# EDGAR Filing Document

**Accession Number:** 0001254370
**File Stem:** 0000940400-25-005163
**Filing Date:** 2025-10
**Character Count:** 144755
**Document Hash:** 1bf0c44a1c693d67f4ef8a3a615f3cd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005163.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000940400-25-005163

**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**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET INFLATION-LINKED INCOME FUND
- **CENTRAL INDEX KEY:** 0001254370

**ORGANIZATION NAME:**
- **EIN:** 260066992
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21403
- **FILM NUMBER:** 251412373

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 8887770102

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN ASSET/CLAYMORE INFLATION-LINKED SECURITIES & INCOME FUND
- **DATE OF NAME CHANGE:** 20090701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN ASSET CLAYMORE INFLATION-LINKED SECURITIES & INCOME FUND
- **DATE OF NAME CHANGE:** 20070810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN ASSET CLAYMORE US TREASURY INFLATION PRO SECU FUND
- **DATE OF NAME CHANGE:** 20030903

## Nport-Ex

Consolidated Schedule of Investments (unaudited)

August 31, 2025

 **Western Asset Inflation-Linked Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **U.S. Treasury Inflation Protected Securities — 112.3%** | **U.S. Treasury Inflation Protected Securities — 112.3%** | **U.S. Treasury Inflation Protected Securities — 112.3%** | **U.S. Treasury Inflation Protected Securities — 112.3%** | **U.S. Treasury Inflation Protected Securities — 112.3%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 11376260<br>| &nbsp;&nbsp;&nbsp; $11387984<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 3198980<br>| &nbsp;&nbsp;&nbsp; 3264450<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 13521420<br>| &nbsp;&nbsp;&nbsp; 14215289<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 44147925<br>| &nbsp;&nbsp;&nbsp; 48618279<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 5074058<br>| &nbsp;&nbsp;&nbsp; 5060737<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 2209410<br>| &nbsp;&nbsp;&nbsp; 2174789<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 4282530<br>| &nbsp;&nbsp;&nbsp; 3337565<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 5536120<br>| &nbsp;&nbsp;&nbsp; 4634188<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 13834879<br>| &nbsp;&nbsp;&nbsp; 10044312<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 0.250% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 11542688<br>| &nbsp;&nbsp;&nbsp; 6578197<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, Inflation Indexed | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 7415872<br>| &nbsp;&nbsp;&nbsp; 3863462<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 10/15/25 | &nbsp;&nbsp; 6837325<br>| &nbsp;&nbsp;&nbsp; 6824025<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.625% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 4072560<br>| &nbsp;&nbsp;&nbsp; 4057057<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 15989610<br>| &nbsp;&nbsp;&nbsp; 15883492<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 15463633<br>| &nbsp;&nbsp;&nbsp; 15379144<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 13709160<br>| &nbsp;&nbsp;&nbsp; 13531043<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 5444450<br>| &nbsp;&nbsp;&nbsp; 5552308<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 3923040<br>| &nbsp;&nbsp;&nbsp; 3889524<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 11497140<br>| &nbsp;&nbsp;&nbsp; 11471022<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 5125600<br>| &nbsp;&nbsp;&nbsp; 5259010<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1253720<br>| &nbsp;&nbsp;&nbsp; 1203070<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 5066450<br>| &nbsp;&nbsp;&nbsp; 5175966<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 8145410<br>| &nbsp;&nbsp;&nbsp; 7526952<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 12994440<br>| &nbsp;&nbsp;&nbsp; 12625594<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 10913240<br>| &nbsp;&nbsp;&nbsp; 10973611<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 9096690<br>| &nbsp;&nbsp;&nbsp; 9352307<br>|
| **Total U.S. Treasury Inflation Protected Securities (Cost — $249,150,508)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $249,150,508)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $249,150,508)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $249,150,508)** | &nbsp;&nbsp; **241883377** |
| **Corporate Bonds & Notes — 11.4%** | **Corporate Bonds & Notes — 11.4%** | **Corporate Bonds & Notes — 11.4%** | **Corporate Bonds & Notes — 11.4%** | **Corporate Bonds & Notes — 11.4%** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; **39760**<br>|
| **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** |
| *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* |
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/8/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 611751<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 187795<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/18/30 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 410251<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 363056<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1572853** |
| **Energy — 5.4%** | **Energy — 5.4%** | **Energy — 5.4%** | **Energy — 5.4%** | **Energy — 5.4%** |
| *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 3000<br>| &nbsp;&nbsp;&nbsp; *2994*<br>|
| *Oil, Gas & Consumable Fuels — 5.4%* | *Oil, Gas & Consumable Fuels — 5.4%* | *Oil, Gas & Consumable Fuels — 5.4%* | *Oil, Gas & Consumable Fuels — 5.4%* | *Oil, Gas & Consumable Fuels — 5.4%* |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 185922<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.042% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 460422<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 442435<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1127809<br>|

---

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

Consolidated Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Inflation-Linked Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; $40250<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 105677<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 445289<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 4.327% | &nbsp;&nbsp; 3/19/50 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 2900365<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.452% | &nbsp;&nbsp; 4/15/51 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 232942<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 791268<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 652261<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 431862<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.999% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 522407<br>|
| &nbsp;&nbsp;&nbsp; QazaqGaz NC JSC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/26/27 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1590245<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 443260<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/24/44 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp; 1308592<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *11681006* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **11684000** |
| **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** |
| *Banks — 1.2%* | *Banks — 1.2%* | *Banks — 1.2%* | *Banks — 1.2%* | *Banks — 1.2%* |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/51 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 287779<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + <br> 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 2440000<br>| &nbsp;&nbsp;&nbsp; 2207248<br> <sup>(e)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *2495027* |
| *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust II, Ltd. GTD | &nbsp;&nbsp; 6.680% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *866682*<br> <sup>(d)(e)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **3361709** |
| **Health Care — 0.5%** | **Health Care — 0.5%** | **Health Care — 0.5%** | **Health Care — 0.5%** | **Health Care — 0.5%** |
| *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **968487**<br> <sup>(d)</sup><br>|
| **Industrials — 1.0%** | **Industrials — 1.0%** | **Industrials — 1.0%** | **Industrials — 1.0%** | **Industrials — 1.0%** |
| *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9035<br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 2123483<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2132518** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **313200**<br> <sup>(d)</sup><br>|
| **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** | **Materials — 2.1%** |
| *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* |
| &nbsp;&nbsp;&nbsp; Antofagasta PLC, Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 10/14/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 493482<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 538525<br>|
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance USA Ltd., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/30/43 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 769575<br>|
| &nbsp;&nbsp;&nbsp; Glencore Finance Canada Ltd., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/25/42 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1119709<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199174<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 793019<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 669539<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4583023** |
| **Total Corporate Bonds & Notes (Cost — $27,333,309)** | **Total Corporate Bonds & Notes (Cost — $27,333,309)** | **Total Corporate Bonds & Notes (Cost — $27,333,309)** | **Total Corporate Bonds & Notes (Cost — $27,333,309)** | &nbsp;&nbsp; **24655550** |

---

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

 **Western Asset Inflation-Linked Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 7.7%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 7.7%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 7.7%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 7.7%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 7.7%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust, 2007-12T1 A3 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/25/37 | &nbsp;&nbsp; 1083930<br>| &nbsp;&nbsp;&nbsp; $476943<br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2023-1 A1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/26/67 | &nbsp;&nbsp; 193233<br>| &nbsp;&nbsp;&nbsp; 192114<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN32 XA, IO | &nbsp;&nbsp; 0.870% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 2597572<br>| &nbsp;&nbsp;&nbsp; 78413<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B29 XA, IO | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 4168664<br>| &nbsp;&nbsp;&nbsp; 155742<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, 2024-BOCA A (1 mo. Term SOFR + 1.921%) | &nbsp;&nbsp; 6.284% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 392332<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2022-LP2 G (1 mo. Term SOFR + 4.106%) | &nbsp;&nbsp; 8.469% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 469000<br>| &nbsp;&nbsp;&nbsp; 469324<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR + 3.690%) | &nbsp;&nbsp; 8.053% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 1098165<br>| &nbsp;&nbsp;&nbsp; 1101218<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2021-ARIA D (1 mo. Term SOFR + 2.010%) | &nbsp;&nbsp; 6.373% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 850980<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2022-CLS A | &nbsp;&nbsp; 5.760% | &nbsp;&nbsp; 10/13/27 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 466046<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 2020-FL2 A (1 mo. Term SOFR + 1.264%) | &nbsp;&nbsp; 5.628% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 105477<br>| &nbsp;&nbsp;&nbsp; 105155<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2017-CD5 A4 | &nbsp;&nbsp; 3.431% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 294346<br>|
| &nbsp;&nbsp;&nbsp; Chase Mortgage Finance Trust, 2007-A1 2A3 | &nbsp;&nbsp; 5.897% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 958<br>| &nbsp;&nbsp;&nbsp; 906<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-C3 A3 | &nbsp;&nbsp; 2.896% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 101598<br>| &nbsp;&nbsp;&nbsp; 99829<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2023-SMRT A | &nbsp;&nbsp; 6.015% | &nbsp;&nbsp; 10/12/40 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 206776<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; CRSO Trust, 2023-BRND A | &nbsp;&nbsp; 7.121% | &nbsp;&nbsp; 7/10/40 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 451285<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-NQM1 A1 | &nbsp;&nbsp; 3.656% | &nbsp;&nbsp; 10/25/59 | &nbsp;&nbsp; 52407<br>| &nbsp;&nbsp;&nbsp; 51784<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K115 X1, IO | &nbsp;&nbsp; 1.417% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 1575035<br>| &nbsp;&nbsp;&nbsp; 82514<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4057 UI, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 15347<br>| &nbsp;&nbsp;&nbsp; 68<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4085 IO, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 75224<br>| &nbsp;&nbsp;&nbsp; 682<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA3 M1B (30 Day Average SOFR + 2.900%) | &nbsp;&nbsp; 7.248% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 618007<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA4 M1B (30 Day Average SOFR + 3.350%) | &nbsp;&nbsp; 7.698% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 384315<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2024-DNA1 M2 (30 Day Average SOFR + 1.950%) | &nbsp;&nbsp; 6.298% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 466696<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2024-DNA2 A1 (30 Day Average SOFR + 1.250%) | &nbsp;&nbsp; 5.598% | &nbsp;&nbsp; 5/25/44 | &nbsp;&nbsp; 299213<br>| &nbsp;&nbsp;&nbsp; 300613<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA1 M2 (30 Day Average SOFR + 1.350%) | &nbsp;&nbsp; 5.698% | &nbsp;&nbsp; 1/25/45 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 340188<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2016-1 M2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/25/55 | &nbsp;&nbsp; 252850<br>| &nbsp;&nbsp;&nbsp; 232752<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2019-1 M | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/25/58 | &nbsp;&nbsp; 374747<br>| &nbsp;&nbsp;&nbsp; 366921<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer <br> Trust, 2022-1 M | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/25/61 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 426748<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2017-C07 1B1 (30 Day <br> Average SOFR + 4.114%) | &nbsp;&nbsp; 8.463% | &nbsp;&nbsp; 5/25/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 466813<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (30 Day <br> Average SOFR + 4.214%) | &nbsp;&nbsp; 8.563% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; 256120<br>| &nbsp;&nbsp;&nbsp; 262658<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (30 Day <br> Average SOFR + 3.364%) | &nbsp;&nbsp; 7.713% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 358868<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B1 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 7.448% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 337101<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R07 1M1 (30 <br> Day Average SOFR + 2.950%) | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 154662<br>| &nbsp;&nbsp;&nbsp; 158279<br> <sup>(d)(e)</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; 320000<br>| &nbsp;&nbsp;&nbsp; 331005<br> <sup>(d)(e)</sup><br>|

---

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

Consolidated Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Inflation-Linked Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R02 1M2 (30 <br> Day Average SOFR + 1.800%) | &nbsp;&nbsp; 6.148% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; $252395<br> <sup>(d)(e)</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; 1012377<br>| &nbsp;&nbsp;&nbsp; 10<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-152 IO, IO | &nbsp;&nbsp; 0.681% | &nbsp;&nbsp; 1/16/54 | &nbsp;&nbsp; 1127674<br>| &nbsp;&nbsp;&nbsp; 33227<br> <sup>(e)</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; 89864<br>| &nbsp;&nbsp;&nbsp; 367<br> <sup>(e)</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; 483614<br>| &nbsp;&nbsp;&nbsp; 11119<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-169 IO, IO | &nbsp;&nbsp; 0.591% | &nbsp;&nbsp; 10/16/56 | &nbsp;&nbsp; 5029133<br>| &nbsp;&nbsp;&nbsp; 109616<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2015-101 IO, IO | &nbsp;&nbsp; 0.254% | &nbsp;&nbsp; 3/16/52 | &nbsp;&nbsp; 3533133<br>| &nbsp;&nbsp;&nbsp; 24882<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2015-183 IO, IO | &nbsp;&nbsp; 0.436% | &nbsp;&nbsp; 9/16/57 | &nbsp;&nbsp; 4852111<br>| &nbsp;&nbsp;&nbsp; 105917<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust, 2004-11 1A1 | &nbsp;&nbsp; 6.301% | &nbsp;&nbsp; 9/25/34 | &nbsp;&nbsp; 18346<br>| &nbsp;&nbsp;&nbsp; 18554<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home RE Ltd., 2023-1 M2 (30 Day Average SOFR + 6.000%) | &nbsp;&nbsp; 10.350% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 310573<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, 2021-MHC A (1 mo. Term SOFR + 0.915%) | &nbsp;&nbsp; 5.278% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 55527<br>| &nbsp;&nbsp;&nbsp; 55547<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; MRCD Mortgage Trust, 2019-PARK A | &nbsp;&nbsp; 2.718% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 757137<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2014-1A A | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 220068<br>| &nbsp;&nbsp;&nbsp; 214447<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2025-NQM4 A3 | &nbsp;&nbsp; 5.755% | &nbsp;&nbsp; 2/25/55 | &nbsp;&nbsp; 647281<br>| &nbsp;&nbsp;&nbsp; 651592<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 588907<br>| &nbsp;&nbsp;&nbsp; 501869<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2023-AFC1 A1 | &nbsp;&nbsp; 6.598% | &nbsp;&nbsp; 2/25/58 | &nbsp;&nbsp; 422939<br>| &nbsp;&nbsp;&nbsp; 424951<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRPM Trust, 2024-NQM4 A1 | &nbsp;&nbsp; 5.674% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 232449<br>| &nbsp;&nbsp;&nbsp; 234216<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAMP Trust, 2004-SL4 A5 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/25/32 | &nbsp;&nbsp; 28872<br>| &nbsp;&nbsp;&nbsp; 9448<br>|
| &nbsp;&nbsp;&nbsp; SREIT Trust, 2021-PALM B (1 mo. Term SOFR + 0.924%) | &nbsp;&nbsp; 5.287% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 827678<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2020-2 A1A | &nbsp;&nbsp; 1.636% | &nbsp;&nbsp; 4/25/60 | &nbsp;&nbsp; 617105<br>| &nbsp;&nbsp;&nbsp; 565277<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2020-2 M1B | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/25/60 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 195878<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2022-1 B1 | &nbsp;&nbsp; 4.007% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 269411<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2023-8 B1 | &nbsp;&nbsp; 8.079% | &nbsp;&nbsp; 12/25/68 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 295682<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2024-8 A3 | &nbsp;&nbsp; 5.872% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 300750<br>| &nbsp;&nbsp;&nbsp; 302813<br> <sup>(d)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $17,849,590)** | **Total Collateralized Mortgage Obligations (Cost — $17,849,590)** | **Total Collateralized Mortgage Obligations (Cost — $17,849,590)** | **Total Collateralized Mortgage Obligations (Cost — $17,849,590)** | &nbsp;&nbsp; **16700027** |
| **Non-U.S. Treasury Inflation Protected Securities — 3.4%** | **Non-U.S. Treasury Inflation Protected Securities — 3.4%** | **Non-U.S. Treasury Inflation Protected Securities — 3.4%** | **Non-U.S. Treasury Inflation Protected Securities — 3.4%** | **Non-U.S. Treasury Inflation Protected Securities — 3.4%** |
| *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* |
| &nbsp;&nbsp;&nbsp; Argentina Treasury Bond BONCER, Bonds  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 1641676604 <br><sup>ARS</sup><br>| &nbsp;&nbsp;&nbsp; *973045*<br>|
| *Brazil — 2.0%* | *Brazil — 2.0%* | *Brazil — 2.0%* | *Brazil — 2.0%* | *Brazil — 2.0%* |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie B, Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 11957369 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 2087157<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie B, Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 13613703 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 2187060<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *4274217* |
| *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* |
| &nbsp;&nbsp;&nbsp; Mexican Udibonos, Bonds  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 21346443 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; *1121294*<br>|
| *United Kingdom — 0.4%* | *United Kingdom — 0.4%* | *United Kingdom — 0.4%* | *United Kingdom — 0.4%* | *United Kingdom — 0.4%* |
| &nbsp;&nbsp;&nbsp; United Kingdom Inflation-Linked Gilt, Bonds  | &nbsp;&nbsp; 0.125% | &nbsp;&nbsp; 3/22/68 | &nbsp;&nbsp; 1619940 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *917186*<br> <sup>(g)</sup><br>|
| **Total Non-U.S. Treasury Inflation Protected Securities (Cost — $9,409,551)** | **Total Non-U.S. Treasury Inflation Protected Securities (Cost — $9,409,551)** | **Total Non-U.S. Treasury Inflation Protected Securities (Cost — $9,409,551)** | **Total Non-U.S. Treasury Inflation Protected Securities (Cost — $9,409,551)** | &nbsp;&nbsp; **7285742** |
| **Sovereign Bonds — 1.9%** | **Sovereign Bonds — 1.9%** | **Sovereign Bonds — 1.9%** | **Sovereign Bonds — 1.9%** | **Sovereign Bonds — 1.9%** |
| *Colombia — 0.3%* | *Colombia — 0.3%* | *Colombia — 0.3%* | *Colombia — 0.3%* | *Colombia — 0.3%* |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/22/42 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; *572163*<br>|
| *Mexico — 0.7%* | *Mexico — 0.7%* | *Mexico — 0.7%* | *Mexico — 0.7%* | *Mexico — 0.7%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; *1511006*<br>|
| *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/28/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *201762*<br> <sup>(d)</sup><br>|

---

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

 **Western Asset Inflation-Linked Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Peru — 0.3%* | *Peru — 0.3%* | *Peru — 0.3%* | *Peru — 0.3%* | *Peru — 0.3%* |
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/30/36 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; $504650<br>|
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 3/11/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 152070<br>|
| *Total Peru* | *Total Peru* | *Total Peru* | *Total Peru* | &nbsp;&nbsp; *656720* |
| *Supranational — 0.5%* | *Supranational — 0.5%* | *Supranational — 0.5%* | *Supranational — 0.5%* | *Supranational — 0.5%* |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 10/6/30 | &nbsp;&nbsp; 90000000 <br><sup>INR</sup><br>| &nbsp;&nbsp;&nbsp; *1047231*<br>|
| **Total Sovereign Bonds (Cost — $3,949,764)** | **Total Sovereign Bonds (Cost — $3,949,764)** | **Total Sovereign Bonds (Cost — $3,949,764)** | **Total Sovereign Bonds (Cost — $3,949,764)** | &nbsp;&nbsp; **3988882** |
| **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** |
| *FHLMC — 0.0%††* | *FHLMC — 0.0%††* | *FHLMC — 0.0%††* | *FHLMC — 0.0%††* | *FHLMC — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 57614<br>| &nbsp;&nbsp;&nbsp; *59433*<br>|
| *FNMA — 0.1%* | *FNMA — 0.1%* | *FNMA — 0.1%* | *FNMA — 0.1%* | *FNMA — 0.1%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 67595<br>| &nbsp;&nbsp;&nbsp; *70965*<br>|
| **Total Mortgage-Backed Securities (Cost — $128,413)** | **Total Mortgage-Backed Securities (Cost — $128,413)** | **Total Mortgage-Backed Securities (Cost — $128,413)** | **Total Mortgage-Backed Securities (Cost — $128,413)** | &nbsp;&nbsp; **130398** |
| **U.S. Government & Agency Obligations — 0.0%††** | **U.S. Government & Agency Obligations — 0.0%††** | **U.S. Government & Agency Obligations — 0.0%††** | **U.S. Government & Agency Obligations — 0.0%††** | **U.S. Government & Agency Obligations — 0.0%††** |
| *U.S. Government Obligations — 0.0%††* | *U.S. Government Obligations — 0.0%††* | *U.S. Government Obligations — 0.0%††* | *U.S. Government Obligations — 0.0%††* | *U.S. Government Obligations — 0.0%††* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (Cost — $89,798) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; **90749**<br>|
| **Total Investments before Short-Term Investments (Cost — $307,910,933)** | **Total Investments before Short-Term Investments (Cost — $307,910,933)** | **Total Investments before Short-Term Investments (Cost — $307,910,933)** | **Total Investments before Short-Term Investments (Cost — $307,910,933)** | &nbsp;&nbsp; **294734725** |
|  |  |  | Shares |  |
| **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** | **Short-Term Investments — 3.2%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $6,930,418)  | &nbsp;&nbsp; 4.246% |  | &nbsp;&nbsp; 6930418<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6930418**<br> <sup>(h)(i)</sup><br>|
| **Total Investments — 140.0% (Cost — $314,841,351)** | **Total Investments — 140.0% (Cost — $314,841,351)** | **Total Investments — 140.0% (Cost — $314,841,351)** | **Total Investments — 140.0% (Cost — $314,841,351)** | &nbsp;&nbsp; **301665143** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (40.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (40.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (40.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (40.0)% | &nbsp;&nbsp;&nbsp; (86205455)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$215459688** |

---

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

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
| <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.  |
| <sup>(d)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(e)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(f)</sup> | 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>(g)</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 Trustees.<br>|
| <sup>(h)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(i)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2025, the total market value of <br> investments in Affiliated Companies was $6,930,418 and the cost was $6,930,418 (Note 2).<br>|

---

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

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

Consolidated Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Inflation-Linked Income Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ARS |  | Argentine Peso |
| BRL |  | Brazilian Real |
| CAS |  | Connecticut Avenue Securities |
| GBP |  | British Pound |
| GTD |  | Guaranteed |
| INR |  | Indian Rupee |
| IO |  | Interest Only |
| JSC |  | Joint Stock Company |
| MXN |  | Mexican Peso |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |

---

At August 31, 2025, the Fund had the following open reverse repurchase agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty  | Rate | &nbsp;&nbsp;&nbsp; Effective <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp;&nbsp; Face Amount <br>of Reverse <br>Repurchase <br>Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Asset Class <br>of Collateral<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; Collateral <br>Value\*\*<br>|
| Morgan Stanley & <br> Co. Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.480% | &nbsp;&nbsp;&nbsp;&nbsp; 6/5/2025 | 12/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $87828806 | U.S. Treasury Inflation Protected Securities | $90348127 |
|  |  |  |  | &nbsp;&nbsp;&nbsp; **$87828806** |  | &nbsp;&nbsp;&nbsp; **$90348127** |

---

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

\* Refer to the Consolidated Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements. <br> \*\* Including accrued interest.

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:** |  |  |  |  |  |
| Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; $3241625 | &nbsp;&nbsp;&nbsp;&nbsp; $3273750 | &nbsp;&nbsp;&nbsp;&nbsp; $32125 |
| Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 325762 | &nbsp;&nbsp;&nbsp;&nbsp; 327850 | &nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| Copper | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5676789 | &nbsp;&nbsp;&nbsp;&nbsp; 5623363 | &nbsp;&nbsp;&nbsp;&nbsp; (53426) |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1155812 | &nbsp;&nbsp;&nbsp;&nbsp; 1095920 | &nbsp;&nbsp;&nbsp;&nbsp; (59892) |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 259788 | &nbsp;&nbsp;&nbsp;&nbsp; 253330 | &nbsp;&nbsp;&nbsp;&nbsp; (6458) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 29450528 | &nbsp;&nbsp;&nbsp;&nbsp; 29556563 | &nbsp;&nbsp;&nbsp;&nbsp; 106035 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4927692 | &nbsp;&nbsp;&nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp;&nbsp; 22308 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42780 |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2060125 | &nbsp;&nbsp;&nbsp;&nbsp; 2056500 | &nbsp;&nbsp;&nbsp;&nbsp; 3625 |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13677181 | &nbsp;&nbsp;&nbsp;&nbsp; 13637812 | &nbsp;&nbsp;&nbsp;&nbsp; 39369 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42994 |
| **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; **$85774** |

---

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; 12200000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2248268 | Citibank N.A. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; $(1089) |
| USD | &nbsp;&nbsp; 2169699 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 12200000 | Citibank N.A. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; (77480) |
| BRL | &nbsp;&nbsp; 12200000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2245536 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 |
| USD | &nbsp;&nbsp; 2248268 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 12200000 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| USD | &nbsp;&nbsp; 2229369 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 12200000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp; (1741) |

---

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

 **Western Asset Inflation-Linked Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | &nbsp;&nbsp; 1452182 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 1063426 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $14315 |
| USD | &nbsp;&nbsp; 1078132 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 20214865 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(62807)** |

---

&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 |
| GBP |  | British Pound |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <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 | $6516000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $469377 | &nbsp;&nbsp;&nbsp;&nbsp; $354942 | &nbsp;&nbsp;&nbsp;&nbsp; $114435 |
| Markit CDX.NA.IG.44 Index | 3241000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 69986 | &nbsp;&nbsp;&nbsp;&nbsp; 58330 | &nbsp;&nbsp;&nbsp;&nbsp; 11656 |
| **Total** | **$9757000** |  |  | &nbsp;&nbsp;&nbsp; **$539363** | &nbsp;&nbsp;&nbsp; **$413272** | &nbsp;&nbsp;&nbsp; **$126091** |

---

&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. | $2529000 | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$72413** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$72413** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| ^ | Custom emerging markets debt basket is comprised of 41 bonds in the Sovereign Frontier sector. |
| \*\* | 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; Daily SOFR Compound | 4.340% |

---

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

**Abbreviation(s) used in this table:**<br>

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

Consolidated Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Inflation-Linked Income Fund**

JPEIFNTR — Western Asset Management Emerging Markets Frontier Custom Basket <br> SOFR — Secured Overnight Financing Rate

The following table provides information about the underlying components of the JPEIFNTR total return swap, as of period end.

---

| | | | |
|:---|:---|:---|:---|
| Security | &nbsp;&nbsp;&nbsp; Face <br>Amount<br>| Value | Weight |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, 9.125% due <br> 11/26/49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12070000 | &nbsp;&nbsp;&nbsp;&nbsp; $9772958 | &nbsp;&nbsp;&nbsp;&nbsp; 5.57% |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, <br> 3.500% due 7/9/41<br>| 8080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4718720 | &nbsp;&nbsp;&nbsp;&nbsp; 2.69% |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, <br> 5.000% due 1/9/38<br>| 8650000 | &nbsp;&nbsp;&nbsp;&nbsp; 5830100 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, 8.250% due <br> 6/24/36<br>| 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6401500 | &nbsp;&nbsp;&nbsp;&nbsp; 3.65% |
| &nbsp;&nbsp;&nbsp; Benin Government International Bond, 7.960% due 2/13/38 | 4860000 | &nbsp;&nbsp;&nbsp;&nbsp; 4769555 | &nbsp;&nbsp;&nbsp;&nbsp; 2.72% |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International Bond, 6.550% due <br> 4/3/34<br>| 5810000 | &nbsp;&nbsp;&nbsp;&nbsp; 6154243 | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, 4.500% due <br> 1/30/30<br>| 9540000 | &nbsp;&nbsp;&nbsp;&nbsp; 9229152 | &nbsp;&nbsp;&nbsp;&nbsp; 5.26% |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, 6.900% due <br> 7/31/35<br>| 9150000 | &nbsp;&nbsp;&nbsp;&nbsp; 6908250 | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, 5.800% due 9/30/27 | 5270000 | &nbsp;&nbsp;&nbsp;&nbsp; 5186049 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96% |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, 7.903% due 2/21/48 | 4170000 | &nbsp;&nbsp;&nbsp;&nbsp; 3276077 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87% |
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bond, 7.125% due <br> 1/20/50<br>| 7580000 | &nbsp;&nbsp;&nbsp;&nbsp; 6344005 | &nbsp;&nbsp;&nbsp;&nbsp; 3.62% |
| &nbsp;&nbsp;&nbsp; Ethiopia International Bond, 6.625% due 12/11/26<sup>(a)</sup> | 10970000 | &nbsp;&nbsp;&nbsp;&nbsp; 9926860 | &nbsp;&nbsp;&nbsp;&nbsp; 5.66% |
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, 5.000% due 7/3/29 | 2716043 | &nbsp;&nbsp;&nbsp;&nbsp; 2597216 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% |
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, 5.000% due 7/3/35 | 3905715 | &nbsp;&nbsp;&nbsp;&nbsp; 3188040 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% |
| &nbsp;&nbsp;&nbsp; Guatemala Government Bond, 5.375% due 4/24/32 | 4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 4927650 | &nbsp;&nbsp;&nbsp;&nbsp; 2.81% |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, 7.625% due <br> 1/30/33<br>| 10570000 | &nbsp;&nbsp;&nbsp;&nbsp; 10619573 | &nbsp;&nbsp;&nbsp;&nbsp; 6.06% |
| &nbsp;&nbsp;&nbsp; Jordan Government International Bond, 7.500% due <br> 1/13/29<br>| 4710000 | &nbsp;&nbsp;&nbsp;&nbsp; 4907385 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% |
| &nbsp;&nbsp;&nbsp; Mozambique International Bond, 9.000% due 9/15/31 | 5550000 | &nbsp;&nbsp;&nbsp;&nbsp; 4913415 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, 7.375% due <br> 9/28/33<br>| 13830000 | &nbsp;&nbsp;&nbsp;&nbsp; 12980423 | &nbsp;&nbsp;&nbsp;&nbsp; 7.40% |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bond, 6.100% due <br> 8/11/44<br>| 5750000 | &nbsp;&nbsp;&nbsp;&nbsp; 5669500 | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% |
| &nbsp;&nbsp;&nbsp; Petroleos de Venezuela SA, 0.000% due 4/12/27<sup>(a)</sup> | 34000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5114279 | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% |
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires/Government Bonds, 6.625% due <br> 9/1/37<br>| 5319673 | &nbsp;&nbsp;&nbsp;&nbsp; 3345195 | &nbsp;&nbsp;&nbsp;&nbsp; 1.91% |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, 6.300% <br> due 1/23/34<br>| 12750000 | &nbsp;&nbsp;&nbsp;&nbsp; 10741875 | &nbsp;&nbsp;&nbsp;&nbsp; 6.13% |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond, 3.900% due <br> 10/19/31<br>| 3810000 | &nbsp;&nbsp;&nbsp;&nbsp; 3456394 | &nbsp;&nbsp;&nbsp;&nbsp; 1.97% |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bond, 6.250% due <br> 5/23/33<br>| 3780000 | &nbsp;&nbsp;&nbsp;&nbsp; 2804306 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60% |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bond, 6.750% due <br> 3/13/48<br>| 3230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052051 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, 3.100% due <br> 1/15/30<br>| 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 2143600 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22% |

---

See Notes to Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

 **Western Asset Inflation-Linked Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| Security | &nbsp;&nbsp;&nbsp; Face<br> Amount<br>| Value | Weight |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, 3.350% due <br> 3/15/33<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1693000 | &nbsp;&nbsp;&nbsp;&nbsp; $1407306 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, 3.600% due <br> 6/15/35<br>| 3080000 | &nbsp;&nbsp;&nbsp;&nbsp; 2202200 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26% |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, 3.600% due <br> 5/15/36<br>| 793000 | &nbsp;&nbsp;&nbsp;&nbsp; 664138 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, 3.600% due <br> 2/15/38<br>| 1587000 | &nbsp;&nbsp;&nbsp;&nbsp; 1331096 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, 4.000% due <br> 4/15/28<br>| 890914 | &nbsp;&nbsp;&nbsp;&nbsp; 614973 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, 0.000% due <br> 2/1/30<br>| 537010 | &nbsp;&nbsp;&nbsp;&nbsp; 271190 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, 0.000% due <br> 2/1/34<br>| 2006721 | &nbsp;&nbsp;&nbsp;&nbsp; 797672 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, 0.000% due <br> 2/1/35<br>| 1695820 | &nbsp;&nbsp;&nbsp;&nbsp; 877587 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, 0.000% due <br> 2/1/36<br>| 1413184 | &nbsp;&nbsp;&nbsp;&nbsp; 727790 | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, 4.500% due <br> 2/1/34<br>| 3870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080125 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, 4.500% due <br> 2/1/35<br>| 2380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1267350 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, 4.500% due <br> 2/1/36<br>| 1966168 | &nbsp;&nbsp;&nbsp;&nbsp; 1037154 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp;&nbsp; Zambia Government International Bond, 0.500% due <br> 12/31/53<br>| 3525852 | &nbsp;&nbsp;&nbsp;&nbsp; 2349734 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% |
| &nbsp;&nbsp;&nbsp; Zambia Government International Bond, 5.750% due <br> 6/30/33<br>| 2655488  | &nbsp;&nbsp;&nbsp;&nbsp; 1741072 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% |
| **Total** |  | &nbsp;&nbsp;&nbsp; **$175347758** | &nbsp;&nbsp;&nbsp; **100.00%** |

---

<sup>(a)</sup>

The coupon payment on this security is currently in default as of August 31, 2025.

This Consolidated 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 Consolidated Schedule of Investments.

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

Notes to Consolidated Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Inflation-Linked Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as a diversified, closed-end management investment company. The Fund commenced operations on September 26, 2003.

The Fund's primary investment objective is to provide current income for its shareholders. Capital appreciation, when consistent with current income, is a secondary investment objective. Under normal market conditions and at the time of purchase, the Fund will invest at least 80% of its total managed assets in inflation-linked securities and at least 60% of its total managed assets in U.S. Treasury Inflation Protected Securities ("TIPS"). The Fund may also invest up to 40% of its total managed assets in non-U.S. dollar investments. The Fund can invest no more than 10% of its total managed assets in securities rated below investment grade at the time of purchase (or, if unrated, assets of comparable quality as determined by management). If a security is rated by multiple nationally recognized statistical rating organizations ("NRSROs") and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.

The Fund may gain exposure to the commodities markets by investing a portion of its assets in a wholly-owned subsidiary, Western Asset Inflation-Linked Income Fund CFC (the "Subsidiary"), organized under the laws of the Cayman Islands. Among other investments, the Subsidiary may invest in commodity-linked instruments. The Fund may invest up to 25% of its total assets in the Subsidiary; although 10% of total managed assets may be utilized for commodity-related strategies. This schedule of investments is the Consolidated Schedule of Investments of the Fund and the Subsidiary.

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

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

Pursuant to policies adopted by the Board, the Fund's adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's adviser 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 adviser 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

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

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.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $241883377 | &nbsp;&nbsp; — | &nbsp;&nbsp; $241883377 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 24655550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24655550 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 16700027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16700027 |
| &nbsp;&nbsp;&nbsp; Non-U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 7285742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7285742 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3988882 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3988882 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 130398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130398 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 90749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90749 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 294734725 | &nbsp;&nbsp; — | &nbsp;&nbsp; 294734725 |
| Short-Term Investments† | &nbsp;&nbsp; $6930418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6930418 |
| **Total Investments** | &nbsp;&nbsp; **$6930418** | &nbsp;&nbsp; **$294734725** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$301665143** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $205550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $205550 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $17503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 126091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126091 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 72413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72413 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$205550** | &nbsp;&nbsp; **$216007** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$421557** |
| **Total** | &nbsp;&nbsp; **$7135968** | &nbsp;&nbsp; **$294950732** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$302086700** |

---

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

Notes to Consolidated 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; Futures Contracts†† | &nbsp;&nbsp; $119776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $119776 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $80310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80310 |
| **Total** | &nbsp;&nbsp; **$119776** | &nbsp;&nbsp; **$80310** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$200086** |

---

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

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

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2025. The following transactions were effected 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>November 30, <br>2024 | 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>November 30, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $6162056 | $65223522 | 65223522 | $64455160 | 64455160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>|  | $181559 |  | $6930418 |

---

------

Western Asset Inflation-Linked Income Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Western Asset Inflation-Linked Income Fund

- **b. Investment Company Act file number:** 811-21403

- **c. CIK number of Registrant:** 0001254370

- **d. LEI of Registrant:** 549300BKG7Y2MQAORR48

- **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:** 1-888-777-0102

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

- **a. Name of Series:** Western Asset Inflation-Linked Income Fund

- **c. LEI of Series:** 549300BKG7Y2MQAORR48

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

- **a. Date of fiscal year-end:** 2025-11-30

- **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:** $305730458.65

**Total Liabilities:** $90270127.74

**Net Assets:** $215460330.91

**Amount of Assets Invested in Other Investment Companies:** $29624247.98

**Cash Not Reported:** $826691.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2247.20000000 | **1-Year:** 3268.86000000 | **5-Year:** 7025.70000000 | **10-Year:** 16169.72000000 | **30-Year:** 1944.22000000

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

- **3-Month:** 13.43000000 | **1-Year:** 1205.03000000 | **5-Year:** 2829.94000000 | **10-Year:** 86.44000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 3.20%                | -0.21%               | 1.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-974820.43              | $2868600.36                                |
| Month 2  | $-188681.98              | $-602945.65                                |
| Month 3  | $-17289.31               | $2350370.21                                |

### Schedule of Portfolio Investments

| Name                                                    | Title                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO MERCANTILE EXCHANGE INC.                        | AUDUSD CRNCY                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |         50 | NC      | $32125.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.                      | NATURAL GAS                                                   | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |          7 | NC      | $-6457.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                     | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     410000 | PA      | $431861.47    | 0.20%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                      | CUSIP: 38378B2Q1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1127674 | PA      | $33226.92     | 0.02%             | 2054-01-16      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| MRCD Mortgage Trust                                     | MRCD 2019-MARK Mortgage Trust                                 | CUSIP: 55348UAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     850000 | PA      | $757137.50    | 0.35%             | 2036-12-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2021-R01                  | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     330000 | PA      | $337101.20    | 0.16%             | 2041-10-25      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -8109907 | PA      | $-8109906.78  | -3.76%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2025-SPOT                        | CUSIP: 12433FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1098164 | PA      | $1101218.44   | 0.51%             | 2040-04-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -3594054 | PA      | $-3594054.47  | -1.67%            |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CCA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   15989610 | PA      | $15883492.24  | 7.37%             | 2026-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                             | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     440000 | PA      | $460421.99    | 0.21%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC1 Trust                                         | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     588907 | PA      | $501868.53    | 0.23%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.                      | NATURAL GAS                                                   | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |         28 | NC      | $-59891.51    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CDC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   15463633 | PA      | $15379144.04  | 7.14%             | 2026-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                              | CUSIP: 3133BSPH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      57615 | PA      | $59432.58     | 0.03%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810RL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13834879 | PA      | $10044311.97  | 4.66%             | 2045-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -6071030 | PA      | $-6071030.17  | -2.82%            |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912828N71<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4072560 | PA      | $4057056.54   | 1.88%             | 2026-01-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                      | CUSIP: 38378NK51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      89864 | PA      | $366.65       | 0.00%             | 2048-02-16      | Variable      | 0.16%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -7679669 | PA      | $-7679668.57  | -3.56%            |  |  |  | No            |                  2 | On Loan: No      |
| ANTOFAGASTA PLC                                         | Antofagasta PLC                                               | CUSIP: 03718NAA4<br>LEI: 213800MY6QVH4FVLD628 | Long             | DBT              | CORP              | GB        |     550000 | PA      | $493482.00    | 0.23%             | 2030-10-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -7171114 | PA      | $-7171113.92  | -3.33%            |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810RF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5536120 | PA      | $4634188.45   | 2.15%             | 2044-02-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                                | COPPER                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         49 | NC      | $-53426.23    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Commercial Mortgage                           | Citigroup Commercial Mortgage Trust 2016-C3                   | CUSIP: 17325GAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     101598 | PA      | $99829.47     | 0.05%             | 2049-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                   | General Dynamics Corp                                         | CUSIP: 369550BJ6<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    2560000 | PA      | $2123483.21   | 0.99%             | 2050-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                                | BXMT 2020-FL2 LTD                                             | CUSIP: 12434LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     105477 | PA      | $105154.67    | 0.05%             | 2038-02-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                      | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     440000 | PA      | $445289.07    | 0.21%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2020-2                              | CUSIP: 89176UAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     617105 | PA      | $565276.76    | 0.26%             | 2060-04-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CAQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    6837325 | PA      | $6824024.63   | 3.17%             | 2025-10-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                     | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     660000 | PA      | $652261.30    | 0.30%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST II                                 | ILFC E-Capital Trust II                                       | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1010000 | PA      | $866682.31    | 0.40%             | 2065-12-21      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                   | CUSIP: 71647NAY5<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     510000 | PA      | $522406.77    | 0.24%             | 2028-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5066450 | PA      | $5175965.52   | 2.40%             | 2030-04-15      | Fixed         | 1.62%                 | 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        |         44 | NC      | $22308.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                           | CUSIP: 46647PBN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     430000 | PA      | $287778.60    | 0.13%             | 2051-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                               | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |     600000 | PA      | $611751.00    | 0.28%             | 2028-08-08      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                            | CUSIP: 3137ARUW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      75224 | PA      | $681.78       | 0.00%             | 2027-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2021-B29 Mortgage Trust                             | CUSIP: 08163JAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4168664 | PA      | $155741.70    | 0.07%             | 2054-09-15      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2024-DNA2                       | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |     299213 | PA      | $300612.64    | 0.14%             | 2044-05-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T                          | Alternative Loan Trust 2007-12T1                              | CUSIP: 02150LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1083930 | PA      | $476943.20    | 0.22%             | 2037-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-NQM4 Trust                                           | CUSIP: 67120QAC0<br>LEI: 254900IAVXYLOCPK6W54 | Long             | ABS-MBS          | CORP              | US        |     647281 | PA      | $651591.84    | 0.30%             | 2055-02-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM I/L GILT                                 | United Kingdom Inflation-Linked Gilt                          | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    1619940 | PA      | $917186.12    | 0.43%             | 2068-03-22      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Home Re Ltd                                             | Home RE 2023-1 Ltd                                            | CUSIP: 43731BAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     290000 | PA      | $310572.77    | 0.14%             | 2033-10-25      | Floating      | 10.35%                | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810PS1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3198980 | PA      | $3264450.45   | 1.52%             | 2027-01-15      | Fixed         | 2.38%                 | 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      | $76557.30     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2022-1                             | CUSIP: 92538WAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $269411.35    | 0.13%             | 2067-01-25      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                                          | Halliburton Co                                                | CUSIP: 406216BG5<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |       3000 | PA      | $2994.43      | 0.00%             | 2025-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2024-8                             | CUSIP: 92540PAC2<br>LEI: 213800RZ8QGNZ38DSP77 | Long             | ABS-MBS          | CORP              | US        |     300750 | PA      | $302813.45    | 0.14%             | 2069-10-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2023-1                               | CUSIP: 03465WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     193233 | PA      | $192114.38    | 0.09%             | 2067-09-26      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2020-R01                  | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     350000 | PA      | $358867.88    | 0.17%             | 2040-01-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CFR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5444450 | PA      | $5552308.26   | 2.58%             | 2027-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                              | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    2440000 | PA      | $2207248.06   | 1.02%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie B                      | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   13613703 | PA      | $2187059.97   | 1.02%             | 2050-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CLV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5125600 | PA      | $5259010.30   | 2.44%             | 2029-10-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                              | Verus Securitization Trust 2023-8                             | CUSIP: 92540DAE5<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |     290000 | PA      | $295681.80    | 0.14%             | 2068-12-25      | Variable      | 8.08%                 | 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      | $-1740.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                 | GSR Mortgage Loan Trust 2004-11                               | CUSIP: 36242DFP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      18345 | PA      | $18553.76     | 0.01%             | 2034-09-25      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13521420 | PA      | $14215288.84  | 6.60%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                               | CUSIP: 80007RAL9<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |     420000 | PA      | $410250.96    | 0.19%             | 2030-06-18      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2022-R07                  | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     154662 | PA      | $158279.45    | 0.07%             | 2042-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                        | CUSIP: 715638FC1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     500000 | PA      | $504650.00    | 0.23%             | 2036-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                      | CUSIP: 38378NF99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     483614 | PA      | $11119.20     | 0.01%             | 2055-09-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                                  | Bausch Health Americas Inc                                    | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |     970000 | PA      | $968486.80    | 0.45%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                  | BP Capital Markets America Inc                                | CUSIP: 10373QBL3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     190000 | PA      | $185922.06    | 0.09%             | 2030-04-06      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2020-2                              | CUSIP: 89176UAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $195878.30    | 0.09%             | 2060-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -8019028 | PA      | $-8019028.18  | -3.72%            |  |  |  | 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        |        -18 | NC      | $3625.20      | 0.00%             |  |  |  | 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      | $49377.87     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810QF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    5074058 | PA      | $5060736.57   | 2.35%             | 2040-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                  | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     370000 | PA      | $313200.10    | 0.15%             | 2035-11-15      | Fixed         | 3.14%                 | 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      | $1642.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONCER                                                  | Argentina Treasury Bond BONCER                                | CUSIP: 000000000<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        | 1641676604 | PA      | $973044.76    | 0.45%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                   | General Dynamics Corp                                         | CUSIP: 369550BH0<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |      10000 | PA      | $9034.65      | 0.00%             | 2040-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2025-DNA1                       | CUSIP: 35564NGA5<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |     340000 | PA      | $340188.02    | 0.16%             | 2045-01-25      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| GLENCORE FINANCE CANADA                                 | Glencore Finance Canada Ltd                                   | CUSIP: 98417EAR1<br>LEI: 5493005TTO0UJ33KCK70 | Long             | DBT              | CORP              | CA        |    1170000 | PA      | $1119708.90   | 0.52%             | 2042-10-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                 | Exxon Mobil Corp                                              | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     330000 | PA      | $232942.42    | 0.11%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                      | CUSIP: 38379KVU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3533133 | PA      | $24882.44     | 0.01%             | 2052-03-16      | Variable      | 0.25%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                               | CUSIP: 80007RAS4<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |     400000 | PA      | $363055.72    | 0.17%             | 2031-08-08      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CEJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   13709160 | PA      | $13531043.33  | 6.28%             | 2027-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    1253720 | PA      | $1203070.30   | 0.56%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    8145410 | PA      | $7526951.91   | 3.49%             | 2032-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | USD/MXN FORWARD                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |          1 | NC      | $456.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PRP Advisors, LLC                                       | PRPM 2024-NQM4 Trust                                          | CUSIP: 69381UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     232449 | PA      | $234215.68    | 0.11%             | 2069-12-26      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810FH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   44147925 | PA      | $48618278.99  | 22.56%            | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                                 | Inter-American Development Bank                               | CUSIP: 000000000<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | N/A       |   90000000 | PA      | $1047230.94   | 0.49%             | 2030-10-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                        | CUSIP: 195325EA9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     820000 | PA      | $572163.20    | 0.27%             | 2042-02-22      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| YAMANA GOLD INC                                         | Yamana Gold Inc                                               | CUSIP: 98462YAD2<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |     670000 | PA      | $669539.52    | 0.31%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    4282530 | PA      | $3337565.26   | 1.55%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Series 2019-NQM1                                         | CUSIP: 12655VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      52407 | PA      | $51783.76     | 0.02%             | 2059-10-25      | Variable      | 3.66%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                              | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      90000 | PA      | $90748.83     | 0.04%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                            | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     430000 | PA      | $442435.40    | 0.21%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1 | CUSIP: 35563PC80<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     460000 | PA      | $426748.53    | 0.20%             | 2061-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/GBP FORWARD                                               | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |          1 | NC      | $14314.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2014-1                    | CUSIP: 64828AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     220068 | PA      | $214446.79    | 0.10%             | 2054-01-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                | BHP Billiton Finance USA Ltd                                  | CUSIP: 055451AV0<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     810000 | PA      | $769575.11    | 0.36%             | 2043-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2019-R05                  | CUSIP: 20754HAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     256120 | PA      | $262657.70    | 0.12%             | 2039-07-25      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                          | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    1340000 | PA      | $1308591.62   | 0.61%             | 2044-06-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                       | EOG Resources Inc                                             | CUSIP: 26875PAT8<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     120000 | PA      | $105676.82    | 0.05%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                               | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |     200000 | PA      | $187795.26    | 0.09%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2024-DNA1                       | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |     460000 | PA      | $466695.76    | 0.22%             | 2044-02-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates  | CUSIP: 3137FWG95<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1575035 | PA      | $82513.57     | 0.04%             | 2030-06-25      | Variable      | 1.42%                 | 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        |     300000 | PA      | $294345.72    | 0.14%             | 2050-08-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2022-DNA3                       | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $618007.44    | 0.29%             | 2042-04-25      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | AUDUSD CRNCY                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |          5 | NC      | $2087.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2022-DNA4                       | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |     370000 | PA      | $384315.52    | 0.18%             | 2042-05-25      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 9128283R9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3923040 | PA      | $3889523.51   | 1.81%             | 2028-01-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2023-AFC1 Trust                                         | CUSIP: 693981AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     422939 | PA      | $424951.36    | 0.20%             | 2058-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810FS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11376260 | PA      | $11387984.26  | 5.29%             | 2026-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                                 | Exxon Mobil Corp                                              | CUSIP: 30231GBG6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    3500000 | PA      | $2900364.88   | 1.35%             | 2050-03-19      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2016-1 | CUSIP: 35563PAE9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     252850 | PA      | $232752.18    | 0.11%             | 2055-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                          | Chase Mortgage Finance Trust Series 2007-A1                   | CUSIP: 161630AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |        958 | PA      | $905.71       | 0.00%             | 2037-02-25      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                         | CUSIP: 65412JAC7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     200000 | PA      | $201761.90    | 0.09%             | 2027-11-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                             | SREIT Trust 2021-PALM                                         | CUSIP: 85237AAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     830000 | PA      | $827678.24    | 0.38%             | 2034-10-15      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                      | CUSIP: 30711XUW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     440000 | PA      | $466812.72    | 0.22%             | 2030-05-25      | Floating      | 8.46%                 | 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        |        270 | NC      | $106034.86    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                      | CUSIP: 38378XYD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5029133 | PA      | $109615.98    | 0.05%             | 2056-10-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CML2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    9096690 | PA      | $9352306.90   | 4.34%             | 2035-01-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810SM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11542688 | PA      | $6578196.94   | 3.05%             | 2050-02-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                          | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1480000 | PA      | $1511006.00   | 0.70%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                           | Citigroup Commercial Mortgage Trust 2023-SMRT                 | CUSIP: 17291NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     200000 | PA      | $206776.36    | 0.10%             | 2040-10-12      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2022-CLS                                             | CUSIP: 05609XAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     460000 | PA      | $466046.33    | 0.22%             | 2027-10-13      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| QAZAQGAZ NC JSC                                         | QazaqGaz NC JSC                                               | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |    1600000 | PA      | $1590245.34   | 0.74%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-LP2                         | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     469000 | PA      | $469323.70    | 0.22%             | 2039-02-15      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                     | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     810000 | PA      | $791267.45    | 0.37%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810TE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    7415872 | PA      | $3863462.04   | 1.79%             | 2052-02-15      | Fixed         | 0.12%                 | 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      | $535442.64    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Boca Commercial Mortgage Trust                          | BOCA Commercial Mortgage Trust 2024-BOCA                      | CUSIP: 096817AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     390000 | PA      | $392331.69    | 0.18%             | 2041-08-15      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                        | CUSIP: 715638DS8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     200000 | PA      | $152070.00    | 0.07%             | 2041-03-11      | Fixed         | 3.30%                 | 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        |    8146162 | NS      | $8146162.10   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                            | CUSIP: 3137ARKV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      15347 | PA      | $67.89        | 0.00%             | 2027-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                          | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     800000 | PA      | $793018.66    | 0.37%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                             | CUSIP: 29379VBV4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    1170000 | PA      | $1127809.06   | 0.52%             | 2029-07-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 912810QP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2209410 | PA      | $2174789.12   | 1.01%             | 2041-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |  -42384396 | PA      | $-42384396.44 | -19.67%           |  |  |  | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Pro                          | RAMP Series 2004-SL4 Trust                                    | CUSIP: 76112BGP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      28872 | PA      | $9448.09      | 0.00%             | 2032-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie B                      | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   11957369 | PA      | $2087157.08   | 0.97%             | 2029-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                          | BRL/USD FORWARD                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |          1 | NC      | $-77480.27    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                          | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     470000 | PA      | $443259.97    | 0.21%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                      | CUSIP: 38379RAJ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4852111 | PA      | $105916.73    | 0.05%             | 2057-09-16      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                          | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     200000 | PA      | $199174.00    | 0.09%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CGK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   12994440 | PA      | $12625593.99  | 5.86%             | 2033-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| BARRICK NA FINANCE LLC                                  | Barrick North America Finance LLC                             | CUSIP: 06849RAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     530000 | PA      | $538525.35    | 0.25%             | 2043-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2024-R02                  | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     250000 | PA      | $252395.35    | 0.12%             | 2044-02-25      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   10913240 | PA      | $10973610.95  | 5.09%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     374747 | PA      | $366920.69    | 0.17%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                      | CUSIP: 38376G5V8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1012377 | PA      | $10.12        | 0.00%             | 2046-09-16      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2021-BNK32                                               | CUSIP: 06542BBN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2597572 | PA      | $78413.17     | 0.04%             | 2054-04-15      | Variable      | 0.87%                 | 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        |       -117 | NC      | $39368.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MHC Commercial Mortgage Trust                           | MHC Commercial Mortgage Trust 2021-MHC                        | CUSIP: 55316VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      55527 | PA      | $55547.05     | 0.03%             | 2038-04-15      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                              | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      40000 | PA      | $39759.63     | 0.02%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-ARIA                                            | CUSIP: 05608RAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     850000 | PA      | $850979.88    | 0.39%             | 2036-10-15      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                               | CUSIP: 3140QQWS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      67595 | PA      | $70965.55     | 0.03%             | 2052-11-01      | Fixed         | 6.50%                 | 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        |     320000 | PA      | $331004.58    | 0.15%             | 2043-07-25      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| CRSO 2023-BRND A                                        | CRSO 2023-BRND A                                              | CUSIP: 228925AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     430000 | PA      | $451285.43    | 0.21%             | 2028-07-10      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | Morgan Stanley & Co                                           | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | Short            | RA               | CORP              | US        |   -4799607 | PA      | $-4799607.10  | -2.23%            |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN UDIBONOS                                        | Mexican Udibonos                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   21346442 | PA      | $1121294.11   | 0.52%             | 2028-11-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                       | EOG Resources Inc                                             | CUSIP: 26875PAU5<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |      40000 | PA      | $40249.98     | 0.02%             | 2030-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                                         | United States Treasury Inflation Indexed Bonds                | CUSIP: 9128285W6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   11497140 | PA      | $11471021.72  | 5.32%             | 2029-01-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Western Asset Inflation-Linked Income Fund

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer