA      | $198119.07    | 0.14%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Mortgage Securities,                           | Deutsche Mortgage Securities Inc Mortgage Loan Trust 2004-4                     | CUSIP: 251563FE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2360 | PA      | $2217.82      | 0.00%             | 2034-06-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                | Provincia de Buenos Aires/Government Bonds                                      | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    469398 | PA      | $324940.85    | 0.23%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                               | CUSIP: 25179MBE2<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     26000 | PA      | $26001.25     | 0.02%             | 2028-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378NK51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    156322 | PA      | $637.81       | 0.00%             | 2048-02-16      | Variable      | 0.16%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                           | Citigroup Mortgage Loan Trust 2005-9                                            | CUSIP: 17307GK31<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75717 | PA      | $65404.22     | 0.05%             | 2035-11-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DVLA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    110828 | PA      | $94024.30     | 0.07%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXII Ltd                                                              | CUSIP: 55954HBC5<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |    180000 | PA      | $180556.07    | 0.13%             | 2036-07-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $938560.39    | 0.68%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                          | CAD/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-10.43       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                   | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    270000 | PA      | $277432.83    | 0.20%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2021-II LLC                                                     | CUSIP: 03755QAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    180000 | PA      | $180450.00    | 0.13%             | 2034-10-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                      | Subway Funding LLC                                                              | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    248125 | PA      | $252292.16    | 0.18%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136A54N3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18573 | PA      | $20214.14     | 0.01%             | 2042-05-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    197000 | PA      | $193227.15    | 0.14%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABCA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71908 | PA      | $60959.36     | 0.04%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QFG86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2457169 | PA      | $2135713.42   | 1.54%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  14057000 | PA      | $2256863.98   | 1.63%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137F9YZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13380211 | PA      | $421510.08    | 0.30%             | 2030-12-25      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                         | OHA Credit Funding 11 Ltd                                                       | CUSIP: 67115VAW2<br>LEI: 2549002MG7GTTY5LHR97 | Long             | ABS-CBDO         | CORP              | BM        |    290000 | PA      | $291033.13    | 0.21%             | 2037-07-19      | Floating      | 7.18%                 | 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        |       -32 | NC      | $-52500.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XP3K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89892 | PA      | $91115.70     | 0.07%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   6665000 | PA      | $1028311.79   | 0.74%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXV Ltd                                                               | CUSIP: 55955GAD5<br>LEI: 549300WFCL37N4TDUR08 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251443.43    | 0.18%             | 2032-01-25      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133C1NL0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71908 | PA      | $72607.31     | 0.05%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                 | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    590000 | PA      | $601555.15    | 0.43%             | 2028-08-08      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Impr                          | GoodLeap Sustainable Home Solutions Trust 2022-1                                | CUSIP: 38237JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1557122 | PA      | $729581.31    | 0.53%             | 2049-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 35 Ltd                                                        | CUSIP: 19739RAJ7<br>LEI: 2549006YWAD6BJI1C841 | Long             | ABS-CBDO         | CORP              | KY        |    180000 | PA      | $180431.35    | 0.13%             | 2036-07-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABFG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71623 | PA      | $60672.00     | 0.04%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11140.74     | 0.01%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                             | CUSIP: 654744AB7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    380000 | PA      | $380315.40    | 0.27%             | 2025-09-17      | Fixed         | 3.52%                 | 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        |        24 | NC      | $12000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F062697<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1100000 | PA      | $1140069.37   | 0.82%             | 2055-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XN6G4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262159 | PA      | $225416.65    | 0.16%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $80375.00     | 0.06%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  13542000 | PA      | $2386033.51   | 1.72%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DQBZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    160182 | PA      | $162754.10    | 0.12%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                          | Bombardier Inc                                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $21110.74     | 0.02%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    560000 | PA      | $551450.87    | 0.40%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                             | HOMES 2024-NQM1 Trust                                                           | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |    199435 | PA      | $201252.79    | 0.15%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust 2003-60                                         | CUSIP: 12669FJC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5664 | PA      | $5682.08      | 0.00%             | 2034-02-25      | Variable      | 6.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    733080 | PA      | $625447.93    | 0.45%             | 2041-12-01      | Fixed         | 2.00%                 | 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        |       -48 | NC      | $-4500.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO XI C Ltd                                                             | CUSIP: 14688RAJ9<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $281457.34    | 0.20%             | 2037-10-20      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                           | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10365.24     | 0.01%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2017-C7                                           | CUSIP: 90276WAR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    379764 | PA      | $371542.17    | 0.27%             | 2050-12-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H060697<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2300000 | PA      | $2346321.68   | 1.69%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38379U5F9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2501468 | PA      | $80215.58     | 0.06%             | 2058-10-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                             | Netflix Inc                                                                     | CUSIP: 000000000<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    690000 | PA      | $842269.90    | 0.61%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                          | Wells Fargo Commercial Mortgage Trust 2022-ONL                                  | CUSIP: 95003WAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    390000 | PA      | $324811.62    | 0.23%             | 2039-12-15      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378NF99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    824342 | PA      | $18953.19     | 0.01%             | 2055-09-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418ECG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75495 | PA      | $64888.11     | 0.05%             | 2042-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                                           | CUSIP: 69703NAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250818.28    | 0.18%             | 2032-10-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        62 | NC      | $-15176.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DN6L2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    168837 | PA      | $163633.83    | 0.12%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CLM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1510000 | PA      | $1493307.42   | 1.08%             | 2031-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                       | Mountain View CLO XVI Ltd                                                       | CUSIP: 62432UAU5<br>LEI: 549300MWKXOHYV7Z8O91 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $471682.04    | 0.34%             | 2034-04-15      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| New Mountain CLO Ltd                                    | New Mountain CLO 5 Ltd                                                          | CUSIP: 64754WAQ6<br>LEI: 2549000KVE2J1UOHZ207 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $201035.12    | 0.15%             | 2036-07-20      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49594.12     | 0.04%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                                   | India Government Bond                                                           | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        | 128260000 | PA      | $1424934.53   | 1.03%             | 2030-05-11      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor                          | Morgan Stanley Residential Mortgage Loan Trust 2024-INV2                        | CUSIP: 617939AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275310 | PA      | $281219.75    | 0.20%             | 2054-02-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EquipmentShare.com Inc                                                          | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42529.64     | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179W5E4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     77596 | PA      | $73014.53     | 0.05%             | 2052-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F050692<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2200000 | PA      | $2169996.09   | 1.57%             | 2055-09-15      | Fixed         | 5.00%                 | 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        |        12 | NC      | $4687.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Switch ABS Issuer, LLC                                  | Switch ABS Issuer LLC                                                           | CUSIP: 871044AL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $247947.35    | 0.18%             | 2055-03-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2021-L7                                          | CUSIP: 61772TBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6286177 | PA      | $263454.95    | 0.19%             | 2054-10-15      | Variable      | 1.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DPWC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83170 | PA      | $80414.85     | 0.06%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9RN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     89099 | PA      | $76609.29     | 0.06%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179TZ65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     66764 | PA      | $65673.61     | 0.05%             | 2048-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178WDN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     72292 | PA      | $65606.91     | 0.05%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                   | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260902.50    | 0.19%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XQQ91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    723437 | PA      | $619681.37    | 0.45%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                             | Legacy Mortgage Asset Trust 2021-GS2                                            | CUSIP: 52476DAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1312676 | PA      | $1313649.03   | 0.95%             | 2061-04-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    521196 | PA      | $448135.38    | 0.32%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                                      | JAPAN 10Y BOND(OSE)                                                             | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |        -4 | NC      | $48428.43     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGNITY HEALTH                                          | Dignity Health                                                                  | CUSIP: 254010AE1<br>LEI: TFVG45LTYVO3XKPZWP18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219230.35    | 0.16%             | 2064-11-01      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179W5F1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    229254 | PA      | $222677.38    | 0.16%             | 2052-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYWP0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    925672 | PA      | $816715.62    | 0.59%             | 2042-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RMY5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203878.99    | 0.15%             | 2035-08-15      | Fixed         | 5.38%                 | 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        |    350000 | PA      | $347941.27    | 0.25%             | 2042-02-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                            | DC Commercial Mortgage Trust 2023-DC                                            | CUSIP: 24023AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $624009.60    | 0.45%             | 2040-09-12      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MQCZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    209087 | PA      | $176604.04    | 0.13%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QUD52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    257643 | PA      | $264849.41    | 0.19%             | 2054-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4295 | PA      | $3912.18      | 0.00%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                                       | 720 East CLO VII Ltd                                                            | CUSIP: 81800WAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $294815.79    | 0.21%             | 2037-04-20      | Floating      | 6.83%                 | 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        |        48 | NC      | $12000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                          | CUSIP: 984245AU4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     89608 | PA      | $90120.49     | 0.07%             | 2026-02-12      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KQUT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    411998 | PA      | $408412.15    | 0.29%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9QM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     83454 | PA      | $71756.72     | 0.05%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                       | Jamestown CLO IX Ltd                                                            | CUSIP: 47048JBK8<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $199997.30    | 0.14%             | 2034-07-25      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Nomura Asset Acceptance Corpor                          | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2006-AF2             | CUSIP: 65536XAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31967 | PA      | $31317.55     | 0.02%             | 2036-08-25      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABCD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     69696 | PA      | $59191.59     | 0.04%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                           | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $115342.81    | 0.08%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FREM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3100000 | PA      | $167410.85    | 0.12%             | 2030-01-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Oak Street Investment Grade Ne                          | Oak Street Investment Grade Net Lease Fund Series 2020-1                        | CUSIP: 67181DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    157110 | PA      | $139784.68    | 0.10%             | 2050-11-20      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $163881.97    | 0.12%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |      -264 | NC      | $-112200.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                          | USD/BRL FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-207037.45   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     70000 | PA      | $70582.42     | 0.05%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2024-1 Ltd                                           | CUSIP: 69703NAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    230000 | PA      | $231224.43    | 0.17%             | 2032-10-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137HBLW2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4996009 | PA      | $144035.44    | 0.10%             | 2028-12-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-XL2                                           | CUSIP: 05609KAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    749000 | PA      | $744718.27    | 0.54%             | 2038-10-15      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                          | Alternative Loan Trust 2005-28CB                                                | CUSIP: 12667GXC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    707346 | PA      | $442405.95    | 0.32%             | 2035-08-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132E0KM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    241656 | PA      | $244031.93    | 0.18%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US Clo 6 Ltd                                         | CUSIP: 38137WBE4<br>LEI: 549300MI5PVR6JHGVV87 | Long             | ABS-CBDO         | CORP              | KY        |    240000 | PA      | $237395.16    | 0.17%             | 2035-04-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                          | Golub Capital Partners CLO 76 B Ltd                                             | CUSIP: 38180BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    190000 | PA      | $191070.40    | 0.14%             | 2037-10-25      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                      | Coterra Energy Inc                                                              | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69924.11     | 0.05%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MKK99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    223838 | PA      | $209879.25    | 0.15%             | 2050-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE WEEK 5                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -33 | NC      | $-515.63      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Lehman XS Trust                                         | Lehman XS Trust Series 2006-GP3                                                 | CUSIP: 525228AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10434 | PA      | $23266.16     | 0.02%             | 2046-06-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXXIX Ltd                                                             | CUSIP: 559924AN5<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250827.50    | 0.18%             | 2037-01-25      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                 | Warwick Capital CLO 3 Ltd                                                       | CUSIP: 93655PAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    310000 | PA      | $312079.42    | 0.23%             | 2037-04-20      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EDL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    159868 | PA      | $136860.83    | 0.10%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378XSQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  24553240 | PA      | $108306.80    | 0.08%             | 2055-01-16      | Variable      | 0.13%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2020 LTD                                                        | CUSIP: 03756ABL0<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | BM        |    280000 | PA      | $279648.66    | 0.20%             | 2035-04-20      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XJGY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157160 | PA      | $152358.79    | 0.11%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XGC98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1252475 | PA      | $1109645.82   | 0.80%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XH5K9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    506301 | PA      | $504500.19    | 0.36%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                       | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61636.54     | 0.04%             | 2033-08-15      | Fixed         | 6.00%                 | 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        |       234 | NC      | $93001.79     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                  | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    660000 | PA      | $641904.92    | 0.46%             | 2030-02-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Hayfin US XV, Ltd.                                      | Hayfin US XV Ltd                                                                | CUSIP: 420916AL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $322181.70    | 0.23%             | 2037-04-28      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                    | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    380000 | PA      | $399845.12    | 0.29%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                             | Point Broadband Funding LLC                                                     | CUSIP: 73052AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $333537.27    | 0.24%             | 2055-07-20      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XK6S4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74753 | PA      | $73802.82     | 0.05%             | 2050-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DPAG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    151683 | PA      | $146824.07    | 0.11%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo X                                                              | CUSIP: 67516BAE1<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $361334.63    | 0.26%             | 2034-10-15      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     57944 | PA      | $52620.05     | 0.04%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2024-10                                                | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-MBS          | CORP              | US        |    245454 | PA      | $246735.21    | 0.18%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QPJ24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69878 | PA      | $69680.90     | 0.05%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.IG.44.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-73462.88    | -0.05%            |  |  |  | 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        |  19826876 | NS      | $19826875.77  | 14.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae                                                                      | CUSIP: 21H050698<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1200000 | PA      | $1188185.52   | 0.86%             | 2055-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UCFC Manufactured Housing Cont                          | UCFC Manufactured Housing Contract                                              | CUSIP: 90263ABB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    242293 | PA      | $240754.44    | 0.17%             | 2029-01-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $82718.88     | 0.06%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPG52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     88150 | PA      | $75793.73     | 0.05%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2018-BNK15                                                                 | CUSIP: 06036FBG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $992073.71    | 0.72%             | 2061-11-15      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYWN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1401514 | PA      | $1195986.54   | 0.86%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                | SPIRIT AVIA HOL RESTRICT                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        56 | NS      | $68.32        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EDM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    154182 | PA      | $136599.43    | 0.10%             | 2042-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Cook Park CLO, Ltd                                      | Cook Park CLO Ltd                                                               | CUSIP: 21623PAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $251388.08    | 0.18%             | 2030-04-17      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/BRL FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4389.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                              | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    620000 | PA      | $625071.32    | 0.45%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                          | Bain Capital Credit CLO 2019-1                                                  | CUSIP: 05683VBG8<br>LEI: 549300B0VI605XM3L529 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $361013.83    | 0.26%             | 2034-04-19      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XKHM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85497 | PA      | $82381.82     | 0.06%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | Greywolf CLO IV Ltd                                                             | CUSIP: 39809TBC0<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |    140000 | PA      | $141481.52    | 0.10%             | 2034-04-17      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31492.38     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810RD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3600000 | PA      | $3118078.12   | 2.25%             | 2043-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MB4M8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     59794 | PA      | $55244.63     | 0.04%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                      | CUSIP: 444859AZ5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    380000 | PA      | $461384.07    | 0.33%             | 2038-06-15      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                                   | India Government Bond                                                           | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        | 120000000 | PA      | $1409216.73   | 1.02%             | 2032-08-22      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $207829.20    | 0.15%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | USD/MXN FORWARD                                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1.72         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    310000 | PA      | $278805.49    | 0.20%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                  | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43997.52     | 0.03%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F060691<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $715203.94    | 0.52%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                 | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10192.74     | 0.01%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                              | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    130000 | PA      | $140144.16    | 0.10%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229663.95    | 0.17%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QP2U0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14835 | PA      | $14326.22     | 0.01%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140N6NC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89270 | PA      | $86558.06     | 0.06%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DQC53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74075 | PA      | $73683.42     | 0.05%             | 2047-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    480000 | PA      | $306120.00    | 0.22%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | USD CALL VERSUS CNY PUT                                                         | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |    740000 | NC      | $481.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2023-R06                                    | CUSIP: 20754EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    370000 | PA      | $382724.04    | 0.28%             | 2043-07-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DS6V9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     89243 | PA      | $90241.00     | 0.07%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 3617MB5P0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25420 | PA      | $23951.19     | 0.02%             | 2050-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    570000 | PA      | $486325.78    | 0.35%             | 2043-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MASTR Specialized Loan Trust                            | Mastr Specialized Loan Trust                                                    | CUSIP: 57643BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46546 | PA      | $45597.84     | 0.03%             | 2046-06-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                 | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $484420.65    | 0.35%             | 2027-03-08      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133D4QF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    151941 | PA      | $130641.81    | 0.09%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    301997 | PA      | $255439.48    | 0.18%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                   | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72471.33     | 0.05%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2021-A                                                | CUSIP: 64035DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332916 | PA      | $314098.46    | 0.23%             | 2062-04-20      | Fixed         | 1.36%                 | 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        |        33 | NC      | $3333.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179TXX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     22779 | PA      | $22961.36     | 0.02%             | 2048-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DMVG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    106060 | PA      | $103126.22    | 0.07%             | 2051-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Loans                                  | CHL Mortgage Pass-Through Trust 2001-HYB1                                       | CUSIP: 12669B2W1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      2180 | PA      | $2165.53      | 0.00%             | 2031-06-19      | Variable      | 6.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F042699<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4000000 | PA      | $3847767.56   | 2.78%             | 2055-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F042699<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -200000 | PA      | $-192388.38   | -0.14%            | 2055-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    236856 | PA      | $230060.60    | 0.17%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    230000 | PA      | $234723.51    | 0.17%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                 | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    230000 | PA      | $238610.05    | 0.17%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $40560.94     | 0.03%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                    | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    310000 | PA      | $314239.56    | 0.23%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/JPY FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6936.97     | -0.01%            |  |  |  | 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        |    240000 | PA      | $238963.87    | 0.17%             | 2025-10-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     14480 | PA      | $10879.55     | 0.01%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                   | Black Diamond CLO 2021-1 Ltd                                                    | CUSIP: 09204WAM6<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $279998.35    | 0.20%             | 2034-11-22      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $352372.07    | 0.25%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    193074 | PA      | $189794.06    | 0.14%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GCAT                                                    | GCAT 2024-INV3 Trust                                                            | CUSIP: 36830FAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83387 | PA      | $85544.27     | 0.06%             | 2054-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                               | CUSIP: 25179MAN3<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8449.32      | 0.01%             | 2042-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $183934.77    | 0.13%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MKP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    186371 | PA      | $157477.61    | 0.11%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DPT73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79918 | PA      | $79220.50     | 0.06%             | 2053-01-01      | Fixed         | 5.00%                 | 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        |       -48 | NC      | $-750.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Sustainable Energy Trust                          | Tesla Sustainable Energy Trust 2024-1                                           | CUSIP: 88164AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $295515.28    | 0.21%             | 2050-06-20      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYVY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71785 | PA      | $61583.58     | 0.04%             | 2041-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYT41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    939647 | PA      | $817286.78    | 0.59%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PPM Clo, Ltd.                                           | PPM CLO 8 Ltd                                                                   | CUSIP: 69382DAJ3<br>LEI: 254900DMFVRHGLYIFG95 | Long             | ABS-CBDO         | CORP              | KY        |    340000 | PA      | $340840.38    | 0.25%             | 2038-04-20      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EER7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1840037 | PA      | $1681174.38   | 1.21%             | 2042-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKJ7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    310000 | PA      | $303019.06    | 0.22%             | 2028-02-04      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                          | Ford Credit Floorplan Master Owner Trust A                                      | CUSIP: 34529BAA4<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    270000 | PA      | $274344.35    | 0.20%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XBLM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55405 | PA      | $48516.66     | 0.04%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                          | Alternative Loan Trust 2005-76                                                  | CUSIP: 12668BDJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60453 | PA      | $55131.94     | 0.04%             | 2046-01-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179UML3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     33649 | PA      | $31856.39     | 0.02%             | 2049-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                      | LONG GILT                                                                       | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |        13 | NC      | $2084.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        27 | NC      | $58257.54     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                     | CUSIP: 71647NBK4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $207125.00    | 0.15%             | 2033-07-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                 | KazMunayGas National Co JSC                                                     | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    350000 | PA      | $310972.33    | 0.22%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31242.57     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2420000 | PA      | $2431296.49   | 1.75%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST                                  | CVS Pass-Through Trust                                                          | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     19869 | PA      | $20299.44     | 0.01%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                | Florida Gas Transmission Co LLC                                                 | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123737.90    | 0.09%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F020695<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $238331.74    | 0.17%             | 2055-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                    | Teva Pharmaceutical Finance Netherlands II BV                                   | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $800113.91    | 0.58%             | 2029-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                          | HarborView Mortgage Loan Trust 2006-13                                          | CUSIP: 41162KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55011 | PA      | $38309.43     | 0.03%             | 2046-11-19      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                                  | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    832656 | PA      | $844397.31    | 0.61%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | BRL/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4651.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140MRBS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67453 | PA      | $66953.50     | 0.05%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYV71<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    220081 | PA      | $189232.92    | 0.14%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                                | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     28500 | PA      | $28467.85     | 0.02%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                                          | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    330000 | PA      | $276048.30    | 0.20%             | 2032-04-22      | Fixed         | 3.25%                 | 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        |    249471 | PA      | $117875.02    | 0.09%             | 2030-03-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN                                | Parsley Energy LLC / Parsley Finance Corp                                       | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69474.07     | 0.05%             | 2028-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHNF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     95626 | PA      | $96090.44     | 0.07%             | 2054-12-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27104.07     | 0.02%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3142GRBY5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74970 | PA      | $78052.43     | 0.06%             | 2054-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                                    | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9649 | NS      | $11771.78     | 0.01%             |  |  |  | No            |                  1 | 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        |       -32 | NC      | $-4500.01     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179UKY7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    113942 | PA      | $111918.52    | 0.08%             | 2049-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Money Management Corp                          | AMMC CLO 30 Ltd                                                                 | CUSIP: 03165UAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    140000 | PA      | $140593.63    | 0.10%             | 2037-01-15      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    250000 | PA      | $253837.50    | 0.18%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72238.32     | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | 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        |       138 | NC      | $53290.65     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America, National Association                   | USD/CNH FORWARD                                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2001.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/GBP FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $10829.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 5                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        98 | NC      | $98.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 5                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        49 | NC      | $49.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        30 | NC      | $1875.00      | 0.00%             |  |  |  | No            |                  1 | 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        |       -16 | NC      | $-14500.00    | -0.01%            |  |  |  | No            |                  1 | 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        |      -120 | NC      | $-69561.23    | -0.05%            |  |  |  | No            |                  1 | 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        |        -8 | NC      | $-13750.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                          | USD/INR FORWARD                                                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $78692.75     | 0.06%             |  |  |  | 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        |        48 | NC      | $15000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/EUR FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $483.84       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 5                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        49 | NC      | $382.81       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE WEEK 5                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -33 | NC      | $-8250.00     | -0.01%            |  |  |  | No            |                  1 | 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        |       -16 | NC      | $-14500.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 5                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        98 | NC      | $6890.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        43 | NC      | $806.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        73 | NC      | $2737.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE WEEK 5                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        99 | NC      | $99.00        | 0.00%             |  |  |  | No            |                  1 | 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        |        24 | NC      | $14625.00     | 0.01%             |  |  |  | No            |                  1 | 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        |        12 | NC      | $5812.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        98 | NC      | $72275.00     | 0.05%             |  |  |  | No            |                  1 | 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        |        49 | NC      | $7273.44      | 0.01%             |  |  |  | No            |                  1 | 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        |        -8 | NC      | $-15750.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE WEEK 5                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        99 | NC      | $6187.50      | 0.00%             |  |  |  | No            |                  1 | 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        |       -33 | NC      | $-19335.94    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -67 | NC      | $-418.75      | -0.00%            |  |  |  | No            |                  1 | 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        |        -8 | NC      | $-11875.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       360 | NC      | $4500.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        56 | NC      | $7700.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION               | TRS JPEIFNTR INDEX                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $25499.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | IRS BRL                                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DIR              | CORP              | US        |         1 | NC      | $179471.16    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-57686.36    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-88033.26    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $1490598.51   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $85534.89     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $56355.76     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    680000 | PA      | $441636.59    | 0.32%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                    | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112979.58    | 0.08%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                          | Amur Equipment Finance Receivables XV LLC                                       | CUSIP: 03237FAB1<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $222294.51    | 0.16%             | 2031-09-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | GBP/USD FORWARD                                                                 | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5360.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     62126 | PA      | $62704.03     | 0.05%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $176166.06    | 0.13%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    270000 | PA      | $270862.16    | 0.20%             | 2042-05-18      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73505.25     | 0.05%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64557.19     | 0.05%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133BQSA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79993 | PA      | $77428.76     | 0.06%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617JYLP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     77222 | PA      | $70348.25     | 0.05%             | 2050-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QNM33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    299971 | PA      | $265764.74    | 0.19%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    550000 | PA      | $550852.12    | 0.40%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                     | SPIRIT AIRLINES LLC                                                             | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6856 | NS      | $8364.32      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.HY.44.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $96307.36     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                       | Mountain View Clo XIX Ltd                                                       | CUSIP: 623910AN6<br>LEI: 254900L6WFB2NIQTBG86 | Long             | ABS-CBDO         | CORP              | KY        |    190000 | PA      | $190712.50    | 0.14%             | 2038-10-17      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 18 Ltd                                                                       | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $291087.50    | 0.21%             | 2040-07-15      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                 | CUSIP: 80007RAS4<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $181527.86    | 0.13%             | 2031-08-08      | Variable      | 3.25%                 | 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        |    393000 | PA      | $411311.21    | 0.30%             | 2043-06-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Countrywide Home Equity Loan T                          | CWHEQ Revolving Home Equity Loan Trust Series 2007-A                            | CUSIP: 126682AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    398567 | PA      | $376292.85    | 0.27%             | 2037-04-15      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                              | Clover CLO 2021-3 LLC                                                           | CUSIP: 18915FAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250002.18    | 0.18%             | 2035-01-25      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization                          | AASET 2025-1                                                                    | CUSIP: 00258PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240766 | PA      | $247343.04    | 0.18%             | 2050-02-16      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                | Cooperatieve Rabobank UA                                                        | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $705041.17    | 0.51%             | N/A             | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fremont Home Loan Trust                                 | Fremont Home Loan Trust 2006-B                                                  | CUSIP: 35729QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    299618 | PA      | $93448.02     | 0.07%             | 2036-08-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140X6L74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    237656 | PA      | $229560.52    | 0.17%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer