# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0000940400-26-014696
**Filing Date:** 2026-4
**Character Count:** 346213
**Document Hash:** c2a79a8075417ad00133a7ece9cff0ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014696.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014696

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06110
- **FILM NUMBER:** 26892835

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

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

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

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

## Series and Classes Contracts Data

### Western Asset High Yield Fund (Series ID: S000000716)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002086 | Class I      | WAHYX           |
| C000066991 | Class IS     | WAHSX           |
| C000113710 | CLASS A      | WAYAX           |
| C000113711 | CLASS C      | WAYCX           |
| C000113712 | CLASS R      | WAYRX           |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

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

 **Western Asset High Yield Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 79.6%** | **Corporate Bonds & Notes — 79.6%** | **Corporate Bonds & Notes — 79.6%** | **Corporate Bonds & Notes — 79.6%** | **Corporate Bonds & Notes — 79.6%** |
| **Communication Services — 11.4%** | **Communication Services — 11.4%** | **Communication Services — 11.4%** | **Communication Services — 11.4%** | **Communication Services — 11.4%** |
| *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; $239910<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 971232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1, Senior Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 382000<br>| &nbsp;&nbsp;&nbsp; 359427<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 168255<br>| &nbsp;&nbsp;&nbsp; 170988<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp;&nbsp; 599163<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 579269<br>| &nbsp;&nbsp;&nbsp; 556775<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 319000<br>| &nbsp;&nbsp;&nbsp; 313495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1073527<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 259116<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 879612<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *5423245* |
| *Entertainment — 0.9%* | *Entertainment — 0.9%* | *Entertainment — 0.9%* | *Entertainment — 0.9%* | *Entertainment — 0.9%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 537797<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 831900<br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 698445<br> <sup>(a)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *2068142* |
| *Media — 6.5%* | *Media — 6.5%* | *Media — 6.5%* | *Media — 6.5%* | *Media — 6.5%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 118031<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 456022<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 4140000<br>| &nbsp;&nbsp;&nbsp; 3609111<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 406256<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 426355<br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 518188<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50080<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 450352<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1187000<br>| &nbsp;&nbsp;&nbsp; 1173442<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 160915<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1048324<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 776873<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 1325000<br>| &nbsp;&nbsp;&nbsp; 1447594<br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 459036<br>| &nbsp;&nbsp;&nbsp; 465464<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 62004<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 327814<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 53366<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 192000<br>| &nbsp;&nbsp;&nbsp; 145440<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mcclatchy Media Co. LLC, Senior Secured Notes (11.000% Cash or <br> 12.500% PIK) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 1905393<br>| &nbsp;&nbsp;&nbsp; 2153094<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 185015<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 440333<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 167754<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 314745<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *14956572* |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp;&nbsp; $1262343<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 310050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 763297<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 363300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 383272<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 464863<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *3547125* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **25995084** |
| **Consumer Discretionary — 13.7%** | **Consumer Discretionary — 13.7%** | **Consumer Discretionary — 13.7%** | **Consumer Discretionary — 13.7%** | **Consumer Discretionary — 13.7%** |
| *Automobile Components — 2.6%* | *Automobile Components — 2.6%* | *Automobile Components — 2.6%* | *Automobile Components — 2.6%* | *Automobile Components — 2.6%* |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 772416<br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 803435<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112022<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 597337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 226054<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 623963<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 881119<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/14/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 337925<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 587783<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 893388<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *5835442* |
| *Automobiles — 1.7%* | *Automobiles — 1.7%* | *Automobiles — 1.7%* | *Automobiles — 1.7%* | *Automobiles — 1.7%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 585332<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 827559<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp;&nbsp; 2453525<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *3866416* |
| *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Carriage Services Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 346917<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Covista Inc., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 348000<br>| &nbsp;&nbsp;&nbsp; 348000<br> <sup>(a)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *694917* |
| *Hotels, Restaurants & Leisure — 5.6%* | *Hotels, Restaurants & Leisure — 5.6%* | *Hotels, Restaurants & Leisure — 5.6%* | *Hotels, Restaurants & Leisure — 5.6%* | *Hotels, Restaurants & Leisure — 5.6%* |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC/Brightstar Global Solutions Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 258538<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1698820<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1044000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Life Time Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 329964<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 592918<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marston's Issuer PLC, Secured Notes (SONIA + 2.669%) | &nbsp;&nbsp; 6.413% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 1232000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 1573139<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 361730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/17/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 576815<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 549065<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1535153<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 787133<br> <sup>(a)</sup><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; 191532<br>|
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium <br> Operations LLC, Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 354627<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; $840919<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 857426<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior <br> Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 221427<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior <br> Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 939970<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *12713176* |
| *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 583268<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 326474<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 555061<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *1464803* |
| *Specialty Retail — 2.9%* | *Specialty Retail — 2.9%* | *Specialty Retail — 2.9%* | *Specialty Retail — 2.9%* | *Specialty Retail — 2.9%* |
| &nbsp;&nbsp;&nbsp; Gee Automotive Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 549172<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204982<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; 1427156<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 2090000<br>| &nbsp;&nbsp;&nbsp; 1955306<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 331022<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 547304<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 571344<br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1099746<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *6686032* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **31260786** |
| **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings Inc./Triton Water Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *220515*<br> <sup>(a)</sup><br>|
| *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet <br> Food Inc./Simmons Feed Ingredients Inc., Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 463750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TKC Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 532550<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *996300* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1216815** |
| **Energy — 11.4%** | **Energy — 11.4%** | **Energy — 11.4%** | **Energy — 11.4%** | **Energy — 11.4%** |
| *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 787759<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 572756<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 610095<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1970610* |
| *Oil, Gas & Consumable Fuels — 10.5%* | *Oil, Gas & Consumable Fuels — 10.5%* | *Oil, Gas & Consumable Fuels — 10.5%* | *Oil, Gas & Consumable Fuels — 10.5%* | *Oil, Gas & Consumable Fuels — 10.5%* |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 578904<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1143024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 449667<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 914584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 595299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20242<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield 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; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; $1530801<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 11/3/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 54688<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 469683<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 <br> then 3 mo. USD LIBOR + 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 172319<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/5/29 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1340481<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 464640<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 599752<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. <br> Term SOFR + 5.750%) | &nbsp;&nbsp; 9.410% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1229730<br>| &nbsp;&nbsp;&nbsp; 1278919<br> <sup>(a)(d)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 726317<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 191645<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501958<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 272000<br>| &nbsp;&nbsp;&nbsp; 291791<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1018589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41440<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 153762<br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 227835<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 179809<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 240878<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30 then 5 <br> year Treasury Constant Maturity Rate + 4.230%) | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 1167000<br>| &nbsp;&nbsp;&nbsp; 1207197<br> <sup>(a)(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110997<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 820898<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 280044<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 466477<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 572534<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 151414<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to <br> 9/30/29 then 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp;&nbsp; 2293315<br> <sup>(a)(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1282811<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 310747<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73533<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 102129<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1939767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1223408<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *24022298* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **25992908** |
| **Financials — 10.7%** | **Financials — 10.7%** | **Financials — 10.7%** | **Financials — 10.7%** | **Financials — 10.7%** |
| *Banks — 2.6%* | *Banks — 2.6%* | *Banks — 2.6%* | *Banks — 2.6%* | *Banks — 2.6%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Junior Subordinated Notes (9.625% to <br> 11/21/33 then 5 year Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 965008<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Junior Subordinated Notes (8.000% to 1/27/29 <br> then 5 year Treasury Constant Maturity Rate + 4.017%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/27/84 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 471054<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 <br> then 5 year Treasury Constant Maturity Rate + 4.899%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/16/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; $745529<br> <sup>(a)(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (8.000% to 8/22/31 <br> then 5 year Treasury Constant Maturity Rate + 3.727%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/22/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 263080<br> <sup>(a)(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 <br> year Treasury Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 424115<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 <br> year Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 215451<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to <br> 4/1/30 then 5 year Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 335388<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (6.750% to <br> 6/27/26 then 5 year Treasury Constant Maturity Rate + 4.815%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/27/26 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 293023<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to <br> 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1054408<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Junior Subordinated Notes (7.250% to <br> 7/31/29 then 5 year Treasury Constant Maturity Rate + 2.977%) | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/31/84 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 491722<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to <br> 10/31/27 then 5 year Treasury Constant Maturity Rate + 4.075%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 10/31/82 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 753880<br> <sup>(d)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *6012658* |
| *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to <br> 12/1/30 then 10 year Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 425478<br> <sup>(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 612489<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4040000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 394632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 509900<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.000% to 8/10/30 then <br> USD 5 year SOFR ICE Swap Rate + 3.077%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 429415<br> <sup>(a)(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then <br> USD 5 year SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 225497<br> <sup>(a)(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.750% to 4/12/31 then <br> USD 5 year SOFR ICE Swap Rate + 4.160%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 4/12/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 235939<br> <sup>(a)(d)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 <br> then 5 year Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 567222<br> <sup>(a)(d)(f)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3400572* |
| *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* |
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69699<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 485628<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. <br> Term SOFR + 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1153225<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 347659<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 379232<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *2435443* |
| *Financial Services — 3.1%* | *Financial Services — 3.1%* | *Financial Services — 3.1%* | *Financial Services — 3.1%* | *Financial Services — 3.1%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 538968<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 335666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 208952<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1280444<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; $322156<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30808<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 730627<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 605646<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 348034<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1336071<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 375734<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 113544<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 828942<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *7055592* |
| *Insurance — 1.4%* | *Insurance — 1.4%* | *Insurance — 1.4%* | *Insurance — 1.4%* | *Insurance — 1.4%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 206126<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 533343<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1734427<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 428189<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryan Specialty LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 342785<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *3244870* |
| *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199154<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 301854<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 488865<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 220312<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 934482<br> <sup>(a)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *2144667* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **24293802** |
| **Health Care — 6.8%** | **Health Care — 6.8%** | **Health Care — 6.8%** | **Health Care — 6.8%** | **Health Care — 6.8%** |
| *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* |
| &nbsp;&nbsp;&nbsp; Akumin Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 8/31/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 289875<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1073356<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 212434<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 778873<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1064000<br>| &nbsp;&nbsp;&nbsp; 1154414<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 643592<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/95 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 739712<br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1484822<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 119611<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1158815<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 499270<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1478684<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 343000<br>| &nbsp;&nbsp;&nbsp; 286405<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *9919863* |
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *301187*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; $1190259<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1084013<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 413596<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 218958<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 746996<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV BV, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 1490000<br>| &nbsp;&nbsp;&nbsp; 1547088<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *5200910* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **15421960** |
| **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** |
| *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* | *Aerospace & Defense — 1.8%* |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 577656<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 227288<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114100<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 926692<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 685517<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 147699<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/31/34 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 813589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 241348<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 311172<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *4045061* |
| *Building Products — 1.5%* | *Building Products — 1.5%* | *Building Products — 1.5%* | *Building Products — 1.5%* | *Building Products — 1.5%* |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 234873<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 515161<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 503622<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 696159<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 365799<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1143943<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *3459557* |
| *Commercial Services & Supplies — 2.8%* | *Commercial Services & Supplies — 2.8%* | *Commercial Services & Supplies — 2.8%* | *Commercial Services & Supplies — 2.8%* | *Commercial Services & Supplies — 2.8%* |
| &nbsp;&nbsp;&nbsp; Clean Harbors Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 339084<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1144623<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1095905<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Holdings US Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311503<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 559107<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 474768<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 568424<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reworld Holding Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 327946<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1076025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 526013<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *6423398* |
| *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* | *Construction & Engineering — 1.5%* |
| &nbsp;&nbsp;&nbsp; AECOM, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 787288<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 367438<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Empire Communities Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1106347<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* |
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; $1108416<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *3369489* |
| *Electrical Equipment — 0.5%* | *Electrical Equipment — 0.5%* | *Electrical Equipment — 0.5%* | *Electrical Equipment — 0.5%* | *Electrical Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Gates Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 332412<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 707182<br> <sup>(a)</sup><br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *1039594* |
| *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1151906<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; XPO CNW Inc., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 388077<br>|
| &nbsp;&nbsp;&nbsp; XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 314672<br> <sup>(a)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *1854655* |
| *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* |
| &nbsp;&nbsp;&nbsp; ATS Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 588375<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 257189<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 225788<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 581866<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Roller Bearing Co. of America Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 493381<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 522447<br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2669046* |
| *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Stena International SA, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *340404*<br> <sup>(a)</sup><br>|
| *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 632244<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 617312<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 316451<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1566007* |
| *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 366990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 433664<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 332073<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 524606<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 681741<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *2339074* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **27106285** |
| **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** |
| *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *318727*<br> <sup>(a)</sup><br>|
| *Electronic Equipment, Instruments & Components — 0.7%* | *Electronic Equipment, Instruments & Components — 0.7%* | *Electronic Equipment, Instruments & Components — 0.7%* | *Electronic Equipment, Instruments & Components — 0.7%* | *Electronic Equipment, Instruments & Components — 0.7%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 599700<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 946502<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1546202* |
| *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 441161<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 352976<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 67628<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *IT Services — continued* | *IT Services — continued* | *IT Services — continued* | *IT Services — continued* | *IT Services — continued* |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; $538795<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1400560* |
| *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* |
| &nbsp;&nbsp;&nbsp; Amkor Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 807134<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 582148<br> <sup>(a)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *1389282* |
| *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 960737<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 560948<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 377708<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elastic NV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 359386<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 318649<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rackspace Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 694200<br>| &nbsp;&nbsp;&nbsp; 285924<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2863352* |
| *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 368893<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 359455<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 298718<br> <sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1027066* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8545189** |
| **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 133975<br>|
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 574543<br>|
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 194750<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *903268* |
| *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *170358*<br> <sup>(a)</sup><br>|
| *Metals & Mining — 2.9%* | *Metals & Mining — 2.9%* | *Metals & Mining — 2.9%* | *Metals & Mining — 2.9%* | *Metals & Mining — 2.9%* |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 382638<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1133270<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 2372882<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 482000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 291161<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1484941<br>|
| &nbsp;&nbsp;&nbsp; Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 585026<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *6731918* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7805544** |
| **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** | **Real Estate — 3.7%** |
| *Diversified REITs — 1.5%* | *Diversified REITs — 1.5%* | *Diversified REITs — 1.5%* | *Diversified REITs — 1.5%* | *Diversified REITs — 1.5%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 232428<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 254923<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 3.692% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 100000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 122134<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1280031<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 289171<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Diversified REITs — continued* | *Diversified REITs — continued* | *Diversified REITs — continued* | *Diversified REITs — continued* | *Diversified REITs — continued* |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC, Senior <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; $1070809<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior <br> Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 213162<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *3462658* |
| *Health Care REITs — 0.8%* | *Health Care REITs — 0.8%* | *Health Care REITs — 0.8%* | *Health Care REITs — 0.8%* | *Health Care REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 391428<br>|
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 841878<br>|
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 489334<br> <sup>(a)</sup><br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *1722640* |
| *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 222404<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 642497<br> <sup>(a)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *864901* |
| *Specialized REITs — 1.0%* | *Specialized REITs — 1.0%* | *Specialized REITs — 1.0%* | *Specialized REITs — 1.0%* | *Specialized REITs — 1.0%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 903320<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 263474<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1145911<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *2312705* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8362904** |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 343536<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 365343<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp;&nbsp; 1792176<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 761270<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 528615<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 915666<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *4706606* |
| *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *279472*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *552403*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **5538481** |
| **Total Corporate Bonds & Notes (Cost — $178,537,519)** | **Total Corporate Bonds & Notes (Cost — $178,537,519)** | **Total Corporate Bonds & Notes (Cost — $178,537,519)** | **Total Corporate Bonds & Notes (Cost — $178,537,519)** | &nbsp;&nbsp; **181539758** |
| **Asset-Backed Securities — 7.9%** | **Asset-Backed Securities — 7.9%** | **Asset-Backed Securities — 7.9%** | **Asset-Backed Securities — 7.9%** | **Asset-Backed Securities — 7.9%** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 543697<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., 2025-2A D (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 6.835% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 392529<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2025-44A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.581% | &nbsp;&nbsp; 10/22/37 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 455398<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%) | &nbsp;&nbsp; 6.068% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 391317<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2024-30A D1R (3 mo. Term SOFR + 2.650%) | &nbsp;&nbsp; 6.243% | &nbsp;&nbsp; 4/15/39 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311135<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%) | &nbsp;&nbsp; 10.168% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 521348<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 185725<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%) | &nbsp;&nbsp; 8.768% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 460636<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arini US CLO Ltd., 3A E (3 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 9.170% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 302424<br> <sup>(a)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR + <br> 3.100%) | &nbsp;&nbsp; 6.771% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; $449651<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%) | &nbsp;&nbsp; 7.569% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 452643<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blueberry Park CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 6.568% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281232<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-30A DR (3 mo. Term SOFR + 3.300%) | &nbsp;&nbsp; 6.972% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 397624<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.915% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 453683<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Four US CLO Ltd., 2025-4A D1 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 7.008% | &nbsp;&nbsp; 10/18/38 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 389425<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371592<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%) | &nbsp;&nbsp; 6.218% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 277736<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2025-35A D1A (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 7/25/36 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281953<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., 2022-113A D1R3 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.672% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400458<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2016-22A DR4 (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.463% | &nbsp;&nbsp; 4/16/34 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 446613<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2018-25A D1RR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300377<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2020-8A DRR (3 mo. <br> Term SOFR + 2.900%) | &nbsp;&nbsp; 6.568% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 292139<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 4/17/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231541<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320731<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2021-17A DR (3 mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 511408<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 8.368% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 570743<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.272% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 491577<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2015-9A CR (3 mo. Term SOFR + 3.382%) | &nbsp;&nbsp; 7.054% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250892<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR + 3.400%) | &nbsp;&nbsp; 7.228% | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 313473<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Mountain CLO Ltd., 5A D1R (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 6.818% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 322246<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.922% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 574470<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2024-1A D1 (3 mo. Term SOFR + 3.400%) | &nbsp;&nbsp; 7.068% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 808757<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2024-16A D1 (3 mo. Term SOFR + 3.300%) | &nbsp;&nbsp; 6.968% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 703640<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 6.518% | &nbsp;&nbsp; 7/19/37 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 331776<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 6.618% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 462031<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-3A CR (3 mo. Term SOFR + <br> 1.850%) | &nbsp;&nbsp; 5.510% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310000<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Au Roche Park CLO Ltd., 2021-1A D1R (3 mo. Term SOFR + <br> 2.450%) | &nbsp;&nbsp; 6.109% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 367232<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PPM CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 543733<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 8.572% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 453263<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2020-22A DR (3 mo. Term SOFR + 3.300%) | &nbsp;&nbsp; 6.968% | &nbsp;&nbsp; 4/18/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 248345<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2021-25A D (3 mo. Term SOFR + 3.862%) | &nbsp;&nbsp; 7.529% | &nbsp;&nbsp; 4/19/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249791<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trestles CLO Ltd., 2025-8A D1 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.668% | &nbsp;&nbsp; 6/11/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330387<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Valley Stream Park CLO Ltd., 2022-1A DRR (3 mo. Term SOFR + <br> 2.700%) | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320351<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2018-2A D (3 mo. Term SOFR + 3.012%) | &nbsp;&nbsp; 6.684% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 431550<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wellesley Park CLO Ltd., 2025-1A E (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.507% | &nbsp;&nbsp; 1/24/39 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 224252<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2025-5A D1 (3 mo. Term SOFR + 2.850%) | &nbsp;&nbsp; 6.518% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 321732<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $18,012,160)** | **Total Asset-Backed Securities (Cost — $18,012,160)** | **Total Asset-Backed Securities (Cost — $18,012,160)** | **Total Asset-Backed Securities (Cost — $18,012,160)** | &nbsp;&nbsp; **18053256** |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Senior Loans — 6.8%** | **Senior Loans — 6.8%** | **Senior Loans — 6.8%** | **Senior Loans — 6.8%** | **Senior Loans — 6.8%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (6 mo. Term SOFR + 6.750%) | &nbsp;&nbsp; 10.448% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 129003<br>| &nbsp;&nbsp;&nbsp; $129500<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 798570<br> <sup>(j)(k)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *928070* |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK) | &nbsp;&nbsp; 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 997639<br>| &nbsp;&nbsp;&nbsp; 189551<br> <sup>(b)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Television Inc., Term Loan F (1 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 8.921% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 10600<br>| &nbsp;&nbsp;&nbsp; 10619<br> <sup>(d)(j)(k)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *200170* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1128240** |
| **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** |
| *Automobile Components — 0.6%* | *Automobile Components — 0.6%* | *Automobile Components — 0.6%* | *Automobile Components — 0.6%* | *Automobile Components — 0.6%* |
| &nbsp;&nbsp;&nbsp; ABC Technologies Inc., Term Loan B | 11.922-11.923% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 798471<br>| &nbsp;&nbsp;&nbsp; 798471<br> <sup>(d)(g)(h)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.173% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 493762<br>| &nbsp;&nbsp;&nbsp; 493301<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 First Lien Term Loan (1 mo. Term SOFR <br> + 7.114%) | &nbsp;&nbsp; 10.786% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 101286<br>| &nbsp;&nbsp;&nbsp; 384<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR + <br> 7.000%) | &nbsp;&nbsp; 10.671% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 129545<br>| &nbsp;&nbsp;&nbsp; 632<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR + <br> 10.000%) | &nbsp;&nbsp; 13.671% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 45226<br>| &nbsp;&nbsp;&nbsp; 8885<br> <sup>(d)(j)(k)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *1301673* |
| *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + <br> 6.800%)  | &nbsp;&nbsp; 10.489% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 1007390<br>| &nbsp;&nbsp;&nbsp;&nbsp; *865096*<br> <sup>(d)(j)(k)(l)</sup><br>|
| *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; Light & Wonder International Inc., Term Loan B3 (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.677% | &nbsp;&nbsp; 4/16/29 | &nbsp;&nbsp; 242564<br>| &nbsp;&nbsp;&nbsp; 243019<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Peninsula Pacific Entertainment LLC, Closing Date Term Loan Facility <br> B (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.422% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 412309<br>| &nbsp;&nbsp;&nbsp; 416432<br> <sup>(d)(h)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Peninsula Pacific Entertainment LLC, Delayed Draw Term Loan <br> Facility B | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 96691<br>| &nbsp;&nbsp;&nbsp; 97658<br> <sup>(h)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 3/14/31 | &nbsp;&nbsp; 854775<br>| &nbsp;&nbsp;&nbsp; 856279<br> <sup>(d)(j)(k)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1613388* |
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 335431<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kodiak BP LLC, Initial Term Loan (1 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.423% | &nbsp;&nbsp; 12/4/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350467<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (1 mo. Term SOFR <br> + 4.250%) | &nbsp;&nbsp; 7.923% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 520425<br> <sup>(d)(j)(k)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1206323* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **4986480** |
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 Term Loan Facility (3 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.672% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 242598<br>| &nbsp;&nbsp;&nbsp; 242294<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + <br> 2.000%) | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 621600<br> <sup>(d)(j)(k)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + <br> 4.000%) | &nbsp;&nbsp; 7.673% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 149625<br>| &nbsp;&nbsp;&nbsp; $143865<br> <sup>(d)(j)(k)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1007759** |
| **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| *Health Care Providers & Services — 0.4%* | *Health Care Providers & Services — 0.4%* | *Health Care Providers & Services — 0.4%* | *Health Care Providers & Services — 0.4%* | *Health Care Providers & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; EyeCare Partners LLC, Term Loan B (4.730% Cash and 3.610% PIK) | &nbsp;&nbsp; 8.340% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 622808<br>| &nbsp;&nbsp;&nbsp; 241559<br> <sup>(b)(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 221704<br>| &nbsp;&nbsp;&nbsp; 222157<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Team Services Holding Inc., Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/31/33 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 519750<br> <sup>(l)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *983466* |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + <br> 2.750%)  | &nbsp;&nbsp; 6.423% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *341833*<br> <sup>(d)(j)(k)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1325299** |
| **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** | **Industrials — 1.1%** |
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%)  | &nbsp;&nbsp; 5.923% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 526025<br>| &nbsp;&nbsp;&nbsp;&nbsp; *526354*<br> <sup>(d)(j)(k)</sup><br>|
| *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Osmose Utilities Services Inc., First Lien Initial Term Loan  | &nbsp;&nbsp; — | &nbsp;&nbsp; 6/23/28 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *378423*<br> <sup>(l)</sup><br>|
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 259210<br>| &nbsp;&nbsp;&nbsp; 42,122<br> \*<sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | &nbsp;&nbsp; 11.660% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 209310<br>| &nbsp;&nbsp;&nbsp; 204077<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 680368<br>| &nbsp;&nbsp;&nbsp; 595322<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR <br> + 8.000%) | &nbsp;&nbsp; 11.660% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 51910<br>| &nbsp;&nbsp;&nbsp; 50612<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term <br> SOFR + 8.000%) | &nbsp;&nbsp; 11.660% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 102525<br>| &nbsp;&nbsp;&nbsp; 99961<br> <sup>(d)(j)(k)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *992094* |
| *Professional Services — 0.3%* | *Professional Services — 0.3%* | *Professional Services — 0.3%* | *Professional Services — 0.3%* | *Professional Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dayforce Inc., Initial Term Loan (3 mo. Term SOFR + 3.000%)  | &nbsp;&nbsp; 6.661% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *683975*<br> <sup>(d)(j)(k)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2580846** |
| **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** |
| *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC, Initial Term Loan (6 mo. Term SOFR + <br> 7.750%)  | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1295400*<br> <sup>(d)(g)(h)(j)(k)(l)</sup><br>|
| *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 257272<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + <br> 7.000%) | &nbsp;&nbsp; 10.673% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 639244<br> <sup>(d)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | &nbsp;&nbsp; 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 1283550<br>| &nbsp;&nbsp;&nbsp; 1456162<br> <sup>(j)(k)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2352678* |
| *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR + <br> 7.750%)  | &nbsp;&nbsp; 11.622% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 35516<br>| &nbsp;&nbsp;&nbsp;&nbsp; *34385*<br> <sup>(d)(j)(k)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **3682463** |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term <br> SOFR + 4.000%)  | &nbsp;&nbsp; 7.677% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 561225<br>| &nbsp;&nbsp;&nbsp; $*551805*<br> <sup>(d)(j)(k)(l)</sup><br>|
| *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* | *Metals & Mining — 0.1%* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan (3 mo. <br> CORRA + 2.000%)  | &nbsp;&nbsp; 4.258% | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 561768<br>| &nbsp;&nbsp;&nbsp;&nbsp; *265940*<br> <sup>(d)(g)(h)(j)(k)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **817745** |
| **Total Senior Loans (Cost — $17,330,146)** | **Total Senior Loans (Cost — $17,330,146)** | **Total Senior Loans (Cost — $17,330,146)** | **Total Senior Loans (Cost — $17,330,146)** | &nbsp;&nbsp; **15528832** |
| **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 2.8%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 2.8%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 2.8%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 2.8%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 2.8%** |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2019-IMC F (1 mo. Term SOFR + <br> 2.946%) | &nbsp;&nbsp; 6.606% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1076332<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CEDR Commercial Mortgage Trust, 2022-SNAI D (1 mo. Term SOFR + <br> 2.376%) | &nbsp;&nbsp; 6.035% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 786892<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2014-GC24 B | &nbsp;&nbsp; 4.498% | &nbsp;&nbsp; 9/10/47 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 943919<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2025-RTL1 M1 | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 315098<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 2025-28L F | &nbsp;&nbsp; 8.130% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 308555<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 2025-28L G | &nbsp;&nbsp; 9.321% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 712185<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ROCK Trust, 2024-CNTR E | &nbsp;&nbsp; 8.819% | &nbsp;&nbsp; 11/13/41 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 965535<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMRT, 2022-MINI F (1 mo. Term SOFR + 3.350%) | &nbsp;&nbsp; 7.010% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 949520<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2015-C28 D | &nbsp;&nbsp; 4.137% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 375057<br>| &nbsp;&nbsp;&nbsp; 361364<br> <sup>(d)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $6,350,897)** | **Total Collateralized Mortgage Obligations (Cost — $6,350,897)** | **Total Collateralized Mortgage Obligations (Cost — $6,350,897)** | **Total Collateralized Mortgage Obligations (Cost — $6,350,897)** | &nbsp;&nbsp; **6419400** |
| **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* | *Media — 0.1%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 96111<br>| &nbsp;&nbsp;&nbsp;&nbsp; **339752**<br> <sup>(b)</sup><br>|
| **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** | **Health Care — 0.1%** |
| *Biotechnology — 0.1%* | *Biotechnology — 0.1%* | *Biotechnology — 0.1%* | *Biotechnology — 0.1%* | *Biotechnology — 0.1%* |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; **158325**<br>|
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* |
| &nbsp;&nbsp;&nbsp; AeroVironment Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 344000<br>| &nbsp;&nbsp;&nbsp; 394740<br>|
| &nbsp;&nbsp;&nbsp; BWX Technologies Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114950<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voyager Technologies Inc., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 68250<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **577940** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Super Micro Computer Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; **325828**<br>|
| **Total Convertible Bonds & Notes (Cost — $1,190,447)** | **Total Convertible Bonds & Notes (Cost — $1,190,447)** | **Total Convertible Bonds & Notes (Cost — $1,190,447)** | **Total Convertible Bonds & Notes (Cost — $1,190,447)** | &nbsp;&nbsp; **1401845** |
|  |  |  | Shares/Units |  |
| **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco | &nbsp;&nbsp;&nbsp; Altice France Luxco |  | &nbsp;&nbsp; 23923 | &nbsp;&nbsp;&nbsp; **448,505**<br> \*<br>|
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; WW International Inc. | &nbsp;&nbsp;&nbsp; WW International Inc. |  | &nbsp;&nbsp; 10516 | &nbsp;&nbsp;&nbsp; **223,570**<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares/Units | Value |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; $100<br> \*<sup>(g)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 35875 | &nbsp;&nbsp;&nbsp; 17,220<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **17320** |
| **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; VCI Asset Holdings 2 LLC | &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC |  | &nbsp;&nbsp; 236531 | &nbsp;&nbsp;&nbsp; **236,532**<br> \*<sup>(g)(h)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. | &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. |  | &nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp; **8,458**<br> \*<sup>(g)(h)</sup><br>|
| **Total Common Stocks (Cost — $1,272,713)** | **Total Common Stocks (Cost — $1,272,713)** | **Total Common Stocks (Cost — $1,272,713)** | **Total Common Stocks (Cost — $1,272,713)** | &nbsp;&nbsp;&nbsp; **934385**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** | **Sovereign Bonds — 0.4%** |
| *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* |
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes <br>(Cost — $495,933) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1148130<br>| &nbsp;&nbsp;&nbsp;&nbsp; **913213**<br> <sup>(a)</sup><br>|
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco (Cost — $0) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp; **25,694**<br> \*<br>|
|  |  |  | Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $310,299) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 25490<br>| &nbsp;&nbsp;&nbsp; **12,235**<br> \*<sup>(a)(g)(p)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $223,500,114)** | **Total Investments before Short-Term Investments (Cost — $223,500,114)** | **Total Investments before Short-Term Investments (Cost — $223,500,114)** | **Total Investments before Short-Term Investments (Cost — $223,500,114)** | &nbsp;&nbsp; **224828618** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $3,600,547)  | &nbsp;&nbsp; 3.603% |  | &nbsp;&nbsp; 3600547<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3600547**<br> <sup>(q)(r)</sup><br>|
| **Total Investments — 100.1% (Cost — $227,100,661)** | **Total Investments — 100.1% (Cost — $227,100,661)** | **Total Investments — 100.1% (Cost — $227,100,661)** | **Total Investments — 100.1% (Cost — $227,100,661)** | &nbsp;&nbsp; **228429165** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; (237320)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$228191845** |

---

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

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset High Yield Fund**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.<br>|
| <sup>(b)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(c)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Directors.<br>|
| <sup>(d)</sup> | 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>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(k)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(l)</sup> | All or a portion of this loan has not settled as of February 28, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(m)</sup> | All or a portion of this loan is unfunded as of February 28, 2026. The interest rate for fully unfunded term loans is to be determined. At February 28, 2026, <br> the total principal amount and market value of unfunded commitments totaled $96,691 and $97,658, respectively.<br>|
| <sup>(n)</sup> | The coupon payment on this security is currently in default as of February 28, 2026. |
| <sup>(o)</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>(p)</sup> | Restricted security (Note 3). |
| <sup>(q)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(r)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2026, the total market value of <br> investments in Affiliated Companies was $3,600,547 and the cost was $3,600,547 (Note 2).<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CLO |  | Collateralized Loan Obligation |
| CORRA |  | Canadian Overnight Repo Rate Average |
| DAC |  | Designated Activity Company |
| DIP |  | Debtor-in-possession |
| GBP |  | British Pound |
| ICE |  | Intercontinental Exchange |
| LIBOR |  | London Interbank Offered Rate |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| SONIA |  | Sterling Overnight Index Average |
| USD |  | United States Dollar |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $8336851 | &nbsp;&nbsp;&nbsp;&nbsp; $8370687 | &nbsp;&nbsp;&nbsp; **$33836** |

---

See Notes to Schedule of Investments.

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Western Asset High Yield Fund 2026 Quarterly Report

------

 **Western Asset High Yield Fund**

At February 28, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| EUR | &nbsp;&nbsp; 2642000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3100779 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $28843 |
| GBP | &nbsp;&nbsp; 2919767 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3934169 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; 1306 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 20553 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28062 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (359) |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$29790** |

---

&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:** |
| EUR |  | Euro |
| GBP |  | British Pound |
| USD |  | United States Dollar |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>February 28, <br>2026<sup>3</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>|
| Nabors Industries Inc., 9.125%, due <br> 1/31/30<br>| $182000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1.985% | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$(5486)** | &nbsp;&nbsp;&nbsp; **$(21937)** | &nbsp;&nbsp;&nbsp; **$16451** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>February 28, <br>2026<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Transocean Inc., 8.000%, due <br> 2/1/27<br>| $182000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1.420% | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$2369** | &nbsp;&nbsp;&nbsp; **$15371** | &nbsp;&nbsp;&nbsp; **$(13002)** |

---

&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> | Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve <br> as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied <br> credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter <br> into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or <br> other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for <br> the referenced entity or obligation.<br>|
| <sup>4</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive <br> from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or the underlying securities comprising the referenced index.<br>|
| † | Percentage shown is an annual percentage rate. |

---

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

See Notes to Schedule of Investments.

------

Western Asset High Yield Fund 2026 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

------

Western Asset High Yield Fund 2026 Quarterly Report

------

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $24713989 | &nbsp;&nbsp; $1278919 | &nbsp;&nbsp; $25992908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 24293802 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 24293802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 131253048 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131253048 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 18053256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18053256 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 3673919 | &nbsp;&nbsp; 1312561 | &nbsp;&nbsp; 4986480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 2387063 | &nbsp;&nbsp; 1295400 | &nbsp;&nbsp; 3682463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 551805 | &nbsp;&nbsp; 265940 | &nbsp;&nbsp; 817745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 6042144 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6042144 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 6419400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6419400 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1401845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1401845 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 448505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 448505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; $223570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 223570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 17220 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 236532 | &nbsp;&nbsp; 236532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8458 | &nbsp;&nbsp; 8458 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 913213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 913213 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 25694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25694 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 12235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12235 |
| Total Long-Term Investments | &nbsp;&nbsp; 240790 | &nbsp;&nbsp; 220190018 | &nbsp;&nbsp; 4397810 | &nbsp;&nbsp; 224828618 |
| Short-Term Investments† | &nbsp;&nbsp; 3600547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3600547 |
| **Total Investments** | &nbsp;&nbsp; **$3841337** | &nbsp;&nbsp; **$220190018** | &nbsp;&nbsp; **$4397810** | &nbsp;&nbsp; **$228429165** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $33836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $33836 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $30149 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 16451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16451 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$33836** | &nbsp;&nbsp; **$46600** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$80436** |
| **Total** | &nbsp;&nbsp; **$3875173** | &nbsp;&nbsp; **$220236618** | &nbsp;&nbsp; **$4397810** | &nbsp;&nbsp; **$228509601** |

---

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Western Asset High Yield Fund 2026 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $359 | &nbsp;&nbsp; — | &nbsp;&nbsp; $359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 13002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13002 |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$13361** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$13361** |

---

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

---

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

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>May 31, 2025<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | $1107459 | $2427 |  | $65209 | $103824 |
| &nbsp;&nbsp;&nbsp; Financials | 0<br> \*<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Health Care | 0<br> \*<br>|  | $2225 |  |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>|  | 1975 |  | 33542 | 1277044 |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>|  |  |  | 29775 | 1265625 |
| &nbsp;&nbsp;&nbsp; Materials | 534536 |  |  | (295125)<br>| 26529 |
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | 0<br> \*<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Materials | 11289 |  |  | (2831)<br>|  |
| **Total** | **$1653284** | **$4402** | **$2225** | **$(169430)**<br>| **$2673022** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>February 28, 2026<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>in securities <br>still held at <br>February 28, 2026<sup>1</sup> <br>|
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  | $1278919 | $65209 |
| &nbsp;&nbsp;&nbsp; Financials |  |  |  | 0<br> \*<br>|  |
| &nbsp;&nbsp;&nbsp; Health Care | $(2225)<br>|  |  |  |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>|  |  |  | 1312561 | 33542 |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>|  |  |  | 1295400 | 29775 |
| &nbsp;&nbsp;&nbsp; Materials |  |  |  | 265940 | (295125)<br>|

---

------

Western Asset High Yield Fund 2026 Quarterly Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in<br> Securities (cont'd)<br>| Sales | Transfers<br> into<br> Level 3<br>| Transfers<br> out of<br> Level 3<br>| Balance<br> as of<br> February 28, 2026<br>| Net change<br> in unrealized<br> appreciation<br> (depreciation) for <br> investments<br> in securities<br> still held at<br> February 28, 2026<sup>1</sup><br>|
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>|  |  |  | $236532 |  |
| &nbsp;&nbsp;&nbsp; Materials |  |  |  | 8458 | $(2831)<br>|
| **Total** | **$(2225)**<br>| **—** | **—** | **$4397810** | **$(169430)**<br>|

---

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

\* Amount represents less than $1.

<sup>1</sup> Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. 

**2. Transactions with affiliated company**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>|  | $48251603 | 48251603 | $44651056 | 44651056 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>February 28, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $47477 |  | $3600547 |

---

**3. Restricted securities**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 2/28/2026<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 209 | 3/25 | $2544 | $100 | &nbsp;&nbsp; $0.48 | 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 25490 | 3/25 | 310299 | 12235 <br><sup>(b)</sup><br>| 0.48 | 0.01 |
| **Total** |  |  | **$312843** | **$12335** |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.01%**<br>|

---

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

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

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

------

Western Asset High Yield Fund 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

- **a. Name of Series:** Western Asset High Yield Fund

- **b. EDGAR series identifier (if any):** S000000716

- **c. LEI of Series:** 549300HG2T246COYEU52

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $234825498.12

**Total Liabilities:** $7632313.41

**Net Assets:** $227193184.71

**Delayed Delivery Securities:** $2778300.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 83.54000000 | **1-Year:** 1183.20000000 | **5-Year:** 7148.17000000 | **10-Year:** 5340.82000000 | **30-Year:** 304.03000000

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

- **3-Month:** 512.40000000 | **1-Year:** 19570.31000000 | **5-Year:** 39504.60000000 | **10-Year:** 3983.38000000 | **30-Year:** 86.62000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002086 | 0.49%                | 0.75%                | 0.42%                |
| Class ID C000066991 | 0.36%                | 0.90%                | 0.43%                |
| Class ID C000113710 | 0.47%                | 0.88%                | 0.41%                |
| Class ID C000113711 | 0.27%                | 0.82%                | 0.35%                |
| Class ID C000113712 | 0.44%                | 0.85%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-341258.17              | $-145539.44                                |
| Month 2  | $-53269.23               | $562219.27                                 |
| Month 3  | $665378.96               | $-986944.64                                |

**Designated Index Information**

- **Index Name:** Bloomberg U.S. Corporate High Yield 2% Issuer Capped

- **Index Identifier:** NA

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                     | 5-Year T-Note Futures, Jun-2026,ETH                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        76 | NC      | $33836.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-28L                                                          | NYC 2025-28L F                                                 | CUSIP: 67123JAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $308555.10    | 0.14%             | 2038-11-05      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                                                                            | EYEPAR L 11/30/28 2                                            | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |    622808 | PA      | $241559.04    | 0.11%             | 2028-11-30      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                                                    | ROCKIE 6.75 03/15/33 144A                                      | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179808.83    | 0.08%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                                         | EQMSRM 8 03/15/33 144A                                         | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    890000 | PA      | $946501.64    | 0.42%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                     | FMCN 7.25 02/15/34 144A                                        | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    460000 | PA      | $481999.96    | 0.21%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing BV                                                                         | ZIGGO 7.5 01/15/33 144A                                        | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    320000 | PA      | $314744.86    | 0.14%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                                   | CHTR 7.375 02/01/36 144A                                       | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $406256.40    | 0.18%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf Incorporated                                                                    | DBD 7.75 03/31/30 144A                                         | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    340000 | PA      | $359454.80    | 0.16%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                    | UBS V9.25 PERP 144a                                            | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    520000 | PA      | $567221.63    | 0.25%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                                         | MIK 11 03/15/34 144A                                           | CUSIP: 59408QAA4<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   2090000 | PA      | $1955305.60   | 0.86%             | 2034-03-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                              | CHRD 6 10/01/30 144A                                           | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    440000 | PA      | $449666.96    | 0.20%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                              | VEGLPL 6.75 01/15/36 144A                                      | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1939766.92   | 0.85%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                  | C V6.875 PERP GG                                               | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $215450.55    | 0.09%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Life Time Fitness                                                                               | LTH 6 11/15/31 144A                                            | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    320000 | PA      | $329964.48    | 0.15%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                                   | MPEL 6.5 09/24/33 144A                                         | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    550000 | PA      | $549065.11    | 0.24%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING LLC                                                                 | PR 9.875 07/15/31 144A                                         | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    272000 | PA      | $291790.99    | 0.13%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                                                      | STENOR 7.375 06/01/31 144A                                     | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1158814.80   | 0.51%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Dexko Global Inc                                                                                | Dornoch Debt Merger Sub Inc                                    | CUSIP: 25830JAA9<br>LEI: 549300SMZ4OV1KBH1M19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $226053.65    | 0.10%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                     | FMCN 6.375 02/15/36 144A                                       | CUSIP: 335934AY1<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    290000 | PA      | $291160.81    | 0.13%             | 2036-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MPT OPERATING PARTNERSHIP LP                                                                    | MPW 8.5 02/15/32 144a                                          | CUSIP: 55342UAQ7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    270000 | PA      | $289170.81    | 0.13%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                                       | TD V8.125 10/31/82                                             | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    720000 | PA      | $753880.32    | 0.33%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                                    | Harbor Freight Term Loan B 250 2031-05-27                      | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    340000 | PA      | $335430.40    | 0.15%             | 2031-06-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL                                                                              | ISATLN 9 09/15/29 144A                                         | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $318726.90    | 0.14%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                             | BNS V8 01/27/84                                                | CUSIP: 0641598V1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    440000 | PA      | $471054.32    | 0.21%             | 2084-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd                                                             | ARCTIC CANADIAN DIAMONDS                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    561768 | PA      | $265939.66    | 0.12%             | 2026-06-30      | Floating      | 4.26%                 | No            |                  3 | On Loan: No      |
| ZF North America Capital, Inc.                                                                  | ZFFNGR 7.125 04/14/30 144A                                     | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    330000 | PA      | $337924.95    | 0.15%             | 2030-04-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                                                           | Citadel Enterprise Term Loan B 200 2031-10-01                  | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    242598 | PA      | $242294.26    | 0.11%             | 2031-10-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners Llc                                                            | HOWARD 7.375 07/15/32 144A                                     | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $464640.00    | 0.20%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CAPITAL FOUR US CLO IV LTD                                                                      | C4US 2025-4A D1                                                | CUSIP: 14016BAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $389425.37    | 0.17%             | 2038-10-18      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| LHOME MTG TR 2025-RTL1                                                                          | LHOME 2025-RTL1 M1                                             | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $315098.57    | 0.14%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Net, LLC                                                                         | DIAMOND SPORTS NET LLC                                         | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |    997640 | PA      | $189551.51    | 0.08%             | 2028-01-02      | Floating      | 15.00%                | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                                                 | GEN 6.25 04/01/33 144A                                         | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    320000 | PA      | $318648.61    | 0.14%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                               | CSCHLD 11.75 01/31/29 144A                                     | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1262343.11   | 0.56%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                         | VENLNG 9.875 02/01/32 144A                                     | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1282810.54   | 0.56%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Valor                                                                                           | Valor                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1295400.00   | 0.57%             | 2031-02-01      | Fixed         | 9.50%                 | No            |                  3 | On Loan: No      |
| Athenahealth Group Inc.                                                                         | ATHENA 6.5 02/15/30 144A                                       | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    320000 | PA      | $301187.20    | 0.13%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MITER Brands Acquisition Holdco Inc & PGT Innovations LLC.                                      | MIWIDO 6.75 04/01/32 144A                                      | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $696158.94    | 0.31%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                     | FMCN 8.625 06/01/31 144A                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1080000 | PA      | $1133270.47   | 0.50%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNERS LP                                                                    | SPH 5 06/01/31 144A                                            | CUSIP: 864486AL9<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | DBT              | CORP              | US        |    290000 | PA      | $279472.16    | 0.12%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                           | Petco Animal Supplies Term Loan B 425 2031-01-11               | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    540000 | PA      | $520425.00    | 0.23%             | 2031-01-22      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                                        | CE 6.75 04/15/33                                               | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    560000 | PA      | $574543.20    | 0.25%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Titan International, Inc.                                                                       | TWI 7 04/30/28                                                 | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    520000 | PA      | $522447.64    | 0.23%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Rackspace Finance LLC                                                                           | RAX 3.5 05/15/28 144A                                          | CUSIP: 75008WAA1<br>LEI: 25490078N5MHLAGLZ689 | Long             | DBT              | CORP              | US        |    694200 | PA      | $285923.63    | 0.13%             | 2028-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING LLC                                                                 | PR 8 04/15/27 144A                                             | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    190000 | PA      | $191644.83    | 0.08%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                                                   | Spirit Aviation Holdings Inc. WT EXP                           | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25490 | NS      | $12235.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORP                                                                    | FUN 8.625 01/15/32 144A                                        | CUSIP: 83003AAA8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    350000 | PA      | $354626.56    | 0.16%             | 2032-01-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| American Money Management Corp                                                                  | AMMC CLO 24 Ltd                                                | CUSIP: 00177MAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    530000 | PA      | $521348.44    | 0.23%             | 2035-01-20      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                                                             | Red Rock Resorts (Station Casinos) Term Loan B 225 2031-03-03  | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |    854775 | PA      | $856279.40    | 0.38%             | 2031-03-14      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| athenahealth                                                                                    | athenahealth Term Loan B 300 2029-02-01                        | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    350000 | PA      | $341832.75    | 0.15%             | 2029-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Dream Finders Homes Inc                                                                         | DFH 6.875 09/15/30 144A                                        | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $583268.46    | 0.26%             | 2030-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                                       | XYZ 6 08/15/33 144A                                            | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    530000 | PA      | $538968.13    | 0.24%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                                   | MPEL 7.625 04/17/32 144A                                       | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    550000 | PA      | $576814.69    | 0.25%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HudBay Minerals Inc                                                                             | HBMCN 6.125 04/01/29 144A                                      | CUSIP: 443628AH5<br>LEI: 894500LX3TMESP27BE29 | Long             | DBT              | CORP              | CA        |    580000 | PA      | $585025.70    | 0.26%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                     | FMCN 8 03/01/33 144A                                           | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2220000 | PA      | $2372882.52   | 1.04%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Granite Ridge Resources Inc                                                                     | GRNT 8.875 11/05/29                                            | CUSIP: 387432AA5<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1340481.25   | 0.59%             | 2029-11-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                                | ABR 7.875 07/15/30 144A                                        | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    530000 | PA      | $488865.17    | 0.22%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Apidos Clo L                                                                                    | APID 2024-50A E                                                | CUSIP: 03771LAA2<br>LEI: 2549007IRDJIM26V8J63 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $460635.77    | 0.20%             | 2038-01-20      | Variable      | 8.77%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                                         | MIK 8.5 03/15/33 144A                                          | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    340000 | PA      | $331022.26    | 0.15%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Dayforce Inc                                                                                    | Dayforce (Ceridian HCM) Term Loan B 300 2032-09-22             | CUSIP: 23923YAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    740000 | PA      | $683974.60    | 0.30%             | 2033-02-04      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Valor                                                                                           | Valor                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    236531 | NS      | $236531.00    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Legg Mason Partners Institutional Trust                                                         | Legg Mason Partners Institutional Trust GVT RSEVS PRM          | CUSIP: 52470G494<br>LEI: 54930003LJE4ZPPMRV82 | Long             | STIV             | RF                | US        |   4962204 | PA      | $4962204.06   | 2.18%             | 2099-12-01      | Floating      | 0.00%                 | No            |                  1 | On Loan: No      |
| AGL CLO 16 Ltd.                                                                                 | AGL 2021-16A DR                                                | CUSIP: 00120LAL2<br>LEI: 2549009GL17CEZFCKZ48 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $391317.37    | 0.17%             | 2035-01-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics Inc.                                                                          | QNTELE 6.25 08/15/33 144A                                      | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    560000 | PA      | $582147.74    | 0.26%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                                                        | SPIRIT AVIA HOL RESTRICT                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       209 | NS      | $100.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital Four US CLO                                                                             | Capital Four US CLO I Ltd                                      | CUSIP: 14016TAS8<br>LEI: 549300NMXY8VXHO96C52 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $453683.46    | 0.20%             | 2035-01-18      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                                        | IHRT 7 01/15/31 144A                                           | CUSIP: 45174HBK2<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    192000 | PA      | $145440.00    | 0.06%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LUXCO3 DUMMY EQUITY                                                                             | LUXCO3 DUMMY EQUITY                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23923 | NS      | $448504.97    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                               | HRI 7.25 06/15/33 144A                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    410000 | PA      | $433663.97    | 0.19%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                                      | VMED 4.75 07/15/31 144A                                        | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    430000 | PA      | $383272.29    | 0.17%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arcosa Inc                                                                                      | ACA 6.875 08/15/32 144A                                        | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    350000 | PA      | $367437.70    | 0.16%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Point Au Roche Park Clo Ltd.                                                                    | PARPK 2021-1A D1R                                              | CUSIP: 73052VAW5<br>LEI: 5493000RMLD359CPH591 | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $367232.00    | 0.16%             | 2039-01-20      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                                                   | MIDCAP 6.5 05/01/28                                            | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $347659.32    | 0.15%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                               | ABEGET 11.25 02/21/30 144A                                     | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62004.11     | 0.03%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                                | PR 6.25 02/01/33 144A                                          | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41440.06     | 0.02%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                            | VIKCRU 9.125 07/15/31 144A                                     | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    790000 | PA      | $840919.45    | 0.37%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                                | WULF 7.75 10/15/30 144A                                        | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $879612.42    | 0.39%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Sally Holdings LLC                                                                              | SBH 6.75 03/01/32                                              | CUSIP: 79546VAQ9<br>LEI: 3GM3SMNQ8UJOJU9DFN26 | Long             | DBT              | CORP              | US        |    550000 | PA      | $571344.40    | 0.25%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                            | Spirit Airlines, LLC Third DIP New Money TL                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    102524 | PA      | $99961.37     | 0.04%             | 2026-07-14      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| Vermilion Energy Inc.                                                                           | VETCN 7.25 02/15/33 144A                                       | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | RF                | CA        |   1250000 | PA      | $1223408.33   | 0.54%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PRIMO WATER HOLDINGS INC                                                                        | PRMWCN 6.25 04/01/29 144A                                      | CUSIP: 74168RAC7<br>LEI: 9845008F9A5F2E1D4832 | Long             | DBT              | CORP              | US        |    220000 | PA      | $220514.91    | 0.10%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                        | HCA 7.5 11/15/95                                               | CUSIP: 197677AH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    680000 | PA      | $739712.38    | 0.33%             | 2095-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HOLDINGS LTD                                                                        | GLOBAU 11.5 08/15/29 144A                                      | CUSIP: 00033YAA4<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204982.07    | 0.09%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| FIRSTCASH HOLDINGS INC                                                                          | FCFS 5.625 01/01/30 144A                                       | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69698.83     | 0.03%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                                   | UVN 8 08/15/28 144A                                            | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185014.44    | 0.08%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OBRA CLO LTD                                                                                    | OBRAC 2024-1A D1                                               | CUSIP: 67443AAJ0<br>LEI: 254900IXPSGZDGZO2P84 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $808756.64    | 0.36%             | 2038-01-20      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Gates Corp.                                                                                     | GTES 6.875 07/01/29 144A                                       | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    320000 | PA      | $332411.84    | 0.15%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                            | VIKCRU 5.875 10/15/33 144A                                     | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    840000 | PA      | $857425.80    | 0.38%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                   | STWD 6 04/15/30 144A                                           | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    910000 | PA      | $934481.73    | 0.41%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO XIX LTD                                                                       | MVEW 2025-1A D1                                                | CUSIP: 623910AN6<br>LEI: 254900L6WFB2NIQTBG86 | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $313472.81    | 0.14%             | 2038-10-18      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                              | F 3.25 02/12/32                                                | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    650000 | PA      | $585331.41    | 0.26%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                    | UBS V7.75 PERP 144A                                            | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $235939.18    | 0.10%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                                  | CRWV 9 02/01/31 144A                                           | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67628.14     | 0.03%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                                | PR 7 01/15/32 144A                                             | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1018589.24   | 0.45%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOTTERY PLC                                                                          | BRSL 5.75 01/15/33 144A                                        | CUSIP: 108922AA3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    260000 | PA      | $258538.54    | 0.11%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Valley Stream Park CLO Ltd / Valley Stream Park CLO LLC                                         | VYSPK 2022-1A DRR                                              | CUSIP: 92013AAZ2<br>LEI: 213800DEME82SWN32S20 | Long             | ABS-CBDO         | CORP              | JE        |    320000 | PA      | $320350.98    | 0.14%             | 2037-01-21      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                                                           | Black Diamond CLO 2021-1 Ltd                                   | CUSIP: 09204WAM6<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $452642.85    | 0.20%             | 2034-11-22      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                                        | IHRT 9.125 05/01/29 144A                                       | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53365.80     | 0.02%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners Llc                                                            | HOWARD 6.625 01/15/34 144A                                     | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    580000 | PA      | $599752.05    | 0.26%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                                | PR 5.875 07/01/29 144A                                         | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501958.50    | 0.22%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROCKET MORTGAGE LLC                                                                             | RKT 4 10/15/33 144A                                            | CUSIP: 77313LAB9<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1336071.33   | 0.59%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cerdia Finanz Gmbh                                                                              | PLATIN 9.375 10/03/31 144A                                     | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    190000 | PA      | $194750.00    | 0.09%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                                                            | LifePoint Health Term Loan B 375 2031-05-01                    | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    221704 | PA      | $222157.68    | 0.10%             | 2031-05-16      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Mountain View CLO IX Ltd.                                                                       | MVW 2015-9A CR                                                 | CUSIP: 62432BAU7<br>LEI: 549300URXZ1TS31FK720 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250891.60    | 0.11%             | 2031-07-15      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                   | STWD 7.25 04/01/29 144A                                        | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    210000 | PA      | $220312.26    | 0.10%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PPM CLO Ltd 2025-8                                                                              | PPMC 2025-8A D1                                                | CUSIP: 69382DAJ3<br>LEI: 254900DMFVRHGLYIFG95 | Long             | ABS-CBDO         | CORP              | KY        |    540000 | PA      | $543733.24    | 0.24%             | 2038-04-20      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA LLC                                                                                 | ALNMED 10.5 02/15/28 144A                                      | CUSIP: 01771YAA8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $537797.00    | 0.24%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| American Airlines Pass Through Trust 2016-3A                                                    | AAL 7.25 02/15/28 144A                                         | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | PA      | $632244.61    | 0.28%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                              | CHRD 6.75 03/15/33 144A                                        | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    880000 | PA      | $914584.00    | 0.40%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                                                                 | NEXUS BUYER LLC                                                | CUSIP: 65343UAJ1<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    149625 | PA      | $143864.44    | 0.06%             | 2031-07-31      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                               | HRI 7 06/15/30 144A                                            | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    350000 | PA      | $366989.72    | 0.16%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                                  | USD/GBP FORWARD                                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-358.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO XVI LTD                                                                        | OCTR 2024-16A D1                                               | CUSIP: 674913AJ7<br>LEI: 254900R3RT6TSDP3UQ20 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $703639.72    | 0.31%             | 2038-01-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                                         | EQMSRM 8.625 05/15/32 144A                                     | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    560000 | PA      | $599700.08    | 0.26%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty LLC                                                                              | RYASPE 5.875 08/01/32 144A                                     | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    340000 | PA      | $342784.51    | 0.15%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Information Management Servces Inc                                                | IRM 5 07/15/32 144A                                            | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $232428.10    | 0.10%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                              | SANTAN V9.625 PERP _                                           | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $965008.00    | 0.42%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                                   | MPEL 5.375 12/04/29 144A                                       | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    370000 | PA      | $361730.17    | 0.16%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                                                             | COIN 3.625 10/01/31 144A                                       | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    700000 | PA      | $612488.73    | 0.27%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                            | DISH 7.75 07/01/26                                             | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1187000 | PA      | $1173441.73   | 0.52%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VERICAST CORPORATION                                                                            | VERICAST CORP                                                  | CUSIP: 92342KAD1<br>LEI: 549300J73P7FL8TVF308 | Long             | LON              | CORP              | US        |     35516 | PA      | $34384.49     | 0.02%             | 2030-06-14      | Floating      | 11.62%                | No            |                  2 | On Loan: No      |
| Empire Communities Corp.                                                                        | EMPRCC 9.75 05/01/29 144A                                      | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |   1070000 | PA      | $1106346.83   | 0.49%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO XXX Ltd/Bluemountain CLO XXX LLC                                               | BLUEM 2020-30A DR                                              | CUSIP: 09630QAS0<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $397623.76    | 0.18%             | 2035-04-16      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                             | AXON 6.125 03/15/30 144A                                       | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    220000 | PA      | $227287.72    | 0.10%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                                   | PETBRA 5.75 02/01/29                                           | CUSIP: 71647NAZ2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $153761.70    | 0.07%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                               | POWSOL 6.75 02/15/30 144A                                      | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    570000 | PA      | $597337.20    | 0.26%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Full House Resorts Inc.                                                                         | FLL 8.25 02/15/28 144A                                         | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1044000.00   | 0.46%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC                                                                             | FOUR 6.75 08/15/32 144A                                        | CUSIP: 82453AAB3<br>LEI: 254900GTEMR7L40VPI74 | Long             | DBT              | CORP              | US        |    550000 | PA      | $538795.07    | 0.24%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                                                            | RKT 6.125 08/01/30 144A                                        | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $605646.21    | 0.27%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| StoneX Group Inc                                                                                | SNEX 7.875 03/01/31 144A                                       | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    480000 | PA      | $509899.68    | 0.22%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GALAXY XXV CLO LTD                                                                              | GALXY 2018-25A D1RR                                            | CUSIP: 36319XBJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300376.80    | 0.13%             | 2036-04-25      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                               | CSCHLD 4.5 11/15/31 144a                                       | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $763297.05    | 0.34%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMRT MINI                                                                                       | SMRT 2022-MINI F                                               | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    950000 | PA      | $949520.06    | 0.42%             | 2039-01-18      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| Virgin Media Finance PLC                                                                        | VMED 5 07/15/30 144A                                           | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $167753.46    | 0.07%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEAM SERVICES HOLDING, INC                                                                      | TEAM Services Term Loan B 525 2033-01-21                       | CUSIP: 87821RAB0<br>LEI: 254900SLCOEZGQJACP02 | Long             | LON              | CORP              | US        |    550000 | PA      | $519750.00    | 0.23%             | 2033-01-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                                                          | Spirit Contingent TL                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259210 | PA      | $42121.68     | 0.02%             | 2026-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                                                        | MRP 6.25 09/15/32 144A                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $263474.38    | 0.12%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MPT OPERATING PARTNERSHIP LP                                                                    | MPW 5 10/15/27                                                 | CUSIP: 55342UAH7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    260000 | PA      | $254922.98    | 0.11%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                                            | NSANY 4.81 09/17/30 144A                                       | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    870000 | PA      | $827559.07    | 0.36%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp.                                                                           | RRC 4.75 02/15/30 144A                                         | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    230000 | PA      | $227835.22    | 0.10%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RR LTD 2021-18                                                                                  | RRAM 2021-18A DR                                               | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $453263.49    | 0.20%             | 2040-07-16      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| MasterBrand Inc                                                                                 | MASBRA 7 07/15/32 144A                                         | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503621.50    | 0.22%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                                                       | WBD 5.05 03/15/42 *                                            | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $994050.00    | 0.44%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                                                             | CLH 6.375 02/01/31 144A                                        | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    330000 | PA      | $339084.57    | 0.15%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                                                        | MRP 6.375 08/01/30 144A                                        | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $903320.00    | 0.40%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLOVER CLO 2021-3 LLC                                                                           | CLVR 2021-3A DR                                                | CUSIP: 18915FAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    280000 | PA      | $277735.84    | 0.12%             | 2035-01-25      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| StoneX Escrow Issuer LLC                                                                        | SNEX 6.875 07/15/32 144A                                       | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $394632.28    | 0.17%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE PLC                                                                      | VSTJET 6.375 02/01/30 144A                                     | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    890000 | PA      | $828942.17    | 0.36%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL CR CLO 2020-3 LTD/LLC                                                              | BCC 2020-3A DRR                                                | CUSIP: 05684CBA2<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |    460000 | PA      | $449650.74    | 0.20%             | 2034-10-23      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                | CYH 6.875 04/15/29 144A                                        | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1073355.57   | 0.47%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DRYDEN 113 CLO LTD                                                                              | DRSLF 2022-113A D1R3                                           | CUSIP: 26253EBR8<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400458.32    | 0.18%             | 2037-10-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                           | FCX 5.45 03/15/43                                              | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1484940.60   | 0.65%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WHITEBOX CLO V LTD                                                                              | WBOX 2025-5A D1                                                | CUSIP: 96467PAJ7<br>LEI: 254900XFXCOZ882U2O02 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $321732.06    | 0.14%             | 2038-07-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                                     | FIBCOP 6 09/30/34 144A                                         | CUSIP: 683879AD2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    319000 | PA      | $313495.24    | 0.14%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLUEBERRY PARK CLO LTD                                                                          | BERRY 2024-1A D1                                               | CUSIP: 09609QAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    280000 | PA      | $281232.03    | 0.12%             | 2037-10-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                | NRG 5.75 01/15/34 144A                                         | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    360000 | PA      | $365342.76    | 0.16%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                                                                                    | ACRISU 6.75 07/01/32 144A                                      | CUSIP: 004961AA6<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    210000 | PA      | $206126.17    | 0.09%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc                                                                   | ARWR 0 01/15/32                                                | CUSIP: 04280AAC4<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158325.00    | 0.07%             | 2032-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                           | NLSN 10.375 05/15/31 144A                                      | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    470000 | PA      | $474767.68    | 0.21%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| WW International Inc                                                                            | WW International Inc COM NEW                                   | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |     10516 | NS      | $223570.16    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison IAQ LLC                                                                                 | MADIAQ 5.875 06/30/29 144A                                     | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    560000 | PA      | $559106.74    | 0.25%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| U.S. Renal Care Inc.                                                                            | USRENA 10.625 06/28/28 144a                                    | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |    343000 | PA      | $286405.00    | 0.13%             | 2028-06-28      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Company LLC                                                         | TEVA 6.15 02/01/36                                             | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |    390000 | PA      | $413596.17    | 0.18%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ATS Corporation (Canada)                                                                        | ATSCN 4.125 12/15/28 144A                                      | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    600000 | PA      | $588375.00    | 0.26%             | 2028-12-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                                     | CRGYFN 7.625 04/01/32 144A                                     | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20241.84     | 0.01%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Pm General Purchaser Llc                                                                        | AMGENE 9.5 10/01/28 144A                                       | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2453525.20   | 1.08%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                | NRG 6 01/15/36 144A                                            | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1760000 | PA      | $1792176.32   | 0.79%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| 720 EAST CLO 2023-II LTD                                                                        | NWML 2025-7A E                                                 | CUSIP: 81789NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    540000 | PA      | $543696.52    | 0.24%             | 2037-04-20      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXII LTD/LLC                                                                       | SYMP 2020-22A DR                                               | CUSIP: 87167GCR9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $248344.65    | 0.11%             | 2033-04-18      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| VFH PARENT LLC                                                                                  | VIRT 7.5 06/15/31 144A                                         | CUSIP: 91824YAA6<br>LEI: 549300FRO9M476YHHY64 | Long             | DBT              | CORP              | US        |    360000 | PA      | $375733.80    | 0.17%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                               | HRI 6 03/15/34 144A                                            | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    330000 | PA      | $332073.39    | 0.15%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                                                            | WW INTERNATIONAL INC                                           | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | US        |   1007390 | PA      | $865096.35    | 0.38%             | 2030-06-24      | Floating      | 10.49%                | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                               | ABEGET 10.5 11/15/30 144A                                      | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    370000 | PA      | $327813.90    | 0.14%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                                         | TLN 6.5 02/01/36 144A                                          | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    740000 | PA      | $761269.81    | 0.34%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                                 | BBDBCN 6.75 06/15/33 144A                                      | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $147699.02    | 0.07%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Mcclatchy Media Co LLC                                                                          | MCLTCH 11 12/01/31 144A                                        | CUSIP: 00456LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1905393 | PA      | $2153094.30   | 0.95%             | 2031-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                                  | SATS 6.75 11/30/30                                             | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    459036 | PA      | $465464.34    | 0.20%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                                        | CE 7 02/15/31                                                  | CUSIP: 15089QBC7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133974.88    | 0.06%             | 2031-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Peninsula Pacific Entertainment LLC                                                             | Peninsula Pacific Entertainment LLC                            | CUSIP: 70715SAD9<br>LEI: 549300LWV74H4IE3FG45 | Long             | LON              | CORP              | US        |     96691 | PA      | $97657.92     | 0.04%             | 2032-10-01      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Goldentree Loan Management US CLO 8 Ltd.                                                        | GLM 2020-8A DRR                                                | CUSIP: 38136NBE5<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $292139.30    | 0.13%             | 2034-10-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                                    | THC 6 11/15/33 144A                                            | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1478684.35   | 0.65%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                                                    | UAL 5.375 03/01/31                                             | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    310000 | PA      | $316450.97    | 0.14%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                                       | TIBX 9 09/30/29 144A                                           | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    980000 | PA      | $960737.24    | 0.42%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Noble Finance II LLC.                                                                           | NEFINA 8 04/15/30 144A                                         | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $572756.25    | 0.25%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                                                                             | Gray Television Term Loan B 525 2029-05-14                     | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     10600 | PA      | $10618.76     | 0.00%             | 2029-06-04      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                                                                 | DigiCert Second-lien Term Loan 700 2029-02-02                  | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |    790000 | PA      | $639244.30    | 0.28%             | 2029-02-19      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                            | DISH 5.75 12/01/28 144A                                        | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1048324.25   | 0.46%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                                | TEVA 7.875 09/15/29                                            | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $218957.40    | 0.10%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                                      | ESAB 6.25 04/15/29 144A                                        | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    220000 | PA      | $225787.76    | 0.10%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                           | AAL 5.75 04/20/29 144A                                         | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $617311.89    | 0.27%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                            | Spirit Airlines, LLC Second DIP New Money Delayed TL           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     51910 | PA      | $50612.52     | 0.02%             | 2026-07-14      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| Carriage Purchaser Inc.                                                                         | PSLOGI 7.875 10/15/29 144A                                     | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1151905.50   | 0.51%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                            | DISH 5.125 06/01/29                                            | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $160915.18    | 0.07%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                                  | SATS 3.875 11/30/30                                            | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     96111 | PA      | $339752.10    | 0.15%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| XPO CNW INC                                                                                     | CNW 6.7 05/01/34                                               | CUSIP: 12612WAB0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    360000 | PA      | $388077.48    | 0.17%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Gee Automotive Holdings LLC                                                                     | GEEATO 7.25 03/01/31 144A                                      | CUSIP: 36846VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $549171.68    | 0.24%             | 2031-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WELLESLEY PARK CLO LTD                                                                          | WELPK 2025-1A E                                                | CUSIP: 94949BAA0<br>LEI: 254900LVLIQL8YP6PL27 | Long             | ABS-CBDO         | CORP              | KY        |    230000 | PA      | $224252.35    | 0.10%             | 2039-01-24      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| MIWD HOLDCO II LLC                                                                              | MIWIDO 5.5 02/01/30 144A                                       | CUSIP: 55337PAA0<br>LEI: 254900X3SPV5RVFJEY72 | Long             | DBT              | CORP              | US        |    390000 | PA      | $365798.86    | 0.16%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                               | CSCHLD 5 11/15/31 144A                                         | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    970000 | PA      | $363299.92    | 0.16%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                                                           | Jane Street Group Term Loan B 200 2031-12-01                   | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    640000 | PA      | $621600.00    | 0.27%             | 2031-12-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                                | SANLTD 2.85 03/08/29                                           | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $191532.14    | 0.08%             | 2029-03-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance Llc / Wynn Resorts Capital Corp                                            | WYNFIN 7.125 02/15/31 144A                                     | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    870000 | PA      | $939969.75    | 0.41%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| COMMUNITY HEALTH SYSTEMS INC                                                                    | CYH 10.875 01/15/32 144A                                       | CUSIP: 12543DBN9<br>LEI: 549300BQWM4WENQ3YW73 | Long             | DBT              | CORP              | US        |   1064000 | PA      | $1154414.46   | 0.51%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| TALLGRASS ENERGY PARTNERS LP                                                                    | TEP 6 12/31/30 144A                                            | CUSIP: 87470LAJ0<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |    460000 | PA      | $466477.26    | 0.21%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DCP Midstream Operating LP                                                                      | DCP 6.75 09/15/37                                              | CUSIP: 23311RAA4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    420000 | PA      | $469682.85    | 0.21%             | 2037-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                                                              | BX 2019-IMC F                                                  | CUSIP: 05608BAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1100000 | PA      | $1076332.07   | 0.47%             | 2034-04-17      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Team Services Holding Inc.                                                                      | TEAPUB 9 02/15/33 144A                                         | CUSIP: 87821TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $499269.60    | 0.22%             | 2033-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Buenos Aires (Province Of)                                                                      | BUENOS 6.625 09/01/37 144A                                     | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |   1148130 | PA      | $913213.04    | 0.40%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Roller Bearing Company of America Inc.                                                          | RBC 4.375 10/15/29 144A                                        | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493380.75    | 0.22%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                 | TDG 6.125 07/31/34 144A                                        | CUSIP: 893647CB1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    800000 | PA      | $813588.73    | 0.36%             | 2034-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                                   | CHTR 4.25 01/15/34 144A                                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4140000 | PA      | $3609110.83   | 1.59%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARCTIC CANADIAN DIAMONDS                                                                        | ARCTIC CANADIAN DIAMONDS                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       541 | NS      | $8458.21      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EchoStar Corp.                                                                                  | SATS 10.75 11/30/29 .                                          | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1447594.30   | 0.64%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                            | CCL 6.125 02/15/33 144A                                        | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1640000 | PA      | $1698820.24   | 0.75%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                                     | CRGYFN 8.375 01/15/34 144A                                     | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1530801.00   | 0.67%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                                                                      | X CORP                                                         | CUSIP: 90184NAG3<br>LEI: 549300I8RX485XMK6836 | Long             | LON              | CORP              | US        |    129003 | PA      | $129499.86    | 0.06%             | 2029-10-26      | Floating      | 10.45%                | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                        | LLOYDS V6.75 PERP                                              | CUSIP: 53944YAJ2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    290000 | PA      | $293022.96    | 0.13%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OHA CREDIT FUNDING 11 LTD                                                                       | OAKC 2022-11A D1R                                              | CUSIP: 67115VAW2<br>LEI: 2549002MG7GTTY5LHR97 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $331775.53    | 0.15%             | 2037-07-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| MEDICAL PROPERTIES TRUST INC                                                                    | MPW 4.625 08/01/29                                             | CUSIP: 55342UAJ3<br>LEI: 254900U6E39J1MQCCY14 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1280031.43   | 0.56%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                                                        | WCC 5.5 04/15/34 144A                                          | CUSIP: 95081QAU8<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    700000 | PA      | $707182.00    | 0.31%             | 2034-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                             | CCO 7.125 02/15/31 144A                                        | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    490000 | PA      | $518187.72    | 0.23%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                                       | TIBX 8.25 06/30/32 144A                                        | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    560000 | PA      | $560947.97    | 0.25%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                                    | USD/GBP FORWARD                                                | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1306.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                              | VEGLPL 6.5 06/15/34 144A                                       | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73532.62     | 0.03%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                                        | SFRFP 9.5 11/01/29 144A                                        | CUSIP: 02090DAA6<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    168255 | PA      | $170988.13    | 0.08%             | 2029-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                                                                      | X.AI Corp Fixed-rate Loan 2030-06-01                           | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1283550 | PA      | $1456161.80   | 0.64%             | 2028-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                                 | BBDBCN 7.25 07/01/31 144A                                      | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    870000 | PA      | $926691.81    | 0.41%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PARTNERS LP                                                                    | AM 5.75 10/15/33 144A                                          | CUSIP: 03690AAM8<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |    570000 | PA      | $578903.92    | 0.25%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                | CYH 5.25 05/15/30 144A                                         | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    810000 | PA      | $778873.47    | 0.34%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRESTLES CLO VIII LTD                                                                           | TREST 2025-8A D1                                               | CUSIP: 89533DAL4<br>LEI: 2549002BMO2L1UMJWE02 | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330387.16    | 0.15%             | 2035-06-11      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                                                | NCRATL 9.5 04/01/29 144A                                       | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    680000 | PA      | $730627.36    | 0.32%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                                 | BBDBCN 7 06/01/32 144A                                         | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $685517.30    | 0.30%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Reworld Holding Corp.                                                                           | CVA 4.875 12/01/29 144A                                        | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |    340000 | PA      | $327946.35    | 0.14%             | 2029-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                                   | GEO 10.25 04/15/31                                             | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1095904.60   | 0.48%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                            | URI 6.125 03/15/34 144A                                        | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    650000 | PA      | $681740.80    | 0.30%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                           | Quikrete Term Loan B-3 (Incremental) 225 2032-01-23            | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |    526025 | PA      | $526353.77    | 0.23%             | 2032-02-10      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE LOAN FUNDING 2024-3 L                                                             | PSTAT 2024-3A CR                                               | CUSIP: 69690EAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $310000.16    | 0.14%             | 2032-08-08      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                                       | STX 5.875 07/15/30 144A                                        | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    290000 | PA      | $298718.56    | 0.13%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Tutor Perini Corporation                                                                        | TPC 11.875 04/30/29 144A                                       | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1108416.42   | 0.49%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                                                          | AMKR 5.875 10/01/33 144A                                       | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    790000 | PA      | $807134.31    | 0.36%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                                   | CHTR 4.75 02/01/32 144A                                        | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $456021.59    | 0.20%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                | CYH 6.125 04/01/30 144A                                        | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    240000 | PA      | $212433.75    | 0.09%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TALLGRASS ENERGY PARTNERS LP                                                                    | TEP 7.375 02/15/29 144A                                        | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |    270000 | PA      | $280044.00    | 0.12%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ABCTEC Second Out TL                                                                            | ABCTEC Second Out TL                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    798471 | PA      | $798471.30    | 0.35%             | 2031-09-08      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CEDR Commercial Mortgage Trust 2022-SNAI                                                        | CEDR 2022-SNAI D                                               | CUSIP: 12524AAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $786891.60    | 0.35%             | 2039-02-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                        | LLOYDS V8 PERP                                                 | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    970000 | PA      | $1054408.43   | 0.46%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance Llc / Wynn Resorts Capital Corp                                            | WYNFIN 5.125 10/01/29 144A                                     | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $221426.92    | 0.10%             | 2029-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Covista Inc.                                                                                    | CVSA 5.5 03/01/28 144A                                         | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |    348000 | PA      | $348000.00    | 0.15%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                             | AXL 5 10/01/29                                                 | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    790000 | PA      | $772416.26    | 0.34%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                 | TDG 7.125 12/01/31 144A                                        | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    230000 | PA      | $241348.43    | 0.11%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.                                         | DTV 8.875 02/01/30 144a                                        | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50079.66     | 0.02%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                                          | TRICGR L 06/29/26 1                                            | CUSIP: 31935HAM9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |     45226 | PA      | $8885.10      | 0.00%             | 2026-06-29      | Floating      | 13.67%                | No            |                  2 | On Loan: No      |
| Carriage Services, Inc.                                                                         | CSV 4.25 05/15/29 144A                                         | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $346916.92    | 0.15%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                             | AXL 6.375 10/15/32 144A                                        | CUSIP: 02406PBC3<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112021.98    | 0.05%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JB Poindexter & Co Inc                                                                          | JBPOIN 8.75 12/15/31 144A                                      | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    850000 | PA      | $881118.50    | 0.39%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DISH Network Corporation                                                                        | DISH 11.75 11/15/27 144A                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    750000 | PA      | $776873.25    | 0.34%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                        | VST 7.75 10/15/31 144A                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $528615.00    | 0.23%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                                                   | MIDCAP F 01/15/56 144a                                         | CUSIP: 59590AAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1153224.66   | 0.51%             | 2056-01-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                               | SFRFP 6.5 04/15/32 144A                                        | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    625000 | PA      | $599163.12    | 0.26%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Contingent                                                                      | SPIRIT FUNDED ROLL UP TL                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680368 | PA      | $595321.87    | 0.26%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JAMESTOWN CLO LTD 2016-9                                                                        | JTWN 2016-9A CR3                                               | CUSIP: 47048JBK8<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $320731.36    | 0.14%             | 2034-07-25      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U S Borrower LLC                                                            | CWK 8.875 09/01/31 144A                                        | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    210000 | PA      | $222404.49    | 0.10%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HOLDINGS LTD                                                                        | GLOBAU 8.75 01/15/32 144A                                      | CUSIP: 00033GAB1<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |   1540000 | PA      | $1427155.44   | 0.63%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Blue Racer Midstream, LLC / Blue Racer Finance Corp                                             | BLURAC 7.25 07/15/32 144A                                      | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1143024.48   | 0.50%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                           | WOOF 8.25 02/01/31 144A                                        | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |    560000 | PA      | $547304.44    | 0.24%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Uniti Service LLC / Uniti Fiber Holdings Inc. / Uniti Group Finance 2019 Inc. / CSL Capital LLC | UNIT 8.625 06/15/32 Feb                                        | CUSIP: 91327CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $213161.99    | 0.09%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                              | BURLN 9.25 07/01/31 144A                                       | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    330000 | PA      | $335665.77    | 0.15%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                                  | CRWV 9.25 06/01/30 144A                                        | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    360000 | PA      | $352976.33    | 0.16%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                            | JPM V6.5 PERP OO                                               | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    320000 | PA      | $335388.37    | 0.15%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BWX Technologies Inc.                                                                           | BWXT 0 11/01/30                                                | CUSIP: 05605HAD2<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114950.00    | 0.05%             | 2030-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WBI Operations LLC                                                                              | WBI 6.5 10/15/33 144A                                          | CUSIP: 92944BAB7<br>LEI: 254900A83461EGRMOV11 | Long             | DBT              | CORP              | US        |    600000 | PA      | $610095.00    | 0.27%             | 2033-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                               | VENTGL 3.875 11/01/33 144A                                     | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    170000 | PA      | $151413.65    | 0.07%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                 | TDG 6.625 03/01/32 144A                                        | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311172.60    | 0.14%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                                       | TIBX 6.625 08/15/33 144A                                       | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    400000 | PA      | $377708.52    | 0.17%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2014-GC24                                                          | GSMS 2014-GC24 B                                               | CUSIP: 36253GAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    970000 | PA      | $943919.03    | 0.42%             | 2047-09-12      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                             | AXL 7.75 10/15/33 144A                                         | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    790000 | PA      | $803434.57    | 0.35%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Stena International SA                                                                          | STENA 7.25 01/15/31 144A                                       | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    330000 | PA      | $340403.58    | 0.15%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                               | SFRFP 6.875 07/15/32 144A                                      | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    579269 | PA      | $556774.67    | 0.25%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                         | VENLNG V9 PERP 144a                                            | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2293314.69   | 1.01%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MPT OPERATING PARTNERSHIP LP                                                                    | MPW 3.692 06/05/28                                             | CUSIP: 55342UAL8<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    100000 | PA      | $122134.08    | 0.05%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                | CYH 9.75 01/15/34 144A                                         | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    610000 | PA      | $643592.09    | 0.28%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                                               | N/A                                                            | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    493762 | PA      | $493300.81    | 0.22%             | 2030-05-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOODS INC                                                                               | SIMFOO 4.625 03/01/29 144A                                     | CUSIP: 82873MAA1<br>LEI: 5493002Z1TVWRIL6NM97 | Long             | DBT              | CORP              | US        |    480000 | PA      | $463749.98    | 0.20%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                                                                      | Twitter Inc                                                    | CUSIP: 90184NAK4<br>LEI: 549300I8RX485XMK6836 | Long             | LON              | CORP              | US        |    760000 | PA      | $798570.00    | 0.35%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                                | TEVA 8.125 09/15/31                                            | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    650000 | PA      | $746996.25    | 0.33%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SAS                                                                               | SFRFP 10 01/15/33 144A                                         | CUSIP: 020956AA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    382000 | PA      | $359426.93    | 0.16%             | 2033-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                                     | TRACTC 5.875 03/01/31 144A                                     | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1145910.63   | 0.50%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                               | VENTGL 4.125 08/15/31 144A                                     | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    610000 | PA      | $572534.06    | 0.25%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands IV B.V.                                                 | TEVA 5.75 12/01/30                                             | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |   1490000 | PA      | $1547088.17   | 0.68%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Arini US CLO III Ltd. / Arini US CLO III LLC                                                    | ARIN 3A E                                                      | CUSIP: 03990MAA5<br>LEI: 254900RLGVSRR5ZHHW52 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $302424.39    | 0.13%             | 2039-01-15      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO 2022-3 Ltd.                                                                   | PLMRS 2022-3A D1R                                              | CUSIP: 69690ABC0<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |    460000 | PA      | $462030.67    | 0.20%             | 2037-07-20      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                                                           | JANEST 6.75 05/01/33 144A                                      | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30808.48     | 0.01%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc.                                                     | ARI 4.625 06/15/29 144A                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199153.74    | 0.09%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Park-Ohio Industries, Inc.                                                                      | PKOH 8.5 08/01/30 144A                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    560000 | PA      | $581866.32    | 0.26%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| APH Somerset Inv 2 LLC / APH2 Somerset Inv 2 LLC / APH3 Somerset Inv 2                          | AQUARI 7.875 11/01/29 144A                                     | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $533343.25    | 0.23%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| XPO Inc                                                                                         | XPO 7.125 02/01/32                                             | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    300000 | PA      | $314672.40    | 0.14%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AAR CORP                                                                                        | AIR 6.75 03/15/29 144A                                         | CUSIP: 00253PAA6<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | DBT              | CORP              | US        |    560000 | PA      | $577655.68    | 0.25%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                            | Spirit Airlines, LLC DIP New Money Term Loan 10/25             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    209310 | PA      | $204077.01    | 0.09%             | 2040-01-02      | None          | 11.66%                | No            |                  2 | On Loan: No      |
| Marston's Issuer PLC                                                                            | MARSLN V0 07/16/35 B1                                          | CUSIP: 000000000<br>LEI: 213800HQB746UJ9UWM15 | Long             | ABS-O            | CORP              | GB        |   1232000 | PA      | $1573138.80   | 0.69%             | 2035-07-15      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| GREYWOLF CLO IVR-R LTD                                                                          | GWOLF 2019-1A CR2                                              | CUSIP: 39809TBC0<br>LEI: 5493008JNE27URH1VF66 | Long             | ABS-CBDO         | CORP              | KY        |    230000 | PA      | $231540.72    | 0.10%             | 2034-04-17      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-28L                                                          | NYC 2025-28L G                                                 | CUSIP: 67123JAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $712184.90    | 0.31%             | 2038-11-05      | Variable      | 9.32%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                                                                     | ASUCOR 8.375 02/01/34 144A                                     | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    430000 | PA      | $428188.26    | 0.19%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                              | NWL 8.5 06/01/28 144A                                          | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    310000 | PA      | $326473.84    | 0.14%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Columbus McKinnon Corp.                                                                         | CMCO 7.125 02/01/33 144A                                       | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257188.75    | 0.11%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                                        | ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      1596 | NS      | $25694.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| 1261229 Bc Ltd.                                                                                 | BHCCN 10 04/15/32 144A                                         | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1150000 | PA      | $1190258.80   | 0.52%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Capstone Borrower Inc.                                                                          | CVT 8 06/15/30 144A                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    240000 | PA      | $208951.97    | 0.09%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ROCKET MORTGAGE LLC                                                                             | RKT 3.875 03/01/31 144A                                        | CUSIP: 74841CAB7<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |    370000 | PA      | $348033.54    | 0.15%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                            | NCLH 1.125 02/15/27                                            | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    140000 | PA      | $143430.00    | 0.06%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ROCK TR 2024-CNTR                                                                               | ROCC 2024-CNTR E                                               | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $965534.67    | 0.42%             | 2041-11-15      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| Uniti Service LLC/ Uniti Group Finance 2019 Inc/CSL Capital LLC                                 | UNIT 6.5 02/15/29 144A                                         | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1070808.54   | 0.47%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                                           | ALTICE 5.75 08/15/29 144a                                      | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   1400000 | PA      | $971231.98    | 0.43%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                                           | ALTICE 5 01/15/28 144A                                         | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    340000 | PA      | $239909.46    | 0.11%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOYAGER TECHNOLOGIES INC                                                                        | VOYG 0.75 11/15/30                                             | CUSIP: 92892BAA1<br>LEI: 254900DDCLSP240FE187 | Long             | DBT              | CORP              | US        |     60000 | PA      | $68250.00     | 0.03%             | 2030-11-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| MAGNETITE XXVI LTD                                                                              | MAGNE 2020-26A ER2                                             | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $570742.88    | 0.25%             | 2038-01-25      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                                                                     | ASUCOR 8 12/31/32 144A                                         | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1734427.20   | 0.76%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                                | AMCX 10.25 01/15/29 144A                                       | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    110000 | PA      | $118031.40    | 0.05%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                           | NLSN 9.5 02/15/33 144A                                         | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    580000 | PA      | $568423.66    | 0.25%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                                                   | SMYREA 6 11/01/28 144A                                         | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170358.50    | 0.07%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AeroVironment, Inc.                                                                             | AVAV 0 07/15/30                                                | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |    344000 | PA      | $394740.00    | 0.17%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                    | UBS V7.125 PERP 144a                                           | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $225497.36    | 0.10%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2015-C28                                                  | WFCM 2015-C28 D                                                | CUSIP: 94989JBH8<br>LEI: 549300S7ENI2U7O0XH56 | Long             | ABS-O            | CORP              | US        |    375058 | PA      | $361364.32    | 0.16%             | 2048-05-15      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                                      | VMED 6.75 01/15/33 144A                                        | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    490000 | PA      | $464862.71    | 0.20%             | 2033-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMMUNICATIONS OPERATING LLC                                                            | CHTR 3.7 04/01/51                                              | CUSIP: 161175BV5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    660000 | PA      | $426355.38    | 0.19%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                                       | RRD 9.5 08/01/29 144A                                          | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    510000 | PA      | $526013.49    | 0.23%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                                                    | WMS 6.375 06/15/30 144A                                        | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    230000 | PA      | $234873.24    | 0.10%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                                                    | WMS 5.375 03/01/34 144A                                        | CUSIP: 00790RAC8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    510000 | PA      | $515161.16    | 0.23%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                  | C V6.625 PERP                                                  | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    410000 | PA      | $424114.72    | 0.19%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MAGNETITE LTD 2022-32                                                                           | MAGNE 2022-32A ER                                              | CUSIP: 55953XAE8<br>LEI: 549300QUG3I8PF6T6C52 | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $491577.16    | 0.22%             | 2037-10-15      | Variable      | 8.27%                 | No            |                  2 | On Loan: No      |
| Voya CLO Limited                                                                                | VOYA 2018-2A D                                                 | CUSIP: 92917JAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $431550.41    | 0.19%             | 2031-07-15      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| Apld Computeco LLC                                                                              | APLD 9.25 12/15/30 144A                                        | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $441160.44    | 0.19%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.                                         | DTV 10 02/15/31 144A                                           | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $450352.09    | 0.20%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Hexion Holdings Corporation                                                                     | Hexion Term Loan B 400 2029-03-01                              | CUSIP: 00217XAE6<br>LEI: 549300LBB370MUHGLV84 | Long             | LON              | CORP              | US        |    561225 | PA      | $551804.84    | 0.24%             | 2029-03-15      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                 | CDS TRANSOCEAN INC                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $2015.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                                          | First Brands (Trico Group) First-lien Term Loan 500 2027-03-09 | CUSIP: 31935HAD9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |    101286 | PA      | $384.38       | 0.00%             | 2027-03-30      | Floating      | 10.79%                | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                                                            | ALPGEN 6.75 10/15/32 144A                                      | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    330000 | PA      | $343535.94    | 0.15%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Topbuild Corporation                                                                            | BLD 5.625 01/31/34 144A                                        | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    550000 | PA      | $555061.01    | 0.24%             | 2034-01-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LOGISTICS PARTNERS OPERATIONS LP                                                         | SUN 5.625 07/15/34 144A                                        | CUSIP: 86765KAN9<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |    820000 | PA      | $820897.63    | 0.36%             | 2034-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                                       | TD V7.25 07/31/84                                              | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    470000 | PA      | $491721.99    | 0.22%             | 2084-07-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GALAXY XXII CLO LTD                                                                             | GALXY 2016-22A DR4                                             | CUSIP: 36320TBT9<br>LEI: 54930022KENWLYJ8SJ86 | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $446612.72    | 0.20%             | 2034-04-17      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                                       | RRD 10.875 08/01/29 144A                                       | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1076025.30   | 0.47%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                                                   | MIDCAP 5.625 01/15/30                                          | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $379231.71    | 0.17%             | 2030-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Holdings (US) Inc.                                                            | GFLCN 5.5 02/01/34 144A                                        | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $311502.57    | 0.14%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Peninsula Pacific Entertainment LLC                                                             | Peninsula Pacific Entertainment Term Loan B 475 2032-08-09     | CUSIP: 70715SAB3<br>LEI: 549300LWV74H4IE3FG45 | Long             | LON              | CORP              | US        |    412309 | PA      | $416432.08    | 0.18%             | 2032-10-01      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| OAKTREE CLO 2022-2 LTD                                                                          | OAKCL 2022-2A D1R2                                             | CUSIP: 67402RBQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $574470.40    | 0.25%             | 2037-10-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                                                            | CAPCOP 6.75 03/31/33 144A                                      | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    370000 | PA      | $382637.72    | 0.17%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                    | UBS V7 PERP 144a                                               | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    420000 | PA      | $429415.14    | 0.19%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                                          | TRICGR L 06/29/26 2                                            | CUSIP: 31935HAN7<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |    129545 | PA      | $631.53       | 0.00%             | 2026-06-29      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                                                                    | BHCCN 6.25 02/15/29 144A                                       | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1370000 | PA      | $1084012.50   | 0.48%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                                                   | Spirit Aviation Holdings Inc. COM                              | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35875 | NS      | $17220.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                                                  | BNP V8 PERP 144A                                               | CUSIP: 05602XDJ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    240000 | PA      | $263079.60    | 0.12%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                           | QUIKHO 6.375 03/01/32 144A                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1143942.80   | 0.50%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                            | URI 5.375 11/15/33 144A                                        | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    520000 | PA      | $524606.48    | 0.23%             | 2033-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TKC Holdings Inc.                                                                               | TKCHOL 8.5 08/15/30 144A                                       | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $532550.17    | 0.23%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                                  | SCHW V4 PERP H                                                 | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    450000 | PA      | $425478.20    | 0.19%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                                         | LVLT 6.875 06/30/33 144A                                       | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259116.25    | 0.11%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                                    | DHC 4.375 03/01/31                                             | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $841877.73    | 0.37%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Summit Midstream Holdings, LLC / Summit Midstream Finance Corp.                                 | SUMMPL 8.625 10/31/29 144A                                     | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $240877.85    | 0.11%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                                                         | CREDIT SUISSE ESCROW CL                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4040000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ABRY LIQUID CREDIT CLO 2025-2 LTD                                                               | ALC 2025-2A D                                                  | CUSIP: 003943AJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $392529.15    | 0.17%             | 2039-01-15      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                 | CDS NABORS INDUSTRIES INC                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-5132.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Akumin Inc.                                                                                     | AKUCN 9.75 08/31/31 144A                                       | CUSIP: 01021XAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $289875.00    | 0.13%             | 2031-08-31      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Lightning Power LLC                                                                             | LIGPLL 7.25 08/15/32 144A                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    520000 | PA      | $552402.24    | 0.24%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc                                                                           | RGCARE 11 10/15/30 144A                                        | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $119610.92    | 0.05%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                                         | BLKPRL 6.125 02/15/31 144A                                     | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $368892.66    | 0.16%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                                                        | FLTR 5.875 06/04/31 144A                                       | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    700000 | PA      | $698445.35    | 0.31%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Elastic NV                                                                                      | ESTC 4.125 07/15/29 144A                                       | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    380000 | PA      | $359386.14    | 0.16%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING LP                                                                      | DCP 6.45 11/03/36 144A                                         | CUSIP: 26439XAH6<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54688.30     | 0.02%             | 2036-11-03      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                                  | ZFFNGR 7.5 03/24/31 144A                                       | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    570000 | PA      | $587783.43    | 0.26%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                        | VST 6.875 04/15/32 144A                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    870000 | PA      | $915666.30    | 0.40%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                                                           | JANEST 6.125 11/01/32 144A                                     | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    320000 | PA      | $322155.52    | 0.14%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                                    | USD/EUR FORWARD                                                | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $28842.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                                                                           | ACM 6 08/01/33 144A                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    770000 | PA      | $787288.04    | 0.35%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 44 LTD                                                                                  | AGL 2025-44A E                                                 | CUSIP: 00122AAA8<br>LEI: 254900WK97J0UDI0DQ10 | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $455397.53    | 0.20%             | 2037-10-22      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Light and Wonder International Inc                                                              | Light & Wonder (Scientific Games) Term Loan B 200 2029-04-01   | CUSIP: 80875AAY7<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    242564 | PA      | $243018.74    | 0.11%             | 2029-04-16      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| AMMC CLO 30 LTD / AMMC CLO 30 LLC                                                               | AMMC 2024-30A D1R                                              | CUSIP: 03165UAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $311134.66    | 0.14%             | 2039-04-15      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc                                                                           | RGCARE 9.875 08/15/30 144A                                     | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1484821.63   | 0.65%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HOLDINGS INC                                                                     | GTX 7.75 05/31/32 144A                                         | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |    590000 | PA      | $623963.35    | 0.27%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                              | VEGLPL 7.5 05/01/33 144A                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    280000 | PA      | $310746.52    | 0.14%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                               | CSCHLD 6.5 02/01/29 144A                                       | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    490000 | PA      | $310050.10    | 0.14%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                                                           | JANEST 7.125 04/30/31 144A                                     | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1280443.87   | 0.56%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Kodiak BP LLC                                                                                   | Kodiak Building Partners Term Loan B 375 2031-11-18            | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |    350000 | PA      | $350467.25    | 0.15%             | 2031-12-04      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                                    | DHC 4.75 02/15/28                                              | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $391428.28    | 0.17%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Super Micro Computer Inc.                                                                       | SMCI 3.5 03/01/29                                              | CUSIP: 86800UAB0<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |    350000 | PA      | $325827.55    | 0.14%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Corecivic Inc                                                                                   | CXW 8.25 04/15/29                                              | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1144622.60   | 0.50%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                       | SUN V7.875 PERP 144A                                           | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1167000 | PA      | $1207197.32   | 0.53%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                                  | ZFFNGR 6.875 04/23/32 144A                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    890000 | PA      | $893388.23    | 0.39%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                             | AXON 6.25 03/15/33 144A                                        | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114100.14    | 0.05%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2 LTD                                                                      | APEXC 2021-2A CR                                               | CUSIP: 03755QAJ2<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-CBDO         | CORP              | KY        |    190000 | PA      | $185725.00    | 0.08%             | 2034-10-20      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                               | LNW 6.25 10/01/33 144A                                         | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    590000 | PA      | $592917.55    | 0.26%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                              | ET V6.625 PERP B                                               | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    170000 | PA      | $172319.14    | 0.08%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Firstcash Inc                                                                                   | FCFS 6.875 03/01/32 144A                                       | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    470000 | PA      | $485628.19    | 0.21%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JAMESTOWN CLO XVII LTD                                                                          | JTWN 2021-17A DR                                               | CUSIP: 47048UAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $511408.11    | 0.23%             | 2035-01-25      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                                      | NOG 7.875 10/15/33 144A                                        | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    710000 | PA      | $726316.51    | 0.32%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                                                              | New Generation Gas Gathering LLC                               | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |   1229730 | PA      | $1278918.92   | 0.56%             | 2029-09-30      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Diversified Healthcare Trust                                                                    | DHC 7.25 10/15/30 144A                                         | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $489333.92    | 0.22%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                                  | BNP V7.75 PERP 144A                                            | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $745528.70    | 0.33%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                                | ABR 8.5 12/15/28 144A                                          | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    310000 | PA      | $301854.49    | 0.13%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA CENT CLO 35 LTD                                                                        | CECLO 2025-35A D1A                                             | CUSIP: 19739RAJ7<br>LEI: 2549006YWAD6BJI1C841 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $281952.83    | 0.12%             | 2036-07-25      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                              | VEGLPL 7.75 05/01/35 144A                                      | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $102129.48    | 0.04%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                                         | NBR 8.875 08/15/31 144A                                        | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    760000 | PA      | $787759.00    | 0.35%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Upbound Group Inc                                                                               | UPBD 6.375 02/15/29 144A                                       | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1099746.04   | 0.48%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Cnx Midstream Partners Lp                                                                       | CNXMPF 4.75 04/15/30 144A                                      | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $595298.94    | 0.26%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                       | SUN 5.625 03/15/31 144A                                        | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    570000 | PA      | $575168.05    | 0.25%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Osmose Utilities Services Inc                                                                   | Osmose Utilities Services Term Loan B 325 2028-05-31           | CUSIP: 68835HAH3<br>LEI: 549300FSLVHLFZ3S0D82 | Long             | LON              | CORP              | US        |    390000 | PA      | $378422.85    | 0.17%             | 2028-06-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE PLC                                                                      | VSTJET 9.5 06/01/28 144A                                       | CUSIP: 92841HAA0<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    110000 | PA      | $113543.98    | 0.05%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CARVAL CLO XI-C LTD /LLC                                                                        | CARVL 2024-3A D1                                               | CUSIP: 14688RAJ9<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $371592.44    | 0.16%             | 2037-10-20      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                                                         | VSNT 7.25 01/30/31 144A                                        | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |    430000 | PA      | $440332.47    | 0.19%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                                         | LVLT 8.5 01/15/36 144A                                         | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1073527.20   | 0.47%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                                                    | Cloudera First-lien Term Loan 375 2028-07-24                   | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    290000 | PA      | $257272.05    | 0.11%             | 2028-10-08      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Five Point Operating Company LP Five Point Capital Corp                                         | FPH 8 10/01/30 144A                                            | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | PA      | $642496.70    | 0.28%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXV Ltd.                                                                           | SYMP 2021-25A D                                                | CUSIP: 87167WAJ4<br>LEI: 5493006CLZCEH6WYKR81 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249791.15    | 0.11%             | 2034-04-19      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                            | NCLH 6.25 09/15/33 144A                                        | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1520000 | PA      | $1535152.88   | 0.68%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp.                                   | RIVENT 6.25 10/15/30 144A                                      | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $787132.68    | 0.35%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW MOUNTAIN CLO 5 LTD                                                                          | NMC CLO-5A D1R                                                 | CUSIP: 64754WAQ6<br>LEI: 2549000KVE2J1UOHZ207 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $322245.63    | 0.14%             | 2036-07-20      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer