# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0000940400-26-021656
**Filing Date:** 2026-5
**Character Count:** 738647
**Document Hash:** 82e20b549182c3c9eb45dab44564bdf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021656.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021656

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000874835

**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:** 811-06310
- **FILM NUMBER:** 261031920

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 1-877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE PORTFOLIOS II
- **DATE OF NAME CHANGE:** 20060501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREENWICH STREET SERIES FUND
- **DATE OF NAME CHANGE:** 19970902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHEARSON SERIES FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Western Asset Long Credit VIT (Series ID: S000080158)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000241838 | Class I      | LLAAX           |

## Nport-Ex

Schedule of Investments (unaudited)

March 31, 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 Long Credit VIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** | **Corporate Bonds & Notes — 88.8%** |
| **Communication Services — 8.7%** | **Communication Services — 8.7%** | **Communication Services — 8.7%** | **Communication Services — 8.7%** | **Communication Services — 8.7%** |
| *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; $230000<br>| &nbsp;&nbsp;&nbsp; $201009<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 53014<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 95473<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/9/48 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 161534<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 1590000<br>| &nbsp;&nbsp;&nbsp; 1034863<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 995434<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/1/57 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 324835<br>|
| &nbsp;&nbsp;&nbsp; Frontier California Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 426000<br>| &nbsp;&nbsp;&nbsp; 436633<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 157979<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 101000<br>| &nbsp;&nbsp;&nbsp; 91718<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 174284<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 230365<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 484357<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 338059<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 406889<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 167228<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/22/51 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 363143<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/23/54 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 501343<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/22/61 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 166802<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *6384962* |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 178552<br>|
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 9000<br>| &nbsp;&nbsp;&nbsp; 5479<br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co., Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 123838<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *506169* |
| *Interactive Media & Services — 2.8%* | *Interactive Media & Services — 2.8%* | *Interactive Media & Services — 2.8%* | *Interactive Media & Services — 2.8%* | *Interactive Media & Services — 2.8%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109259<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 442605<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 227202<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 245985<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 355814<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 298831<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 166324<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 297768<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 164713<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129675<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/65 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 342770<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/66 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 218044<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 162315<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 208011<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 217683<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 176659<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 909078<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; $490000<br>| &nbsp;&nbsp;&nbsp; $444169<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 759828<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/63 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 251736<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/64 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 53975<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/65 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp;&nbsp; 1803294<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *7985738* |
| *Media — 2.2%* | *Media — 2.2%* | *Media — 2.2%* | *Media — 2.2%* | *Media — 2.2%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20105<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 161448<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 143898<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 651018<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 38422<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 223025<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 162642<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 154142<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 526465<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.049% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 344216<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 309792<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 604305<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.987% | &nbsp;&nbsp; 11/1/63 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 5302<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 319386<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/30/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 125322<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC, Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 951591<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 963338<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 371900<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *6076317* |
| *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/30/40 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 177375<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 264263<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68190<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 470443<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 272348<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 285735<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 241431<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 104811<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 809937<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 572981<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *3267514* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **24220700** |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Consumer Discretionary — 7.8%** | **Consumer Discretionary — 7.8%** | **Consumer Discretionary — 7.8%** | **Consumer Discretionary — 7.8%** | **Consumer Discretionary — 7.8%** |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; $330000<br>| &nbsp;&nbsp;&nbsp; $*313841*<br> <sup>(a)</sup><br>|
| *Automobiles — 0.7%* | *Automobiles — 0.7%* | *Automobiles — 0.7%* | *Automobiles — 0.7%* | *Automobiles — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/10/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 204319<br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/13/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169744<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 6/17/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 180299<br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.122% | &nbsp;&nbsp; 11/7/33 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 367839<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51213<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 191574<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 226080<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 149825<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130716<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; 280000<br>| &nbsp;&nbsp;&nbsp; 265541<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1937150* |
| *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* | *Broadline Retail — 2.1%* |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/26/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 205559<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/9/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 294127<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 2/9/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 268516<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/26/54 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 398458<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/13/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 378902<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/13/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 248782<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 3/20/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 392881<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 11/20/35 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 451225<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/13/46 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 329053<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/20/55 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 401523<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/13/56 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 269974<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/20/65 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 557886<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 3/13/66 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 481939<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 3/13/76 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 447712<br>|
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 806511<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *5933048* |
| *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* | *Diversified Consumer Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, Senior Notes | &nbsp;&nbsp; 5.618% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 375392<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/1/2111 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 245224<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *620616* |
| *Hotels, Restaurants & Leisure — 3.2%* | *Hotels, Restaurants & Leisure — 3.2%* | *Hotels, Restaurants & Leisure — 3.2%* | *Hotels, Restaurants & Leisure — 3.2%* | *Hotels, Restaurants & Leisure — 3.2%* |
| &nbsp;&nbsp;&nbsp; Airbnb Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/16/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 479120<br>|
| &nbsp;&nbsp;&nbsp; Airbnb Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200281<br>|
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 267983<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 804497<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 191611<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 144988<br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1268375<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 934582<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239219<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 182380<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio 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; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; $260000<br>| &nbsp;&nbsp;&nbsp; $250680<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82244<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/9/45 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 160553<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 511360<br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 192266<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; 420000<br>| &nbsp;&nbsp;&nbsp; 403486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101165<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50505<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 81806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 212150<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 154536<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 265371<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/27/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 295035<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/18/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 569692<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 624986<br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 191934<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *8860805* |
| *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* |
| &nbsp;&nbsp;&nbsp; PulteGroup Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1417781<br>|
| &nbsp;&nbsp;&nbsp; PulteGroup Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 183650<br>|
| &nbsp;&nbsp;&nbsp; Sekisui House US Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 393442<br>|
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 176367<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *2171240* |
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 233624<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 39981<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 471623<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 89050<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 149854<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 77632<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 299148<br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 428873<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1789785* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **21626485** |
| **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** |
| *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/23/59 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 662072<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 1/14/55 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 416960<br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *1079032* |
| *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38178<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 334566<br>|
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/15/64 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 352595<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *725339* |
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Gruma SAB de CV, Senior Notes | &nbsp;&nbsp; 5.390% | &nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199240<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Food Products — continued* | *Food Products — continued* | *Food Products — continued* | *Food Products — continued* | *Food Products — continued* |
| &nbsp;&nbsp;&nbsp; Gruma SAB de CV, Senior Notes | &nbsp;&nbsp; 5.761% | &nbsp;&nbsp; 12/9/54 | &nbsp;&nbsp; $400000<br>| &nbsp;&nbsp;&nbsp; $387208<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 155860<br>|
| &nbsp;&nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/10/37 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180676<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/25/55 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 648160<br>|
| &nbsp;&nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/10/57 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 189791<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JM Smucker Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 208602<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 313762<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20198<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 400058<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 162285<br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 9/4/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 58592<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *2924432* |
| *Tobacco — 1.4%* | *Tobacco — 1.4%* | *Tobacco — 1.4%* | *Tobacco — 1.4%* | *Tobacco — 1.4%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 96558<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 2/14/39 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 582576<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/9/42 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 260936<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 132013<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 717978<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 137456<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 9/25/40 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 47889<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.079% | &nbsp;&nbsp; 8/2/43 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 517011<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.081% | &nbsp;&nbsp; 8/2/53 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 530910<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 506235<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 159449<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112061<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/16/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 109076<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/21/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 120647<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *4030795* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **8759598** |
| **Energy — 7.9%** | **Energy — 7.9%** | **Energy — 7.9%** | **Energy — 7.9%** | **Energy — 7.9%** |
| *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* | *Energy Equipment & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 3/11/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 238830<br>|
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 353588<br>|
| &nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 6/15/56 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 802964<br>|
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 126491<br>|
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 96559<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1618432* |
| *Oil, Gas & Consumable Fuels — 7.3%* | *Oil, Gas & Consumable Fuels — 7.3%* | *Oil, Gas & Consumable Fuels — 7.3%* | *Oil, Gas & Consumable Fuels — 7.3%* | *Oil, Gas & Consumable Fuels — 7.3%* |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231285<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, Senior Notes (6.125% to 6/18/35 then 5 year Treasury <br> Constant Maturity Rate + 1.924%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/18/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 272425<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, Senior Notes (6.450% to 3/1/34 then 5 year Treasury <br> Constant Maturity Rate + 2.153%) | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72815<br> <sup>(c)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio 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; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/30/35 | &nbsp;&nbsp; $320000<br>| &nbsp;&nbsp;&nbsp; $326008<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 316232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.544% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73595<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 152389<br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 57534<br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 9/15/63 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 154106<br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 472359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181870<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130376<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 242098<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 193301<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 166990<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111374<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131915<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year <br> Treasury Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 819035<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 2/15/31 then 5 year <br> Treasury Constant Maturity Rate + 2.676%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98861<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.750% to 2/15/36 then 5 year <br> Treasury Constant Maturity Rate + 2.475%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 179728<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year <br> Treasury Constant Maturity Rate + 5.306%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112251<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 594716<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 144640<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 164388<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 138924<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 134868<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50931<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 344761<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 422705<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 112624<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 146140<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239380<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 353203<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 268481<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 529138<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 779743<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 1/31/60 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 57835<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (3 mo. Term SOFR + 3.248%) | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89969<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. <br> Term SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 387512<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9205<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 79841<br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19990<br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60526<br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 272919<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio 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; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; $120000<br>| &nbsp;&nbsp;&nbsp; $123178<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/5/29 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 865687<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, Senior Secured Notes | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 2/23/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200938<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, Senior Secured Notes | &nbsp;&nbsp; 6.103% | &nbsp;&nbsp; 8/23/42 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199252<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, Senior Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 112946<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 374672<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 13862<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40341<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149226<br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term SOFR + <br> 5.750%) | &nbsp;&nbsp; 9.410% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 416217<br>| &nbsp;&nbsp;&nbsp; 432872<br> <sup>(a)(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 364217<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 160369<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/15/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 39579<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 36772<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 277269<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/46 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 45985<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 513574<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/17/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71208<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 3/19/49 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 105844<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/10/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 320111<br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 117185<br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 53569<br>|
| &nbsp;&nbsp;&nbsp; Qatar Energy, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/12/41 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 211153<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Qatar Energy, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/12/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 129603<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 120557<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 229107<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 161029<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/30/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64882<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121115<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19992<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 954977<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 267720<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 241869<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 361424<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; 180000<br>| &nbsp;&nbsp;&nbsp; 190764<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110133<br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50420<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130116<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 417700<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 177521<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 541464<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 329235<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 648557<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 9/30/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 229890<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio 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; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; $70000<br>| &nbsp;&nbsp;&nbsp; $69428<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *20296298* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **21914730** |
| **Financials — 28.7%** | **Financials — 28.7%** | **Financials — 28.7%** | **Financials — 28.7%** | **Financials — 28.7%** |
| *Banks — 12.6%* | *Banks — 12.6%* | *Banks — 12.6%* | *Banks — 12.6%* | *Banks — 12.6%* |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, Senior Notes | &nbsp;&nbsp; 5.381% | &nbsp;&nbsp; 3/13/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 410830<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Junior Subordinated Notes (9.625% to 11/21/33 then 5 year <br> Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 461997<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1380548<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 5.439% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 411559<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (1.922% to 10/24/30 then SOFR + 1.370%) | &nbsp;&nbsp; 1.922% | &nbsp;&nbsp; 10/24/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 186171<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.831% to 10/24/50 then SOFR + 1.880%) | &nbsp;&nbsp; 2.831% | &nbsp;&nbsp; 10/24/51 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 606775<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 543288<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.311% to 4/22/41 then SOFR + 1.580%) | &nbsp;&nbsp; 3.311% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 404505<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.443% to 1/20/47 then 3 mo. Term SOFR + <br> 2.252%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 1/20/48 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 386621<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.045% to 2/6/36 then SOFR + 1.130%) | &nbsp;&nbsp; 5.045% | &nbsp;&nbsp; 2/6/37 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 819291<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.468% to 1/23/34 then SOFR + 1.650%) | &nbsp;&nbsp; 5.468% | &nbsp;&nbsp; 1/23/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51056<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.511% to 1/24/35 then SOFR + 1.310%) | &nbsp;&nbsp; 5.511% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 836510<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (2.482% to 9/21/31 then 5 year Treasury <br> Constant Maturity Rate + 1.200%) | &nbsp;&nbsp; 2.482% | &nbsp;&nbsp; 9/21/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 250942<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (5.518% to 10/25/34 then SOFR + <br> 1.738%) | &nbsp;&nbsp; 5.518% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 430141<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Junior Subordinated Notes (7.300% to 11/26/34 then 5 year <br> Treasury Constant Maturity Rate + 3.010%) | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 11/26/84 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 358389<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Junior Subordinated Notes (8.625% to 10/27/27 then 5 year <br> Treasury Constant Maturity Rate + 4.389%) | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/27/82 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 322406<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 291943<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (6.875% to 12/15/33 then 5 year <br> Treasury Constant Maturity Rate + 2.853%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/33 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 937845<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (8.500% to 8/14/28 then 5 year <br> Treasury Constant Maturity Rate + 4.354%) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/14/28 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1084301<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (6.293% to 1/14/35 then SOFR + 2.040%) | &nbsp;&nbsp; 6.293% | &nbsp;&nbsp; 1/14/36 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 481745<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Subordinated Notes (6.915% to 1/14/45 then SOFR + 2.610%) | &nbsp;&nbsp; 6.915% | &nbsp;&nbsp; 1/14/46 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 470783<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 261716<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/23/48 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 160916<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (2.904% to 11/3/41 then SOFR + 1.379%) | &nbsp;&nbsp; 2.904% | &nbsp;&nbsp; 11/3/42 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 28583<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (5.333% to 3/27/35 then SOFR + 1.465%) | &nbsp;&nbsp; 5.333% | &nbsp;&nbsp; 3/27/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30102<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (5.612% to 3/4/55 then SOFR + 1.746%) | &nbsp;&nbsp; 5.612% | &nbsp;&nbsp; 3/4/56 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 413271<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 436379<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 84307<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.758% to 4/6/32 then 1 year Treasury <br> Constant Maturity Rate + 1.420%) | &nbsp;&nbsp; 3.758% | &nbsp;&nbsp; 4/6/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 252984<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (4.818% to 9/25/32 then SOFR + 1.360%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 245011<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Financial Corp., Senior Notes (5.982% to 1/30/29 then SOFR + 2.155%) | &nbsp;&nbsp; 5.982% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 227049<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (2.804% to 5/24/31 then SOFR + 1.187%) | &nbsp;&nbsp; 2.804% | &nbsp;&nbsp; 5/24/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 188927<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio 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; HSBC Holdings PLC, Senior Notes (5.133% to 11/6/35 then SOFR + 1.430%) | &nbsp;&nbsp; 5.133% | &nbsp;&nbsp; 11/6/36 | &nbsp;&nbsp; $570000<br>| &nbsp;&nbsp;&nbsp; $557796<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.279% to 3/10/36 then SOFR + 1.550%) | &nbsp;&nbsp; 5.279% | &nbsp;&nbsp; 3/10/37 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 589448<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.450% to 3/3/35 then SOFR + 1.560%) | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/3/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200663<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 222507<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (6.332% to 3/9/43 then SOFR + 2.650%) | &nbsp;&nbsp; 6.332% | &nbsp;&nbsp; 3/9/44 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 210967<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Subordinated Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 363278<br>|
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc., Subordinated Notes (5.605% to 1/28/36 then 5 year <br> Treasury Constant Maturity Rate + 1.350%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 1/28/41 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 781100<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/23/49 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 291657<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 7.800% | &nbsp;&nbsp; 11/28/53 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 923810<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (3.650% to 6/1/26 then 5 year <br> Treasury Constant Maturity Rate + 2.850%) | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 258957<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 then 5 year <br> Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 605762<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.739% to 10/15/29 then 3 mo. Term SOFR + <br> 1.510%) | &nbsp;&nbsp; 2.739% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 273193<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.157% to 4/22/41 then 3 mo. Term SOFR + <br> 1.460%) | &nbsp;&nbsp; 3.157% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 639549<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.328% to 4/22/51 then SOFR + 1.580%) | &nbsp;&nbsp; 3.328% | &nbsp;&nbsp; 4/22/52 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 170350<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.260% to 2/22/47 then 3 mo. Term SOFR + <br> 1.842%) | &nbsp;&nbsp; 4.260% | &nbsp;&nbsp; 2/22/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 360026<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.810% to 10/22/35 then SOFR + 1.190%) | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 10/22/36 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 689646<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.898% to 1/22/36 then SOFR + 1.070%) | &nbsp;&nbsp; 4.898% | &nbsp;&nbsp; 1/22/37 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 538387<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.294% to 7/22/34 then SOFR + 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 182290<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.502% to 1/24/35 then SOFR + 1.315%) | &nbsp;&nbsp; 5.502% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 563142<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.534% to 11/29/44 then SOFR + 1.550%) | &nbsp;&nbsp; 5.534% | &nbsp;&nbsp; 11/29/45 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 923872<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.766% to 4/22/34 then SOFR + 1.490%) | &nbsp;&nbsp; 5.766% | &nbsp;&nbsp; 4/22/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 208384<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (6.254% to 10/23/33 then SOFR + 1.810%) | &nbsp;&nbsp; 6.254% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 96798<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/16/43 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169543<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 506536<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (4.425% to 11/4/30 then 1 year Treasury <br> Constant Maturity Rate + 0.820%) | &nbsp;&nbsp; 4.425% | &nbsp;&nbsp; 11/4/31 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 858062<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (4.943% to 11/4/35 then 1 year Treasury <br> Constant Maturity Rate + 0.970%) | &nbsp;&nbsp; 4.943% | &nbsp;&nbsp; 11/4/36 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 347607<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.115% to 5/23/30 then 1 year Treasury Constant <br> Maturity Rate + 1.050%) | &nbsp;&nbsp; 5.115% | &nbsp;&nbsp; 5/23/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 363715<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp, Junior Subordinated Notes (6.300% to 3/25/32 then 5 year <br> Treasury Constant Maturity Rate + 2.660%) | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 9/25/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 318516<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Subordinated Notes (5.423% to 1/25/36 then 5 <br> year Treasury Constant Maturity Rate + 1.170%) | &nbsp;&nbsp; 5.423% | &nbsp;&nbsp; 1/25/41 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1058493<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61369<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Subordinated Notes (5.796% to 7/8/45 then <br> SOFR + 1.780%) | &nbsp;&nbsp; 5.796% | &nbsp;&nbsp; 7/8/46 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 485489<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to 10/31/27 then 5 year <br> Treasury Constant Maturity Rate + 4.075%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 10/31/82 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 588394<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 186898<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (4.964% to 10/23/35 then SOFR + 1.395%) | &nbsp;&nbsp; 4.964% | &nbsp;&nbsp; 10/23/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 387602<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio 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; US Bancorp, Senior Notes (5.033% to 1/26/36 then SOFR + 1.101%) | &nbsp;&nbsp; 5.033% | &nbsp;&nbsp; 1/26/37 | &nbsp;&nbsp; $1400000<br>| &nbsp;&nbsp;&nbsp; $1379933<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Junior Subordinated Notes (6.125% to 6/15/31 then 5 year <br> Treasury Constant Maturity Rate + 2.340%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 753021<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.068% to 4/30/40 then SOFR + 2.530%) | &nbsp;&nbsp; 3.068% | &nbsp;&nbsp; 4/30/41 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 781291<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.611% to 4/25/52 then SOFR + 2.130%) | &nbsp;&nbsp; 4.611% | &nbsp;&nbsp; 4/25/53 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 813271<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.960% to 1/23/36 then SOFR + 1.100%) | &nbsp;&nbsp; 4.960% | &nbsp;&nbsp; 1/23/37 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 428787<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 176356<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.150% to 4/23/30 then SOFR + 1.500%) | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 417081<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.389% to 4/24/33 then SOFR + 2.020%) | &nbsp;&nbsp; 5.389% | &nbsp;&nbsp; 4/24/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50765<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.433% to 1/23/46 then SOFR + 1.230%) | &nbsp;&nbsp; 5.433% | &nbsp;&nbsp; 1/23/47 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 663787<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20462<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.605% to 4/23/35 then SOFR + 1.740%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 4/23/36 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 501608<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (6.491% to 10/23/33 then SOFR + 2.060%) | &nbsp;&nbsp; 6.491% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 32492<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/2/43 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 159057<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 11/17/45 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 610189<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *35228797* |
| *Capital Markets — 7.5%* | *Capital Markets — 7.5%* | *Capital Markets — 7.5%* | *Capital Markets — 7.5%* | *Capital Markets — 7.5%* |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203615<br>|
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 422595<br>|
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/11/54 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 273319<br>|
| &nbsp;&nbsp;&nbsp; Carlyle Group Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 9/19/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 415288<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year <br> Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 314747<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + 2.500%) | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 5/19/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 105083<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1102426<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/18/34 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 190927<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (7.500% to 2/10/29 then 5 <br> year Treasury Constant Maturity Rate + 3.156%) | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/10/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 135786<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 368741<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/8/44 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 114682<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.016% to 10/23/34 then SOFR + 1.420%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 10/23/35 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 922930<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.065% to 1/21/36 then SOFR + 1.190%) | &nbsp;&nbsp; 5.065% | &nbsp;&nbsp; 1/21/37 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1036727<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.330% to 7/23/34 then SOFR + 1.550%) | &nbsp;&nbsp; 5.330% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 772867<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.541% to 1/21/46 then SOFR + 1.320%) | &nbsp;&nbsp; 5.541% | &nbsp;&nbsp; 1/21/47 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 591297<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.734% to 1/28/55 then SOFR + 1.696%) | &nbsp;&nbsp; 5.734% | &nbsp;&nbsp; 1/28/56 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 840226<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 161116<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes (5.387% to 2/2/36 then 5 year <br> Treasury Constant Maturity Rate + 1.180%) | &nbsp;&nbsp; 5.387% | &nbsp;&nbsp; 2/2/41 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1082499<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 257208<br>|
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VII LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 266065<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (3.217% to 4/22/41 then SOFR + 1.485%) | &nbsp;&nbsp; 3.217% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 113191<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.892% to 10/22/35 then SOFR + 1.314%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 10/22/36 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1189525<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.073% to 1/30/36 then SOFR + 1.184%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp;&nbsp; 1636756<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.320% to 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90342<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.516% to 11/19/54 then SOFR + 1.710%) | &nbsp;&nbsp; 5.516% | &nbsp;&nbsp; 11/19/55 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 665113<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.587% to 1/18/35 then SOFR + 1.418%) | &nbsp;&nbsp; 5.587% | &nbsp;&nbsp; 1/18/36 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 377356<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.664% to 4/17/35 then SOFR + 1.757%) | &nbsp;&nbsp; 5.664% | &nbsp;&nbsp; 4/17/36 | &nbsp;&nbsp; $240000<br>| &nbsp;&nbsp;&nbsp; $245910<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.831% to 4/19/34 then SOFR + 1.580%) | &nbsp;&nbsp; 5.831% | &nbsp;&nbsp; 4/19/35 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 706194<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (2.484% to 9/16/31 then SOFR + 1.360%) | &nbsp;&nbsp; 2.484% | &nbsp;&nbsp; 9/16/36 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 395953<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.314% to 1/18/36 then 5 year Treasury <br> Constant Maturity Rate + 1.170%) | &nbsp;&nbsp; 5.314% | &nbsp;&nbsp; 1/18/41 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1004440<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.942% to 2/7/34 then 5 year Treasury <br> Constant Maturity Rate + 1.800%) | &nbsp;&nbsp; 5.942% | &nbsp;&nbsp; 2/7/39 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 143177<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA, Senior Notes (4.734% to 7/18/30 then SOFR + <br> 1.080%) | &nbsp;&nbsp; 4.734% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 279186<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nuveen LLC, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 475436<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raymond James Financial Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 71189<br>|
| &nbsp;&nbsp;&nbsp; Raymond James Financial Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/11/55 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 170551<br>|
| &nbsp;&nbsp;&nbsp; S&P Global Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 43611<br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/26/48 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 409305<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.000% to 7/8/36 then USISSO05 + <br> 3.321%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/8/36 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 522288<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5 year <br> SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 491812<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year <br> Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 255949<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/33 then 5 year <br> Treasury Constant Maturity Rate + 4.758%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/33 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 506970<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (3.179% to 2/11/42 then 1 year Treasury Constant <br> Maturity Rate + 1.100%) | &nbsp;&nbsp; 3.179% | &nbsp;&nbsp; 2/11/43 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 161703<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (5.010% to 3/23/36 then SOFR + 1.340%) | &nbsp;&nbsp; 5.010% | &nbsp;&nbsp; 3/23/37 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 435350<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (5.199% to 8/10/36 then SOFR + 1.340%) | &nbsp;&nbsp; 5.199% | &nbsp;&nbsp; 8/10/37 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 947834<br> <sup>(a)(d)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *20917285* |
| *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* | *Consumer Finance — 1.1%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (4.918% to 7/20/32 then SOFR + 1.220%) | &nbsp;&nbsp; 4.918% | &nbsp;&nbsp; 7/20/33 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 541177<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.667% to 4/25/35 then SOFR + 1.790%) | &nbsp;&nbsp; 5.667% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 506645<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Subordinated Notes (5.915% to 4/25/34 then SOFR + 1.630%) | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 300376<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. Term SOFR + <br> 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 526131<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.370% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1254638<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *3128967* |
| *Financial Services — 2.4%* | *Financial Services — 2.4%* | *Financial Services — 2.4%* | *Financial Services — 2.4%* | *Financial Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 628305<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 10/29/41 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 502251<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 296083<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/30/36 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1041465<br>|
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 459126<br>|
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 327088<br>|
| &nbsp;&nbsp;&nbsp; Citadel Securities Global Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/27/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 436729<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust I, Ltd. GTD | &nbsp;&nbsp; 6.380% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 443387<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust II, Ltd. GTD | &nbsp;&nbsp; 6.630% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 253355<br> <sup>(a)(d)</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; 410000<br>| &nbsp;&nbsp;&nbsp; 421712<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 673032<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio 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; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; $230000<br>| &nbsp;&nbsp;&nbsp; $241108<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 575903<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 189338<br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 188050<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *6676932* |
| *Insurance — 5.0%* | *Insurance — 5.0%* | *Insurance — 5.0%* | *Insurance — 5.0%* | *Insurance — 5.0%* |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 9/16/40 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 238409<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 9/30/54 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 395920<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Junior Subordinated Notes (6.550% to 4/30/34 then 5 year Treasury <br> Constant Maturity Rate + 2.317%) | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 10/30/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200455<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Subordinated Notes (6.350% to 9/6/33 then 5 year Treasury Constant <br> Maturity Rate + 3.232%) | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 9/6/53 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 416633<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.805% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 149392<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; 300000<br>| &nbsp;&nbsp;&nbsp; 311486<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; 120000<br>| &nbsp;&nbsp;&nbsp; 116589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Junior Subordinated Notes (6.875% to 6/28/35 then 5 year <br> Treasury Constant Maturity Rate + 2.582%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/28/55 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 252573<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 220461<br>|
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 12/15/61 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 84155<br>|
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd., Subordinated Notes (6.200% to 1/16/35 then 5 year <br> Treasury Constant Maturity Rate + 2.515%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 1/16/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 493110<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co., Senior Notes (7.250% to 3/1/31 then 5 year Treasury <br> Constant Maturity Rate + 3.550%) | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 603797<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Loews Corp., Senior Notes | &nbsp;&nbsp; 4.940% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 254612<br>|
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp., Senior Notes | &nbsp;&nbsp; 4.986% | &nbsp;&nbsp; 12/11/35 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1065334<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 88972<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 478211<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 267591<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 180025<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 80336<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 619417<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts Mutual Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/1/77 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 189946<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Meiji Yasuda Life Insurance Co., Subordinated Notes (5.800% to 9/11/34 then 5 year <br> Treasury Constant Maturity Rate + 3.033%) | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 9/11/54 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 357245<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Meiji Yasuda Life Insurance Co., Subordinated Notes (6.100% to 6/11/35 then 5 year <br> Treasury Constant Maturity Rate + 2.911%) | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 6/11/55 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 773410<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 214494<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 70800<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Subordinated Notes (5.850% to 3/15/36 then 5 year Treasury Constant <br> Maturity Rate + 1.817%) | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 785601<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Subordinated Notes (6.350% to 3/15/35 then 5 year Treasury Constant <br> Maturity Rate + 2.078%) | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 243652<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Senior Secured Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/28/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 171862<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/28/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 326642<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/15/69 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 98965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., Senior Notes | &nbsp;&nbsp; 4.748% | &nbsp;&nbsp; 4/2/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200574<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., Subordinated Notes (6.250% to 9/13/33 then 5 year <br> Treasury Constant Maturity Rate + 2.954%) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/13/53 | &nbsp;&nbsp; $410000<br>| &nbsp;&nbsp;&nbsp; $418995<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., Subordinated Notes (6.500% to 4/30/35 then 5 year <br> Treasury Constant Maturity Rate + 3.189%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/30/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 403235<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 6.063% | &nbsp;&nbsp; 3/30/40 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 436975<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 9/30/47 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 765316<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America Inc., Subordinated Notes (6.375% to 9/15/36 then 5 <br> year Treasury Constant Maturity Rate + 2.344%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 251423<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II, Secured Notes | &nbsp;&nbsp; 1.512% | &nbsp;&nbsp; 9/28/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 305544<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, Subordinated Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 541061<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Travelers Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/4/49 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 102803<br>|
| &nbsp;&nbsp;&nbsp; Travelers Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 7/24/55 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 208687<br>|
| &nbsp;&nbsp;&nbsp; Wynnton Funding Trust II, Senior Notes | &nbsp;&nbsp; 5.991% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 365953<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *13819651* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 35951<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 1/30/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 63781<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110277<br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20688<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; *230697* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **80002329** |
| **Health Care — 6.6%** | **Health Care — 6.6%** | **Health Care — 6.6%** | **Health Care — 6.6%** | **Health Care — 6.6%** |
| *Biotechnology — 1.3%* | *Biotechnology — 1.3%* | *Biotechnology — 1.3%* | *Biotechnology — 1.3%* | *Biotechnology — 1.3%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 294430<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 11/21/39 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 772807<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 136534<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 495497<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 164252<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 227058<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 368295<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/63 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 385049<br>|
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 334989<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132383<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 44338<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 282186<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *3637818* |
| *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 205579<br>|
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 310445<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112886<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 449000<br>| &nbsp;&nbsp;&nbsp; 439018<br>|
| &nbsp;&nbsp;&nbsp; Stryker Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/10/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 232977<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1300905* |
| *Health Care Providers & Services — 4.0%* | *Health Care Providers & Services — 4.0%* | *Health Care Providers & Services — 4.0%* | *Health Care Providers & Services — 4.0%* | *Health Care Providers & Services — 4.0%* |
| &nbsp;&nbsp;&nbsp; Aetna Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 83795<br>|
| &nbsp;&nbsp;&nbsp; Aetna Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 65614<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; Bon Secours Mercy Health Inc., Secured Notes | &nbsp;&nbsp; 3.464% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; $90000<br>| &nbsp;&nbsp;&nbsp; $87195<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 319841<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 330198<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 56859<br>|
| &nbsp;&nbsp;&nbsp; Cleveland Clinic Foundation, Senior Notes | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 1/1/2114 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 83608<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Secured Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 187318<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 367336<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90193<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.548% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 179669<br>|
| &nbsp;&nbsp;&nbsp; CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/27/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 132696<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/27/62 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 145067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Junior Subordinated Notes (6.750% to 12/10/34 then 5 year <br> Treasury Constant Maturity Rate + 2.516%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/10/54 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 81036<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year <br> Treasury Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 195941<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 184019<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 3/25/38 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 986623<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 583826<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 195939<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 56436<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 321287<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112372<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 226274<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 94296<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 190582<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 318793<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 368011<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 125693<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 104015<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 26999<br>|
| &nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, Senior Notes | &nbsp;&nbsp; 2.810% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 334424<br>|
| &nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, Senior Notes | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154038<br>|
| &nbsp;&nbsp;&nbsp; Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 288120<br>|
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 304201<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 790911<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121069<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142888<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 467662<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/44 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 57941<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 361383<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 887119<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 276127<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 262119<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 2/15/63 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 540310<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *11289843* |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; $130000<br>| &nbsp;&nbsp;&nbsp; $133322<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/22/44 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 78599<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 11/13/50 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 327597<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/22/54 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 183079<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 8/14/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59414<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/9/54 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 154981<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/14/54 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 202004<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/27/63 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 131783<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/14/64 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 63698<br>|
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 288988<br>|
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/18/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89644<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; 214418<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 245024<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2172551* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **18401117** |
| **Industrials — 6.8%** | **Industrials — 6.8%** | **Industrials — 6.8%** | **Industrials — 6.8%** | **Industrials — 6.8%** |
| *Aerospace & Defense — 3.6%* | *Aerospace & Defense — 3.6%* | *Aerospace & Defense — 3.6%* | *Aerospace & Defense — 3.6%* | *Aerospace & Defense — 3.6%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 867190<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1503868<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130265<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 168228<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 99380<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.805% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 135428<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 969298<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 7.008% | &nbsp;&nbsp; 5/1/64 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 99590<br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 134785<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/29/36 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 230275<br>|
| &nbsp;&nbsp;&nbsp; Hexcel Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/26/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 246527<br>|
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/16/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118742<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.622% | &nbsp;&nbsp; 3/16/46 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 216932<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.732% | &nbsp;&nbsp; 3/16/56 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 652839<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91061<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 246862<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/36 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 136167<br>|
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries Inc., Senior Notes | &nbsp;&nbsp; 5.749% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 331692<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98150<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.090% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 85930<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 259782<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 249662<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/15/64 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 472520<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 380542<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 322786<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 420124<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 11/16/38 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 194121<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 346308<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 81827<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* |
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/16/48 | &nbsp;&nbsp; $130000<br>| &nbsp;&nbsp;&nbsp; $110753<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 78977<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 19062<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/27/53 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 263130<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 291340<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *10054143* |
| *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* |
| &nbsp;&nbsp;&nbsp; United Parcel Service Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/14/55 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; *333526*<br>|
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 96000<br>| &nbsp;&nbsp;&nbsp; 101326<br>|
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62882<br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *164208* |
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; California Institute of Technology, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/1/<br> 2111<br>| &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 297063<br>|
| &nbsp;&nbsp;&nbsp; Rollins Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/24/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99982<br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 374815<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Management Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 190913<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *962773* |
| *Construction & Engineering — 0.1%* | *Construction & Engineering — 0.1%* | *Construction & Engineering — 0.1%* | *Construction & Engineering — 0.1%* | *Construction & Engineering — 0.1%* |
| &nbsp;&nbsp;&nbsp; AECOM, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *199965*<br> <sup>(a)</sup><br>|
| *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* |
| &nbsp;&nbsp;&nbsp; Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/6/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197536<br>|
| &nbsp;&nbsp;&nbsp; Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/2/42 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 154598<br>|
| &nbsp;&nbsp;&nbsp; Eaton Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/6/56 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 329360<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 297448<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/4/56 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 154029<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 330748<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/15/46 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 162261<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 163538<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 3/15/66 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 172424<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *1961942* |
| *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 124965<br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 304826<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 156107<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 425861<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 217771<br>|
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 184460<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 284430<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.973% | &nbsp;&nbsp; 9/16/62 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 419319<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.799% | &nbsp;&nbsp; 4/6/71 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 189067<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *2306806* |
| *Machinery — 0.1%* | *Machinery — 0.1%* | *Machinery — 0.1%* | *Machinery — 0.1%* | *Machinery — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/14/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 103921<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; $190000<br>| &nbsp;&nbsp;&nbsp; $194442<br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *298363* |
| *Passenger Airlines — 0.9%* | *Passenger Airlines — 0.9%* | *Passenger Airlines — 0.9%* | *Passenger Airlines — 0.9%* | *Passenger Airlines — 0.9%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 11667<br>| &nbsp;&nbsp;&nbsp; 11683<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 71113<br>| &nbsp;&nbsp;&nbsp; 70253<br>|
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/11/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231621<br>|
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 5/11/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 302752<br>|
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 10916<br>| &nbsp;&nbsp;&nbsp; 10604<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48151<br>|
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 319323<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 313781<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 323987<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 10/7/28 | &nbsp;&nbsp; 132487<br>| &nbsp;&nbsp;&nbsp; 127022<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 300507<br>| &nbsp;&nbsp;&nbsp; 310355<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 404090<br>| &nbsp;&nbsp;&nbsp; 416549<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2486081* |
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Junior Subordinated Notes (6.000% to 12/15/29 then 5 year <br> Treasury Constant Maturity Rate + 2.560%) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/24/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *261262*<br> <sup>(c)(d)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **19029069** |
| **Information Technology — 5.1%** | **Information Technology — 5.1%** | **Information Technology — 5.1%** | **Information Technology — 5.1%** | **Information Technology — 5.1%** |
| *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 370992<br>|
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 300749<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *671741* |
| *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo 2 LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *79467*<br> <sup>(a)</sup><br>|
| *Semiconductors & Semiconductor Equipment — 2.2%* | *Semiconductors & Semiconductor Equipment — 2.2%* | *Semiconductors & Semiconductor Equipment — 2.2%* | *Semiconductors & Semiconductor Equipment — 2.2%* | *Semiconductors & Semiconductor Equipment — 2.2%* |
| &nbsp;&nbsp;&nbsp; Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 427410<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 266783<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204802<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 360452<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 332692<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 295989<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 714582<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 308612<br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207083<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 531288<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 413835<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 312888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 8/12/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 226877<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 12/8/47 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 34970<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/5/52 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 367916<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/10/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 64507<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100487<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 161248<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Lam Research corp., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; $110000<br>| &nbsp;&nbsp;&nbsp; $99569<br>|
| &nbsp;&nbsp;&nbsp; Lam Research Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/60 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 30655<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 2.703% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 81233<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 126719<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 95859<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64769<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 3.366% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 116515<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181607<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *6129347* |
| *Software — 2.5%* | *Software — 2.5%* | *Software — 2.5%* | *Software — 2.5%* | *Software — 2.5%* |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 289144<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61063<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 230142<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 2/4/29 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 474028<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/4/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97384<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 319575<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/26/45 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 949720<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 2/4/46 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37344<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 485419<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 11/9/52 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 302385<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/6/53 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp; 1125909<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/3/55 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 226580<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/26/55 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1018690<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/4/56 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 65018<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/25/61 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 79999<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/4/66 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 165641<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110439<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130991<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100901<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50113<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 535775<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *6856260* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., Senior Notes | &nbsp;&nbsp; 8.100% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 154612<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 285884<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *440496* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **14177311** |
| **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** |
| *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51378<br>|
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/23/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181889<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/23/51 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 359411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/2/54 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 548943<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/10/51 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 342608<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1484229* |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; $90000<br>| &nbsp;&nbsp;&nbsp; $91557<br>|
| &nbsp;&nbsp;&nbsp; CRH America Finance Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/9/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 288186<br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *379743* |
| *Metals & Mining — 2.2%* | *Metals & Mining — 2.2%* | *Metals & Mining — 2.2%* | *Metals & Mining — 2.2%* | *Metals & Mining — 2.2%* |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200079<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/19/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 195644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/5/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 195003<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antofagasta PLC, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/9/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 306651<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 212872<br>|
| &nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 148726<br>|
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance USA Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/8/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 67703<br>|
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149152<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; 410000<br>| &nbsp;&nbsp;&nbsp; 427877<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; 500000<br>| &nbsp;&nbsp;&nbsp; 509426<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; 650000<br>| &nbsp;&nbsp;&nbsp; 625811<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport Minerals Corp., Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 47658<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99230<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71066<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 217785<br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/8/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142193<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.508% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330866<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.893% | &nbsp;&nbsp; 4/4/54 | &nbsp;&nbsp; 349000<br>| &nbsp;&nbsp;&nbsp; 341304<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 624172<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/14/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 345575<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/14/55 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 289526<br>|
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/8/42 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 211869<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360096<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *6120284* |
| *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *70759*<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **8055015** |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/18/32 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 184153<br>|
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 232736<br>|
| &nbsp;&nbsp;&nbsp; Ventas Realty LP, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109393<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *526282* |
| *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Prologis LP, Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 63732<br>|
| &nbsp;&nbsp;&nbsp; Prologis LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 130674<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *194406* |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *119793*<br> <sup>(a)</sup><br>|
| *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *410149*<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1250630** |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Utilities — 10.7%** | **Utilities — 10.7%** | **Utilities — 10.7%** | **Utilities — 10.7%** | **Utilities — 10.7%** |
| *Electric Utilities — 9.6%* | *Electric Utilities — 9.6%* | *Electric Utilities — 9.6%* | *Electric Utilities — 9.6%* | *Electric Utilities — 9.6%* |
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; $180000<br>| &nbsp;&nbsp;&nbsp; $131080<br>|
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 90790<br>|
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 180071<br>|
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 151450<br>|
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp., Junior Subordinated Notes (5.750% to 4/1/31 then 5 year <br> Treasury Constant Maturity Rate + 2.077%) | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 243144<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Transmission Systems Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 152401<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 348761<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100562<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 179423<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 116000<br>| &nbsp;&nbsp;&nbsp; 100528<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 103569<br>|
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad, Senior Notes | &nbsp;&nbsp; 6.045% | &nbsp;&nbsp; 1/28/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 388140<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 269142<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 96078<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 116832<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/66 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 480389<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 429803<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy South Carolina Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 173868<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy South Carolina Inc., First Mortgage Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 136668<br>|
| &nbsp;&nbsp;&nbsp; DTE Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 319316<br>|
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 202718<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, First Mortgage Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71093<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197746<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/15/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 151890<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 169940<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 142516<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 223615<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146701<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 250873<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 369975<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 109257<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 86228<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 163119<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 271853<br>|
| &nbsp;&nbsp;&nbsp; Edison International, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 234401<br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/13/55 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 552147<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 304206<br>|
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 4/15/56 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 480675<br>|
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150652<br>|
| &nbsp;&nbsp;&nbsp; Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202058<br>|
| &nbsp;&nbsp;&nbsp; Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49514<br>|
| &nbsp;&nbsp;&nbsp; Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 84887<br>|
| &nbsp;&nbsp;&nbsp; Evergy Kansas Central Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98465<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 266323<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; $630000<br>| &nbsp;&nbsp;&nbsp; $538615<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 399576<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109620<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111604<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 179432<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119924<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197228<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 143996<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 114121<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 159268<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/65 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 319036<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 303859<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 143023<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 315014<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 253012<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 125062<br>|
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 177423<br>|
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/30/54 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 102422<br>|
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60002<br>|
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 114778<br>|
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 83527<br>|
| &nbsp;&nbsp;&nbsp; Monongahela Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 284052<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Monongahela Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 12/15/43 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 103250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (6.375% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.053%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 183473<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (6.500% to 8/15/35 then 5 year <br> Treasury Constant Maturity Rate + 1.979%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 134203<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 12/2/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 366160<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 422062<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 276210<br>|
| &nbsp;&nbsp;&nbsp; Ohio Edison Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91005<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio Edison Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 309006<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 241187<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122683<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 320150<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 640981<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 425876<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 167068<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 197226<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 169907<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 273899<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 133251<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131834<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 315020<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 228508<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 414442<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; $320000<br>| &nbsp;&nbsp;&nbsp; $298412<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 237449<br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220063<br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 388724<br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 438796<br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, Junior Subordinated Notes (7.125% to 8/15/31 then 5 year Treasury <br> Constant Maturity Rate + 3.292%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 878835<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, Junior Subordinated Notes (7.375% to 9/15/30 then 5 year Treasury <br> Constant Maturity Rate + 3.319%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19126<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 9/10/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104365<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/16/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41386<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp., Junior Subordinated Notes (6.850% to 9/15/31 then 5 year Treasury <br> Constant Maturity Rate + 3.225%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 286683<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp., Junior Subordinated Notes (7.375% to 3/15/30 then 5 year Treasury <br> Constant Maturity Rate + 3.883%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100724<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC, Senior Secured Notes | &nbsp;&nbsp; 4.674% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 346803<br>|
| &nbsp;&nbsp;&nbsp; Progress Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 155897<br>|
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, First Mortgage Bonds | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 329082<br>|
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co., Senior Secured Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 216995<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193010<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 117651<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 116165<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 327414<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 754720<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89344<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Junior Subordinated Notes (6.375% to 3/15/35 then 5 year Treasury <br> Constant Maturity Rate + 2.069%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 308680<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 204379<br>|
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101630<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89920<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 194911<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 417103<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59068<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 12/30/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40272<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 1/31/36 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 332814<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 144333<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Power and Light Co., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 57216<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *26806832* |
| *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* | *Gas Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co. Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 88103<br>|
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300490<br>|
| &nbsp;&nbsp;&nbsp; Spire Inc., Junior Subordinated Notes (6.250% to 6/1/31 then 5 year Treasury <br> Constant Maturity Rate + 2.556%) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/56 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 277755<br> <sup>(d)</sup><br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *666348* |
| *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; AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 349160<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* | *Independent Power and Renewable Electricity Producers — continued* |
| &nbsp;&nbsp;&nbsp; AES Corp., Junior Subordinated Notes (6.950% to 7/15/30 then 5 year Treasury <br> Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/15/55 | &nbsp;&nbsp; $190000<br>| &nbsp;&nbsp;&nbsp; $177456<br> <sup>(d)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *526616* |
| *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Ameren Illinois Co., First Mortgage Bonds | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 155671<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61279<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 173439<br>|
| &nbsp;&nbsp;&nbsp; Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern States Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 549980<br>|
| &nbsp;&nbsp;&nbsp; PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 83653<br>|
| &nbsp;&nbsp;&nbsp; PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 147737<br>|
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.320% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 53739<br>|
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 56907<br>|
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., Senior Secured Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 115058<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 73716<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *1675929* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **29675725** |
| **Total Corporate Bonds & Notes (Cost — $246,912,983)** | **Total Corporate Bonds & Notes (Cost — $246,912,983)** | **Total Corporate Bonds & Notes (Cost — $246,912,983)** | **Total Corporate Bonds & Notes (Cost — $246,912,983)** | &nbsp;&nbsp; **247112709** |
| **Sovereign Bonds — 3.7%** | **Sovereign Bonds — 3.7%** | **Sovereign Bonds — 3.7%** | **Sovereign Bonds — 3.7%** | **Sovereign Bonds — 3.7%** |
| *Bahamas — 0.1%* | *Bahamas — 0.1%* | *Bahamas — 0.1%* | *Bahamas — 0.1%* | *Bahamas — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/24/36 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *235418*<br> <sup>(a)</sup><br>|
| *Bermuda — 0.1%* | *Bermuda — 0.1%* | *Bermuda — 0.1%* | *Bermuda — 0.1%* | *Bermuda — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bermuda Government International Bond, Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 8/20/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bermuda Government International Bond, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 151250<br> <sup>(a)</sup><br>|
| *Total Bermuda* | *Total Bermuda* | *Total Bermuda* | *Total Bermuda* | &nbsp;&nbsp; *332550* |
| *Brazil — 0.1%* | *Brazil — 0.1%* | *Brazil — 0.1%* | *Brazil — 0.1%* | *Brazil — 0.1%* |
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/13/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; *255954*<br>|
| *Chile — 0.1%* | *Chile — 0.1%* | *Chile — 0.1%* | *Chile — 0.1%* | *Chile — 0.1%* |
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; *303944*<br>|
| *Ecuador — 0.2%* | *Ecuador — 0.2%* | *Ecuador — 0.2%* | *Ecuador — 0.2%* | *Ecuador — 0.2%* |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/29/34 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *432300*<br> <sup>(a)</sup><br>|
| *Indonesia — 0.1%* | *Indonesia — 0.1%* | *Indonesia — 0.1%* | *Indonesia — 0.1%* | *Indonesia — 0.1%* |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bond, Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 10/30/49 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; *344207*<br>|
| *Israel — 0.4%* | *Israel — 0.4%* | *Israel — 0.4%* | *Israel — 0.4%* | *Israel — 0.4%* |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 195077<br>|
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/3/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 141267<br>|
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/12/54 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 856963<br>|
| *Total Israel* | *Total Israel* | *Total Israel* | *Total Israel* | &nbsp;&nbsp; *1193307* |
| *Ivory Coast — 0.3%* | *Ivory Coast — 0.3%* | *Ivory Coast — 0.3%* | *Ivory Coast — 0.3%* | *Ivory Coast — 0.3%* |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 205715<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/25/41 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 739728<br> <sup>(a)</sup><br>|
| *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | &nbsp;&nbsp; *945443* |
| *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1006500<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200970<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 607600<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Mexico — continued* | *Mexico — continued* | *Mexico — continued* | *Mexico — continued* | *Mexico — continued* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/12/34 | &nbsp;&nbsp; $400000<br>| &nbsp;&nbsp;&nbsp; $341600<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/7/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 398360<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/29/38 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 286020<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.280% | &nbsp;&nbsp; 8/14/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 156950<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/8/44 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 827965<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/47 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 146800<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/7/54 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 713526<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/12/<br> 2110<br>| &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 261072<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *4947363* |
| *Paraguay — 0.1%* | *Paraguay — 0.1%* | *Paraguay — 0.1%* | *Paraguay — 0.1%* | *Paraguay — 0.1%* |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bond, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/30/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *178400*<br> <sup>(a)</sup><br>|
| *Peru — 0.0%††* | *Peru — 0.0%††* | *Peru — 0.0%††* | *Peru — 0.0%††* | *Peru — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Fondo MIVIVIENDA SA, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *150188*<br> <sup>(a)</sup><br>|
| *Poland — 0.1%* | *Poland — 0.1%* | *Poland — 0.1%* | *Poland — 0.1%* | *Poland — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bank Gospodarstwa Krajowego, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/9/54 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *336933*<br> <sup>(a)</sup><br>|
| *South Africa — 0.2%* | *South Africa — 0.2%* | *South Africa — 0.2%* | *South Africa — 0.2%* | *South Africa — 0.2%* |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/11/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *455210*<br> <sup>(a)</sup><br>|
| *Supranational — 0.1%* | *Supranational — 0.1%* | *Supranational — 0.1%* | *Supranational — 0.1%* | *Supranational — 0.1%* |
| &nbsp;&nbsp;&nbsp; Africa Finance Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *201629*<br> <sup>(a)</sup><br>|
| **Total Sovereign Bonds (Cost — $10,426,391)** | **Total Sovereign Bonds (Cost — $10,426,391)** | **Total Sovereign Bonds (Cost — $10,426,391)** | **Total Sovereign Bonds (Cost — $10,426,391)** | &nbsp;&nbsp; **10312846** |
| **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** |
| &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; 210000<br>| &nbsp;&nbsp;&nbsp; 202409<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apollo Aviation Securitization Equity Trust, 2024-1A A2 | &nbsp;&nbsp; 6.261% | &nbsp;&nbsp; 5/16/49 | &nbsp;&nbsp; 261761<br>| &nbsp;&nbsp;&nbsp; 265870<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A BRR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.422% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 698985<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2024-1 D | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40702<br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2020-2A A2 | &nbsp;&nbsp; 3.237% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; 630206<br>| &nbsp;&nbsp;&nbsp; 591806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goodgreen Trust, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/17/61 | &nbsp;&nbsp; 180631<br>| &nbsp;&nbsp;&nbsp; 180149<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, 2023-1A C | &nbsp;&nbsp; 6.940% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 31480<br>| &nbsp;&nbsp;&nbsp; 32345<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; J.G. Wentworth LLC, 2017-2A B | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 9/17/74 | &nbsp;&nbsp; 116134<br>| &nbsp;&nbsp;&nbsp; 104994<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; J.G. Wentworth LLC, 2018-2A B | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/77 | &nbsp;&nbsp; 45029<br>| &nbsp;&nbsp;&nbsp; 40894<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jimmy Johns Funding LLC, 2022-1A A2I | &nbsp;&nbsp; 4.077% | &nbsp;&nbsp; 4/30/52 | &nbsp;&nbsp; 308000<br>| &nbsp;&nbsp;&nbsp; 304979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, 2021-1 A | &nbsp;&nbsp; 2.636% | &nbsp;&nbsp; 10/15/46 | &nbsp;&nbsp; 165948<br>| &nbsp;&nbsp;&nbsp; 157772<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Broadband Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.336% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320626<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renew Financial, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 11/20/58 | &nbsp;&nbsp; 342413<br>| &nbsp;&nbsp;&nbsp; 351647<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renew Financial, 2024-1A A | &nbsp;&nbsp; 6.208% | &nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp; 305762<br>| &nbsp;&nbsp;&nbsp; 307019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Romark CLO Ltd., 2021-5A BR (3 mo. Term SOFR + 1.800%) | &nbsp;&nbsp; 5.472% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 666196<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%) | &nbsp;&nbsp; 8.537% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 125187<br>| &nbsp;&nbsp;&nbsp; 131431<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2023-C B | &nbsp;&nbsp; 6.360% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104310<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program Trust, 2021-A AFX | &nbsp;&nbsp; 1.030% | &nbsp;&nbsp; 8/17/43 | &nbsp;&nbsp; 34072<br>| &nbsp;&nbsp;&nbsp; 30345<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verdelite Static CLO Ltd., 2024-1A B (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 7/20/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270317<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $4,783,154)** | **Total Asset-Backed Securities (Cost — $4,783,154)** | **Total Asset-Backed Securities (Cost — $4,783,154)** | **Total Asset-Backed Securities (Cost — $4,783,154)** | &nbsp;&nbsp; **4802796** |
| **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** |
| *California — 0.6%* | *California — 0.6%* | *California — 0.6%* | *California — 0.6%* | *California — 0.6%* |
| &nbsp;&nbsp;&nbsp; California State, GO, Build America Bonds  | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 1034793<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Regents of the University of California, CA, General Revenue, Series AD  | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 5/15/<br> 2112<br>| &nbsp;&nbsp; $165000 | &nbsp;&nbsp;&nbsp; $134821<br>|
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area, CA, Toll Authority Bridge Revenue, Build America Bonds, <br> Series F-2  | &nbsp;&nbsp; 6.263% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 522332<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *1691946* |
| *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Seaport Revenue, Series 2023 | &nbsp;&nbsp; 6.224% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; **20550**<br>|
| *Illinois — 0.1%* | *Illinois — 0.1%* | *Illinois — 0.1%* | *Illinois — 0.1%* | *Illinois — 0.1%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Build America Bonds, <br> Series B  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 193237 | &nbsp;&nbsp;&nbsp; 204328<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO, Pension Funding, Series 2003  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 130882 | &nbsp;&nbsp;&nbsp; 133373<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *337701* |
| *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* |
| &nbsp;&nbsp;&nbsp; Regents of the University of Michigan, MI, General Revenue, Series A | &nbsp;&nbsp; 4.454% | &nbsp;&nbsp; 4/1/2122 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; **85410**<br>|
| *Minnesota — 0.0%††* | *Minnesota — 0.0%††* | *Minnesota — 0.0%††* | *Minnesota — 0.0%††* | *Minnesota — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Regents of the University of Minnesota, MN, GO, Series 2022 | &nbsp;&nbsp; 4.048% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; **80101**<br>|
| *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* |
| &nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue, Build America Bonds, Series A | &nbsp;&nbsp; 7.102% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; **288684**<br>|
| *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2025, Series D | &nbsp;&nbsp; 5.094% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 93490<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2025, Series D | &nbsp;&nbsp; 5.114% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 45735<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue, New York University, Series B  | &nbsp;&nbsp; 5.832% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 385106<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue, Consolidated Series 164  | &nbsp;&nbsp; 5.647% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 523176<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *1047507* |
| *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Hydroelectric Projects, Build America Bonds, Series B | &nbsp;&nbsp; 8.084% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 124901<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meldahl Hydroelectric Project, Build America Bonds, Series E | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 133284<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *258185* |
| **Total Municipal Bonds (Cost — $3,849,059)** | **Total Municipal Bonds (Cost — $3,849,059)** | **Total Municipal Bonds (Cost — $3,849,059)** | **Total Municipal Bonds (Cost — $3,849,059)** | &nbsp;&nbsp; **3810084** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.2%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.2%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.2%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.2%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.2%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 C (1 mo. Term SOFR + <br> 2.693%) | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 230025<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2023-NQM5 A1 | &nbsp;&nbsp; 6.505% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 54147<br>| &nbsp;&nbsp;&nbsp; 54233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2023-NQM5 A3 | &nbsp;&nbsp; 7.012% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 54237<br>| &nbsp;&nbsp;&nbsp; 54335<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit Risk <br> Trust, 2025-MN12 M2 (30 Day Average SOFR + 2.750%) | &nbsp;&nbsp; 6.412% | &nbsp;&nbsp; 11/25/45 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 681198<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M1 (30 Day <br> Average SOFR + 1.500%) | &nbsp;&nbsp; 5.162% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 103707<br>| &nbsp;&nbsp;&nbsp; 103764<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, 2023-4SZN B | &nbsp;&nbsp; 7.544% | &nbsp;&nbsp; 11/10/39 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131503<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.437% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 458163<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 2025-28L E | &nbsp;&nbsp; 6.693% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 997369<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 48765<br>| &nbsp;&nbsp;&nbsp; 49032<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2024-NQM15 A2 | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; 64693<br>| &nbsp;&nbsp;&nbsp; 64995<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2024-NQM15 A3 | &nbsp;&nbsp; 5.722% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; 109978<br>| &nbsp;&nbsp;&nbsp; 110235<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-AFC1 A2 | &nbsp;&nbsp; 6.636% | &nbsp;&nbsp; 3/25/59 | &nbsp;&nbsp; 197533<br>| &nbsp;&nbsp;&nbsp; 199127<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Redwood Funding Trust, 2025-3 A | &nbsp;&nbsp; 6.231% | &nbsp;&nbsp; 12/27/56 | &nbsp;&nbsp; $267024<br>| &nbsp;&nbsp;&nbsp; $269561<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $3,392,903)** | **Total Collateralized Mortgage Obligations (Cost — $3,392,903)** | **Total Collateralized Mortgage Obligations (Cost — $3,392,903)** | **Total Collateralized Mortgage Obligations (Cost — $3,392,903)** | &nbsp;&nbsp; **3403540** |
| **Senior Loans — 0.7%** | **Senior Loans — 0.7%** | **Senior Loans — 0.7%** | **Senior Loans — 0.7%** | **Senior Loans — 0.7%** |
| **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; Mission Broadcasting Inc., Term Loan B4  |  | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **210000**<br> <sup>(h)</sup><br>|
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term SOFR + 4.250%)  | 7.950% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **342881**<br> <sup>(d)(i)(j)</sup><br>|
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR + 2.750%)  | 6.450% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 179355<br>| &nbsp;&nbsp;&nbsp;&nbsp; **177282**<br> <sup>(d)(i)(j)</sup><br>|
| **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** |
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC, Initial Term Loan  | 7.375% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **751900**<br> <sup>(f)(i)(j)</sup><br>|
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. Term SOFR + 1.850%)  | 5.518% | &nbsp;&nbsp; 9/7/27 | &nbsp;&nbsp; 169767<br>| &nbsp;&nbsp;&nbsp;&nbsp; **170139**<br> <sup>(d)(i)(j)</sup><br>|
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| *Electric Utilities — 0.0%††* | *Electric Utilities — 0.0%††* | *Electric Utilities — 0.0%††* | *Electric Utilities — 0.0%††* | *Electric Utilities — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 2025 Incremental Term Loan B (1 mo. Term SOFR + 2.000%)  | 5.668% | &nbsp;&nbsp; 11/25/32 | &nbsp;&nbsp; 89775<br>| &nbsp;&nbsp;&nbsp;&nbsp; *89951*<br> <sup>(d)(i)(j)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Vistra Zero Operating Co. LLC, Initial Term Loan (1 mo. Term SOFR + 2.000%)  | 5.668% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 288550<br>| &nbsp;&nbsp;&nbsp;&nbsp; *287582*<br> <sup>(d)(i)(j)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **377533** |
| **Total Senior Loans (Cost — $2,009,704)** | **Total Senior Loans (Cost — $2,009,704)** | **Total Senior Loans (Cost — $2,009,704)** | **Total Senior Loans (Cost — $2,009,704)** | &nbsp;&nbsp; **2029735** |
| **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** |
| *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 716719<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 78181<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 738340<br>|
| **Total U.S. Government & Agency Obligations (Cost — $1,529,972)** | **Total U.S. Government & Agency Obligations (Cost — $1,529,972)** | **Total U.S. Government & Agency Obligations (Cost — $1,529,972)** | **Total U.S. Government & Agency Obligations (Cost — $1,529,972)** | &nbsp;&nbsp; **1533240** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| *Banks — 0.2%* | *Banks — 0.2%* | *Banks — 0.2%* | *Banks — 0.2%* | *Banks — 0.2%* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc.  | &nbsp;&nbsp; 6.250% |  | &nbsp;&nbsp; 23675 | &nbsp;&nbsp;&nbsp; *583589*<br>|
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 8.641% |  | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp; 99507<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + 5.005%) | &nbsp;&nbsp; 8.705% |  | &nbsp;&nbsp; 2136 | &nbsp;&nbsp;&nbsp; 42122<br> <sup>(d)</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; *141629* |
| **Total Preferred Stocks (Cost — $739,535)** | **Total Preferred Stocks (Cost — $739,535)** | **Total Preferred Stocks (Cost — $739,535)** | **Total Preferred Stocks (Cost — $739,535)** | &nbsp;&nbsp; **725218** |

---

See Notes to Schedule of Investments.

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Western Asset Long Credit VIT 2026 Quarterly Report

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 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| *Semiconductors & Semiconductor Equipment — 0.0%††* | *Semiconductors & Semiconductor Equipment — 0.0%††* | *Semiconductors & Semiconductor Equipment — 0.0%††* | *Semiconductors & Semiconductor Equipment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC (Cost — $136,662) | &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC (Cost — $136,662) | &nbsp;&nbsp; 136662 | &nbsp;&nbsp;&nbsp; **$136,662**<br> \*<sup>(f)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $273,780,363)** | **Total Investments before Short-Term Investments (Cost — $273,780,363)** | **Total Investments before Short-Term Investments (Cost — $273,780,363)** | &nbsp;&nbsp; **273866830** |
|  | Rate |  |  |
| **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** | **Short-Term Investments — 0.1%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $234,789)  | &nbsp;&nbsp; 3.589% | &nbsp;&nbsp; 234789<br>| &nbsp;&nbsp;&nbsp;&nbsp; **234789**<br> <sup>(k)(l)</sup><br>|
| **Total Investments — 98.5% (Cost — $274,015,152)** | **Total Investments — 98.5% (Cost — $274,015,152)** | **Total Investments — 98.5% (Cost — $274,015,152)** | &nbsp;&nbsp; **274101619** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; 4253420 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$278355039** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(c)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <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> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(f)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(g)</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>(h)</sup> | All or a portion of this loan has not settled as of March 31, 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>(i)</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>(j)</sup> | Senior loans may be considered restricted in that the Portfolio 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>(k)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(l)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Portfolio ownership of at least 5% of the <br> outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At March 31, 2026, the total <br> market value of investments in Affiliated Companies was $234,789 and the cost was $234,789 (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:** |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| ICE |  | Intercontinental Exchange |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Schedule of Investments.

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Western Asset Long Credit VIT 2026 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Long Credit VIT**

At March 31, 2026, the Portfolio had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $21927994 | &nbsp;&nbsp;&nbsp;&nbsp; $21781758 | &nbsp;&nbsp;&nbsp;&nbsp; $(146236) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 38441127 | &nbsp;&nbsp;&nbsp;&nbsp; 37971071 | &nbsp;&nbsp;&nbsp;&nbsp; (470056) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 26494529 | &nbsp;&nbsp;&nbsp;&nbsp; 25735750 | &nbsp;&nbsp;&nbsp;&nbsp; (758779) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1375071) |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3162077 | &nbsp;&nbsp;&nbsp;&nbsp; 3109313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52764 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 33044945 | &nbsp;&nbsp;&nbsp;&nbsp; 32465470 | &nbsp;&nbsp;&nbsp;&nbsp; 579475 |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3958365 | &nbsp;&nbsp;&nbsp;&nbsp; 3846563 | &nbsp;&nbsp;&nbsp;&nbsp; 111802 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 744041 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(631030)** |

---

At March 31, 2026, the Portfolio 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>Depreciation<br>|
| JPY | &nbsp;&nbsp; 29287186 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 188737 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; **$(3917)** |

---

&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:** |
| JPY |  | Japanese Yen |
| USD |  | United States Dollar |

---

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

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

Shares of the Portfolio may only be purchased or redeemed through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies or through eligible pension or other qualified plans.

The Portfolio 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 Portfolio 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 Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio 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 Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Portfolio's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio'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 Portfolio's pricing policies, and reporting to the Portfolio's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Portfolio, 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.

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Western Asset Long Credit VIT 2026 Quarterly Report

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

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

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

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

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

• Level 3 — significant unobservable inputs (including the Portfolio'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 Portfolio'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; $21481858 | &nbsp;&nbsp; $432872 | &nbsp;&nbsp; $21914730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 225197979 | &nbsp;&nbsp; — | &nbsp;&nbsp; 225197979 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 10312846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10312846 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 4802796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4802796 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3810084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3810084 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 3403540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3403540 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 751900 | &nbsp;&nbsp; 751900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1277835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1277835 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1533240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1533240 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $725218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 725218 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136662 | &nbsp;&nbsp; 136662 |
| Total Long-Term Investments | &nbsp;&nbsp; 725218 | &nbsp;&nbsp; 271820178 | &nbsp;&nbsp; 1321434 | &nbsp;&nbsp; 273866830 |
| Short-Term Investments† | &nbsp;&nbsp; 234789 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 234789 |
| **Total Investments** | &nbsp;&nbsp; **$960007** | &nbsp;&nbsp; **$271820178** | &nbsp;&nbsp; **$1321434** | &nbsp;&nbsp; **$274101619** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $744041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $744041 |
| **Total** | &nbsp;&nbsp; **$1704048** | &nbsp;&nbsp; **$271820178** | &nbsp;&nbsp; **$1321434** | &nbsp;&nbsp; **$274845660** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $1375071 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1375071 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3917 |
| **Total** | &nbsp;&nbsp; **$1375071** | &nbsp;&nbsp; **$3917** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1378988** |

---

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

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

------

Western Asset Long Credit VIT 2026 Quarterly Report

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

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 31, 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>December 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>December 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $794937 | $11058435 | 11058435 | $11618583 | 11618583 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>March 31, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $4423 |  | $234789 |

---

------

Western Asset Long Credit VIT 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:** Legg Mason Partners Variable Income Trust

- **b. Investment Company Act file number:** 811-06310

- **c. CIK number of Registrant:** 0000874835

- **d. LEI of Registrant:** 549300HMB5WZ1N3QY685

- **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 Long Credit VIT

- **b. EDGAR series identifier (if any):** S000080158

- **c. LEI of Series:** 254900R9Z9AK6K20YF38

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $280208111.11

**Total Liabilities:** $1853229.47

**Net Assets:** $278354881.64

**Delayed Delivery Securities:** $368118.30

**Cash Not Reported:** $201712.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 64.44000000 | **1-Year:** 5588.04000000 | **5-Year:** 49084.33000000 | **10-Year:** 147885.47000000 | **30-Year:** 20280.62000000

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

- **3-Month:** 33.23000000 | **1-Year:** 1477.19000000 | **5-Year:** 4184.18000000 | **10-Year:** 2207.71000000 | **30-Year:** 81.68000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241838 | 0.31%                | 1.56%                | -2.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $273862.05               | $-543479.89                                |
| Month 2  | $339291.27               | $2524879.75                                |
| Month 3  | $98940.95                | $-8521799.78                               |

**Designated Index Information**

- **Index Name:** 60% Bloomberg US Long Credit USD Unhedged Index 40% Bloomberg US Intermediate Credit USD Unhedged Index

- **Index Identifier:** WISER

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amrize Finance US LLC                                                                            | AMRZ 5.4 04/07/35                                                                                                                                      | CUSIP: 43475RAT3<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91557.15     | 0.03%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                              | ABIBB 5.8 01/23/59                                                                                                                                     | CUSIP: 03523TBW7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    660000 | PA      | $662071.94    | 0.24%             | 2059-01-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 5.95 03/13/66                                                                                                                                     | CUSIP: 023135DJ2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    480000 | PA      | $481939.13    | 0.17%             | 2066-03-13      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                               | ATH V6.875 06/28/55                                                                                                                                    | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    270000 | PA      | $252573.53    | 0.09%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 5.55 02/06/53                                                                                                                                     | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1125908.56   | 0.40%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Greensaif Pipelines Bidco S.a r.l.                                                               | GASBCM 6.1027 08/23/42 144A                                                                                                                            | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $199252.41    | 0.07%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| JBS NV                                                                                           | JBS 6.4 05/10/57 144A                                                                                                                                  | CUSIP: 46590XBC9<br>LEI: 254900JSFON4WL81TW77 | Long             | DBT              | CORP              | NL        |    190000 | PA      | $189791.00    | 0.07%             | 2057-05-10      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                                      | BRKHEC 5.8 01/15/55                                                                                                                                    | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    480000 | PA      | $438795.54    | 0.16%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                                     | SNPS 5.15 04/01/35                                                                                                                                     | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50113.48     | 0.02%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.32 07/19/35                                                                                                                                      | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90342.16     | 0.03%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                                         | AXP V4.918 07/20/33                                                                                                                                    | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    540000 | PA      | $541176.78    | 0.19%             | 2033-07-20      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                                                               | New Generation Gas Gathering LLC                                                                                                                       | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |    416216 | PA      | $432871.99    | 0.16%             | 2029-09-30      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| Abbott Laboratories                                                                              | ABT 4.75 03/15/38                                                                                                                                      | CUSIP: 002824BV1<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    320000 | PA      | $310445.37    | 0.11%             | 2038-03-15      | Fixed         | 4.75%                 | 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        |    210000 | PA      | $202409.49    | 0.07%             | 2034-10-20      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                             | ASUCOR 8 12/31/32 144A                                                                                                                                 | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311486.40    | 0.11%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                                  | GEV 4.875 02/04/36                                                                                                                                     | CUSIP: 36828AAB7<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297448.54    | 0.11%             | 2036-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.942 02/07/39                                                                                                                                     | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143176.67    | 0.05%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                                   | NSANY 6.95 09/15/26 144A                                                                                                                               | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130715.93    | 0.05%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                                         | CE 7 02/15/31                                                                                                                                          | CUSIP: 15089QBC7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51377.95     | 0.02%             | 2031-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.             | CHTR 3.5 03/01/42                                                                                                                                      | CUSIP: 161175CE2<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    210000 | PA      | $143898.35    | 0.05%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                                     | T 4.625 11/15/55                                                                                                                                       | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $716718.75    | 0.26%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                           | MU 5.8 01/15/35                                                                                                                                        | CUSIP: 595112CE1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     90000 | PA      | $95858.72     | 0.03%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                                                                   | KR 5.65 09/15/64                                                                                                                                       | CUSIP: 501044DX6<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    380000 | PA      | $352594.96    | 0.13%             | 2064-09-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER CO                                                                             | FE 5.4 12/15/43 144A                                                                                                                                   | CUSIP: 610202BP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $103249.87    | 0.04%             | 2043-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Chimera Investment Corporation                                                                   | Chimera Investment Corporation 7.75% SER C FIXED TO FLOAT CUM RED PFD STOCK                                                                            | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |      2136 | NS      | $42121.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CI Financial Corp                                                                                | CIXCN 7.5 05/30/29 144A                                                                                                                                | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1102425.98   | 0.40%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                     | AVGO 4.95 01/15/36                                                                                                                                     | CUSIP: 11135FDB4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295988.52    | 0.11%             | 2036-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                               | COP 5.7 09/15/63                                                                                                                                       | CUSIP: 20826FBH8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    160000 | PA      | $154106.08    | 0.06%             | 2063-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 5.85 02/15/56                                                                                                                                     | CUSIP: 87264AEA9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    590000 | PA      | $572980.80    | 0.21%             | 2056-02-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                                       | AMGN 5.75 03/02/63                                                                                                                                     | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    400000 | PA      | $385048.50    | 0.14%             | 2063-03-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                                 | PARA 7.875 07/30/30                                                                                                                                    | CUSIP: 925524AH3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125321.77    | 0.05%             | 2030-07-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                                                                       | ABNB 4.65 03/16/31                                                                                                                                     | CUSIP: 009066AD3<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |    480000 | PA      | $479119.93    | 0.17%             | 2031-03-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V5.597 05/17/28                                                                                                                                   | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    220000 | PA      | $222506.81    | 0.08%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                                        | MARS 5.7 05/01/55 144A                                                                                                                                 | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    410000 | PA      | $400058.52    | 0.14%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Jersey Central Power & Light Co.                                                                 | FE 5.1 01/15/35                                                                                                                                        | CUSIP: 476556DF9<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60001.96     | 0.02%             | 2035-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Jimmy John's Funding Llc                                                                         | JIMMY 2022-1A A2I                                                                                                                                      | CUSIP: 47760QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    308000 | PA      | $304978.49    | 0.11%             | 2052-04-30      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                             | APH 4.4 02/15/33                                                                                                                                       | CUSIP: 032095AZ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    380000 | PA      | $370992.18    | 0.13%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Daimler Trucks Finance North America LLC                                                         | DTRGR 5.375 01/18/34 144A                                                                                                                              | CUSIP: 233853AW0<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    190000 | PA      | $190927.38    | 0.07%             | 2034-01-18      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                                          | MPLX 4.8 02/15/29                                                                                                                                      | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40340.71     | 0.01%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Agnc Investment Corp                                                                             | Agnc Investment Corp DEPOSITARY SHARES EACH REPRESENTING 1/1,000TH OF A SHARE OF 6.125% SERIES F FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRE | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |      4100 | NS      | $99507.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meiji Yasuda Life Insurance Co.                                                                  | MYLIFE V6.1 06/11/55 144A                                                                                                                              | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    770000 | PA      | $773409.56    | 0.28%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                                        | NIPLIF V6.25 09/13/53 144A                                                                                                                             | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    410000 | PA      | $418994.60    | 0.15%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MICH                                                                                  | MI UNVHGR 4.45 04/01/2122                                                                                                                              | CUSIP: 914455UJ7<br>LEI: 549300MFOB21PM9P9H72 | Long             | DBT              | MUN               | US        |    110000 | PA      | $85410.38     | 0.03%             | 2122-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                                 | MRSH 5.35 11/15/44                                                                                                                                     | CUSIP: 571748CE0<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    190000 | PA      | $180025.14    | 0.06%             | 2044-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 4.35 01/15/47                                                                                                                                      | CUSIP: 91087BAB6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $146800.00    | 0.05%             | 2047-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V5.013 04/04/51 MTN                                                                                                                                | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $176356.37    | 0.06%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Nuveen LLC                                                                                       | TIAAGL 5.85 04/15/34 144A                                                                                                                              | CUSIP: 67080LAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $475436.28    | 0.17%             | 2034-04-15      | Fixed         | 5.85%                 | 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        |    200000 | PA      | $192265.55    | 0.07%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                                               | MTNA 6.75 03/01/41                                                                                                                                     | CUSIP: 03938LAS3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $212871.58    | 0.08%             | 2041-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Blackstone Holdings Finance Co. L.L.C.                                                           | BX 5 06/15/44 144A                                                                                                                                     | CUSIP: 09256BAG2<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35951.36     | 0.01%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENNSYLVANIA ELECTRIC CO                                                             | FE 4.15 03/15/28 144A                                                                                                                                  | CUSIP: 33767QAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $109620.15    | 0.04%             | 2028-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| TRANS-ALLEGHENY INTERSTATE LINE CO                                                               | FE 5 01/15/31 144A                                                                                                                                     | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101629.56    | 0.04%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Legg Mason Partners Institutional Trust                                                          | Legg Mason Partners Institutional Trust GVT RSEVS PRM                                                                                                  | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |    159826 | NS      | $159825.71    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 5.3 05/15/35                                                                                                                                      | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    270000 | PA      | $272348.46    | 0.10%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                             | ELV 6.1 10/15/52                                                                                                                                       | CUSIP: 036752AX1<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    320000 | PA      | $321287.39    | 0.12%             | 2052-10-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V2.482 09/21/36                                                                                                                                    | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $250942.22    | 0.09%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                                           | GM 5.95 04/01/49                                                                                                                                       | CUSIP: 37045VAT7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    160000 | PA      | $149825.32    | 0.05%             | 2049-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 5.5 07/15/44                                                                                                                                       | CUSIP: 91324PFK3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57941.33     | 0.02%             | 2044-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                              | ONCRTX 5.55 06/15/54                                                                                                                                   | CUSIP: 68233JCU6<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    670000 | PA      | $640981.34    | 0.23%             | 2054-06-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V5.433 01/23/47                                                                                                                                    | CUSIP: 95000U4F7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    700000 | PA      | $663786.56    | 0.24%             | 2047-01-23      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2023-NQM5                                                        | BRAVO 2023-NQM5 A3                                                                                                                                     | CUSIP: 10569UAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54237 | PA      | $54335.24     | 0.02%             | 2063-06-25      | Variable      | 7.01%                 | 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        |    200000 | PA      | $198300.00    | 0.07%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                                          | CNP 5.3 04/01/53                                                                                                                                       | CUSIP: 15189XBC1<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    110000 | PA      | $103568.85    | 0.04%             | 2053-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 5 02/15/36                                                                                                                                        | CUSIP: 87264ADZ5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    290000 | PA      | $285735.44    | 0.10%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Teck Resources Limited                                                                           | TCKBCN 6.25 07/15/41                                                                                                                                   | CUSIP: 878742AW5<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $360095.77    | 0.13%             | 2041-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                               | VRT 5.8 03/15/56                                                                                                                                       | CUSIP: 92537NAC2<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |    170000 | PA      | $163537.97    | 0.06%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 5.8 01/15/36                                                                                                                                       | CUSIP: 90932LAJ6<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |    300507 | PA      | $310354.99    | 0.11%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                                                       | BABA 5.25 05/26/35                                                                                                                                     | CUSIP: 01609WBP6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $205558.82    | 0.07%             | 2035-05-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                                                              | HII 5.749 01/15/35                                                                                                                                     | CUSIP: 446413BB1<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    320000 | PA      | $331692.19    | 0.12%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corporation                                                                     | AR 5.375 03/01/30 144A                                                                                                                                 | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231284.55    | 0.08%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | ACI 3.5 03/15/29 144A                                                                                                                                  | CUSIP: 013092AG6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38178.40     | 0.01%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 5.7 03/01/35                                                                                                                                       | CUSIP: 694308KU0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131833.99    | 0.05%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| FREEPORT MINERALS CORP                                                                           | FCX 9.5 06/01/31                                                                                                                                       | CUSIP: 717265AL6<br>LEI: G4008SUSNH0WBKRVG414 | Long             | DBT              | CORP              | US        |     40000 | PA      | $47657.66     | 0.02%             | 2031-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.             | CHTR 5.75 04/01/48                                                                                                                                     | CUSIP: 161175BN3<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    780000 | PA      | $651018.34    | 0.23%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                                                     | NY NYC 5.11 10/01/2054                                                                                                                                 | CUSIP: 64966SHN9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $45735.31     | 0.02%             | 2054-10-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Progress Energy Inc.                                                                             | DUK 6 12/01/39                                                                                                                                         | CUSIP: 743263AP0<br>LEI: 549300FBMTW0JYWMNB26 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155897.05    | 0.06%             | 2039-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS 4.8 07/08/44 MTN                                                                                                                                    | CUSIP: 38141EC31<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    130000 | PA      | $114681.58    | 0.04%             | 2044-07-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| RENEW 2023-1 LTD                                                                                 | RENEW 2023-1A A                                                                                                                                        | CUSIP: 75973HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    342413 | PA      | $351647.29    | 0.13%             | 2058-11-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                         | T 3.8 12/01/57                                                                                                                                         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    480000 | PA      | $324835.07    | 0.12%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                                     | NOC 5.2 06/01/54                                                                                                                                       | CUSIP: 666807CM2<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    350000 | PA      | $322785.50    | 0.12%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                                         | DVN 5.6 07/15/41                                                                                                                                       | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242097.67    | 0.09%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES PASS THROUGH TRUST 2015-1                                                      | AAL 3.375 05/01/27                                                                                                                                     | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71113 | PA      | $70252.69     | 0.03%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C 4.65 07/23/48                                                                                                                                        | CUSIP: 172967MD0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    190000 | PA      | $160915.52    | 0.06%             | 2048-07-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                                  | CI 4.9 12/15/48                                                                                                                                        | CUSIP: 125523AK6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    380000 | PA      | $330197.89    | 0.12%             | 2048-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                                         | AXP V5.915 04/25/35                                                                                                                                    | CUSIP: 025816DR7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    290000 | PA      | $300375.72    | 0.11%             | 2035-04-25      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                                         | HONA 4.3 03/16/31 144A                                                                                                                                 | CUSIP: 43849RAE5<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118742.24    | 0.04%             | 2031-03-16      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                                     | JPY/USD FORWARD                                                                                                                                        | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3916.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V5.511 01/24/36                                                                                                                                    | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    820000 | PA      | $836510.32    | 0.30%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)              | AER 4.125 02/28/29                                                                                                                                     | CUSIP: 00774MBT1<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    300000 | PA      | $296082.55    | 0.11%             | 2029-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc                                                               | D 6.25 10/15/53                                                                                                                                        | CUSIP: 25731VAB0<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136667.59    | 0.05%             | 2053-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                                   | WBD 5.141 03/15/52 *                                                                                                                                   | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      9000 | PA      | $5478.75      | 0.00%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V4.892 10/22/36 I                                                                                                                                   | CUSIP: 61748UAN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1189524.98   | 0.43%             | 2036-10-22      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| 2023-MIC TRUST/THE                                                                               | THE 2023-MIC A                                                                                                                                         | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430000 | PA      | $458162.68    | 0.16%             | 2038-12-05      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                                     | MET V6.35 03/15/55 G                                                                                                                                   | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243651.84    | 0.09%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Kaiser Foundation Hospitals                                                                      | KPERM 2.81 06/01/41 2021                                                                                                                               | CUSIP: 48305QAF0<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |    460000 | PA      | $334423.66    | 0.12%             | 2041-06-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                     | AVGO 5.2 07/15/35                                                                                                                                      | CUSIP: 11135FCM1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    330000 | PA      | $332692.41    | 0.12%             | 2035-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                             | ELV 5.5 10/15/32                                                                                                                                       | CUSIP: 036752AW3<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    190000 | PA      | $195938.70    | 0.07%             | 2032-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                            | SO 4.85 03/15/31                                                                                                                                       | CUSIP: 373334LA7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303859.15    | 0.11%             | 2031-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V4.96 01/23/37                                                                                                                                     | CUSIP: 95000U4E0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    440000 | PA      | $428786.60    | 0.15%             | 2037-01-23      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                            | TRGP 4.2 02/01/33                                                                                                                                      | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    170000 | PA      | $161028.62    | 0.06%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Bon Secours Mercy Health Inc.                                                                    | BSHSI 3.464 06/01/30                                                                                                                                   | CUSIP: 09778PAA3<br>LEI: 5493006NA7JSVYYYF398 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87194.78     | 0.03%             | 2030-06-01      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Evergy Kansas Central Inc.                                                                       | EVRG 5.7 03/15/53                                                                                                                                      | CUSIP: 30036FAB7<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98465.40     | 0.04%             | 2053-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A                                                           | SQM 3.5 09/10/51 144A                                                                                                                                  | CUSIP: 833636AL7<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |    530000 | PA      | $342607.90    | 0.12%             | 2051-09-10      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                                    | PETBRA 7.375 01/17/27                                                                                                                                  | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     70000 | PA      | $71208.41     | 0.03%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                                       | LHX 4.854 04/27/35                                                                                                                                     | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98150.30     | 0.04%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                       | BA 5.705 05/01/40                                                                                                                                      | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130265.40    | 0.05%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                                                                          | SJM 6.5 11/15/43                                                                                                                                       | CUSIP: 832696AY4<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208602.06    | 0.07%             | 2043-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                                        | VNOM 4.9 08/01/30                                                                                                                                      | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110133.10    | 0.04%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                         | T 3.55 09/15/55                                                                                                                                        | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1034862.47   | 0.37%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd.                                                                                  | WYNMAC 5.125 12/15/29 144A                                                                                                                             | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $191934.20    | 0.07%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                              | EXE 5.375 02/01/29                                                                                                                                     | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19990.04     | 0.01%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RENEW 2024-1                                                                                     | RENEW 2024-1A A                                                                                                                                        | CUSIP: 75973VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305762 | PA      | $307018.97    | 0.11%             | 2059-11-20      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                     | UBS V3.179 02/11/43 144A                                                                                                                               | CUSIP: 902613AL2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $161702.53    | 0.06%             | 2043-02-11      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 5.45 11/15/55                                                                                                                                    | CUSIP: 02079KBA4<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    170000 | PA      | $164712.67    | 0.06%             | 2055-11-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                                        | IVYCST 8.25 01/30/37 144A                                                                                                                              | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $205714.95    | 0.07%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                                                       | CARR 6.2 03/15/54                                                                                                                                      | CUSIP: 14448CBD5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62882.54     | 0.02%             | 2054-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Private Bank National Association                                                 | MS V4.734 07/18/31                                                                                                                                     | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    280000 | PA      | $279186.42    | 0.10%             | 2031-07-18      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                                                                  | ANTOLN 5.625 09/09/35 144A                                                                                                                             | CUSIP: 03718NAD8<br>LEI: 213800MY6QVH4FVLD628 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $306651.45    | 0.11%             | 2035-09-09      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                                      | BRKHEC 4.65 04/15/29                                                                                                                                   | CUSIP: 695114DM7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    220000 | PA      | $220063.20    | 0.08%             | 2029-04-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                                          | DUK 5.875 11/15/33                                                                                                                                     | CUSIP: 26444HAQ4<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    160000 | PA      | $169939.65    | 0.06%             | 2033-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                                 | DTE 5.55 03/01/56 B                                                                                                                                    | CUSIP: 23338VBA3<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    330000 | PA      | $319316.26    | 0.11%             | 2056-03-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                              | ONCRTX 5.65 11/15/33                                                                                                                                   | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    230000 | PA      | $241186.56    | 0.09%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 4.75 03/08/44 MTN                                                                                                                                  | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1030000 | PA      | $827965.50    | 0.30%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                    | F 3.625 06/17/31                                                                                                                                       | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $180298.92    | 0.06%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                                        | NIPLIF 4.748 04/02/31 144A                                                                                                                             | CUSIP: 654579AQ4<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $200574.46    | 0.07%             | 2031-04-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                                     | MET 6.4 12/15/36                                                                                                                                       | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    210000 | PA      | $214493.58    | 0.08%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                                    | ICE 5.2 06/15/62                                                                                                                                       | CUSIP: 45866FAY0<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    290000 | PA      | $257208.00    | 0.09%             | 2062-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Meiji Yasuda Life Insurance Co.                                                                  | MYLIFE V5.8 09/11/54 144A                                                                                                                              | CUSIP: 585270AD3<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    360000 | PA      | $357245.32    | 0.13%             | 2054-09-11      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Blackstone Holdings Finance Co. L.L.C.                                                           | BX 3.2 01/30/52 144A                                                                                                                                   | CUSIP: 09261BAH3<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |    100000 | PA      | $63780.45     | 0.02%             | 2052-01-30      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                   | FDX 4.95 03/15/33 144A                                                                                                                                 | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156106.52    | 0.06%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                     | AVGO 5.15 11/15/31                                                                                                                                     | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266782.74    | 0.10%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                                        | IVYCST 6.75 02/25/41 144A                                                                                                                              | CUSIP: 221625AX4<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    840000 | PA      | $739727.97    | 0.27%             | 2041-02-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                                       | AMGN 5.25 03/02/33                                                                                                                                     | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164251.59    | 0.06%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 5.75 05/15/63                                                                                                                                     | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    270000 | PA      | $251736.31    | 0.09%             | 2063-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                              | EXE 5.375 03/15/30                                                                                                                                     | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60526.16     | 0.02%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                                 | MRSH 5.4 03/15/55                                                                                                                                      | CUSIP: 571748CD2<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    660000 | PA      | $619416.82    | 0.22%             | 2055-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                                 | MCD 4.875 12/09/45 MTN                                                                                                                                 | CUSIP: 58013MFA7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    180000 | PA      | $160553.53    | 0.06%             | 2045-12-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 6 06/15/48                                                                                                                                          | CUSIP: 29278NAE3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    440000 | PA      | $422705.36    | 0.15%             | 2048-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V3.157 04/22/42                                                                                                                                    | CUSIP: 46647PCD6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    850000 | PA      | $639549.43    | 0.23%             | 2042-04-22      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                                         | DVN 4.75 05/15/42                                                                                                                                      | CUSIP: 25179MAN3<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    220000 | PA      | $193301.46    | 0.07%             | 2042-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 3.75 05/15/30                                                                                                                                       | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    170000 | PA      | $164388.10    | 0.06%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                              | ONCRTX 4.6 06/01/52                                                                                                                                    | CUSIP: 68233JCH5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    390000 | PA      | $320149.69    | 0.12%             | 2052-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                     | UBS V7 PERP 144                                                                                                                                        | CUSIP: 902613BW7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    540000 | PA      | $522288.28    | 0.19%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                                    | WMB 7.5 01/15/31 A                                                                                                                                     | CUSIP: 969457BB5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    580000 | PA      | $648557.05    | 0.23%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                                                                   | DGX 5 12/15/34                                                                                                                                         | CUSIP: 74834LBG4<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    290000 | PA      | $288119.53    | 0.10%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V4.898 01/22/37                                                                                                                                    | CUSIP: 46647PFJ0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    550000 | PA      | $538387.09    | 0.19%             | 2037-01-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM7 TRUST                                                                              | OBX 2023-NQM7 A1                                                                                                                                       | CUSIP: 67117XAA4<br>LEI: 254900K7TTKPUWNMSZ83 | Long             | ABS-O            | CORP              | US        |     48765 | PA      | $49032.38     | 0.02%             | 2063-04-25      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| DTE Energy Co.                                                                                   | DTE 5.2 04/01/30                                                                                                                                       | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173438.62    | 0.06%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                                                              | CATMED 4.35 11/01/42                                                                                                                                   | CUSIP: 14916RAD6<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    220000 | PA      | $187318.31    | 0.07%             | 2042-11-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                    | USB V5.033 01/26/37                                                                                                                                    | CUSIP: 91159HJY7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1379932.69   | 0.50%             | 2037-01-26      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                                                                  | NDAFH V6.3 PERP 144A                                                                                                                                   | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    320000 | PA      | $318515.74    | 0.11%             | N/A             | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                             | CCL 5.75 03/15/30 144A                                                                                                                                 | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    190000 | PA      | $191610.63    | 0.07%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                                | NWG V5.115 05/23/31                                                                                                                                    | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $363715.43    | 0.13%             | 2031-05-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                             | LVS 3.9 08/08/29                                                                                                                                       | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    260000 | PA      | $250679.57    | 0.09%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Apld Computeco 2 LLC                                                                             | PFORGE 6.75 03/15/31 144A                                                                                                                              | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $79467.13     | 0.03%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 4.8 02/15/36                                                                                                                                     | CUSIP: 02079KBM8<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298831.23    | 0.11%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V5.734 01/28/56                                                                                                                                     | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    860000 | PA      | $840225.94    | 0.30%             | 2056-01-28      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                                                       | BABA 5.625 11/26/54                                                                                                                                    | CUSIP: 01609WBQ4<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $398457.61    | 0.14%             | 2054-11-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Pampa Energia SA                                                                                 | PAMPAR 7.95 09/10/31 144A                                                                                                                              | CUSIP: 697660AE8<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    100000 | PA      | $104365.00    | 0.04%             | 2031-09-10      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                                      | CQP 5.55 10/30/35                                                                                                                                      | CUSIP: 16411QAW1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    320000 | PA      | $326007.80    | 0.12%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                                      | IL ILS 5.1 06/01/2033                                                                                                                                  | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    130882 | PA      | $133372.56    | 0.05%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                         | LLOYDS V4.425 11/04/31                                                                                                                                 | CUSIP: 53944YBD4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    870000 | PA      | $858062.00    | 0.31%             | 2031-11-04      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| OHIO EDISON CO                                                                                   | FE 5.5 01/15/33 144A                                                                                                                                   | CUSIP: 677347CH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $309006.36    | 0.11%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 4.15 05/15/45                                                                                                                                      | CUSIP: 913017CA5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    100000 | PA      | $81827.38     | 0.03%             | 2045-05-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPERATING CO LLC                                                              | CPGX 6.036 11/15/33 144A                                                                                                                               | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $316232.11    | 0.11%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                            | AAL 4.9 05/11/38                                                                                                                                       | CUSIP: 02377NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $302751.92    | 0.11%             | 2038-05-11      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Southern Copper Corporation                                                                      | SCCO 5.25 11/08/42                                                                                                                                     | CUSIP: 84265VAG0<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    230000 | PA      | $211869.26    | 0.08%             | 2042-11-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                                  | CI 5.6 02/15/54                                                                                                                                        | CUSIP: 125523CW8<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56859.07     | 0.02%             | 2054-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                                   | BNP V8.5 PERP 144A                                                                                                                                     | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1040000 | PA      | $1084300.88   | 0.39%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                                                               | TAISEM 2.5 10/25/31                                                                                                                                    | CUSIP: 872898AC5<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181607.29    | 0.07%             | 2031-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                                    | PETBRA 5.5 06/10/51                                                                                                                                    | CUSIP: 71647NBJ7<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $320111.44    | 0.12%             | 2051-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                            | RCL 6 02/01/33 144A                                                                                                                                    | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    210000 | PA      | $212149.80    | 0.08%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Carlyle Group Inc                                                                                | CG 5.05 09/19/35                                                                                                                                       | CUSIP: 14316JAA6<br>LEI: 529900NGGVF94UK6PG95 | Long             | DBT              | CORP              | US        |    430000 | PA      | $415287.96    | 0.15%             | 2035-09-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                                           | GM 6.25 10/02/43                                                                                                                                       | CUSIP: 37045VAF7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    230000 | PA      | $226079.82    | 0.08%             | 2043-10-02      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 5.5 02/23/54                                                                                                                                        | CUSIP: 92343VGW8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    530000 | PA      | $501343.35    | 0.18%             | 2054-02-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                             | CCL 5.125 05/01/29 144A                                                                                                                                | CUSIP: 143658CB6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    810000 | PA      | $804497.35    | 0.29%             | 2029-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| M.D.C. Holdings Inc.                                                                             | Sekisui House US Inc                                                                                                                                   | CUSIP: 552676AQ1<br>LEI: 5299005FV4VNV75R8R35 | Long             | DBT              | CORP              | US        |    430000 | PA      | $393441.83    | 0.14%             | 2043-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                                         | EDF 6.375 01/13/55 144A                                                                                                                                | CUSIP: 28504DAG8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    540000 | PA      | $552146.59    | 0.20%             | 2055-01-13      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                         | HCA 6 04/01/54                                                                                                                                         | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    330000 | PA      | $318793.45    | 0.11%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy South Carolina Inc                                                               | D 5.3 01/15/35 2025                                                                                                                                    | CUSIP: 25731VAC8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173867.99    | 0.06%             | 2035-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                                     | SO V6.375 03/15/55 2025                                                                                                                                | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308680.50    | 0.11%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN EDISON CO                                                                           | FE 5.2 04/01/28 144A                                                                                                                                   | CUSIP: 591894CE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $111603.64    | 0.04%             | 2028-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTH CALIF                                                                         | CA BAYTRN 6.26 04/01/2049                                                                                                                              | CUSIP: 072024ND0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522331.75    | 0.19%             | 2049-04-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 3.75 07/01/28                                                                                                                                      | CUSIP: 694308JK4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $167067.69    | 0.06%             | 2028-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                                   | WES 5.25 02/01/50                                                                                                                                      | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    390000 | PA      | $329234.62    | 0.12%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING COMPANY LP                                                                  | FPH 8 10/01/30 144A                                                                                                                                    | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $119793.22    | 0.04%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                                   | WES 4.5 03/01/28                                                                                                                                       | CUSIP: 958254AH7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130116.41    | 0.05%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                                                       | AMP 5.15 05/15/33                                                                                                                                      | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203614.74    | 0.07%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                            | RCL 5.5 04/01/28 144A                                                                                                                                  | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    100000 | PA      | $101164.55    | 0.04%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 4 03/13/29                                                                                                                                        | CUSIP: 023135DC7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248781.83    | 0.09%             | 2029-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carnival PLC                                                                                     | CCL 7.875 06/01/27                                                                                                                                     | CUSIP: 693070AD6<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |    140000 | PA      | $144987.78    | 0.05%             | 2027-06-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V5.294 07/22/35                                                                                                                                    | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182289.66    | 0.07%             | 2035-07-22      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR OHIO INC                                                                        | OH AMEPWR 8.08 02/15/2050                                                                                                                              | CUSIP: 02765UEK6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    100000 | PA      | $124901.20    | 0.04%             | 2050-02-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                                        | DUK 5.4 01/15/54                                                                                                                                       | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    160000 | PA      | $151890.24    | 0.05%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                                         | DUK 5.35 03/15/53                                                                                                                                      | CUSIP: 26442UAR5<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    290000 | PA      | $271852.55    | 0.10%             | 2053-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                              | CATMED 5.205 12/01/31                                                                                                                                  | CUSIP: 20268JAR4<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    360000 | PA      | $367336.00    | 0.13%             | 2031-12-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                              | ONCRTX 5.35 04/01/35                                                                                                                                   | CUSIP: 68233JDC5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122682.84    | 0.04%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD 4.9 05/15/46                                                                                                                                       | CUSIP: 29379VBJ1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    300000 | PA      | $268480.82    | 0.10%             | 2046-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| McCormick & Company, Incorporated                                                                | MKC 4.7 10/15/34                                                                                                                                       | CUSIP: 579780AU1<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    170000 | PA      | $162285.37    | 0.06%             | 2034-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Loews Corporation                                                                                | L 4.94 04/01/36                                                                                                                                        | CUSIP: 540424AU2<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |    260000 | PA      | $254612.30    | 0.09%             | 2036-04-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Entergy Texas Inc                                                                                | ETR 5.55 09/15/54                                                                                                                                      | CUSIP: 29365TAP9<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84887.00     | 0.03%             | 2054-09-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| New York Life Global Funding                                                                     | NYLIFE 4.55 01/28/33 144A                                                                                                                              | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68989.69     | 0.02%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                            | SO 5.25 03/15/34                                                                                                                                       | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143022.85    | 0.05%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC                                                           | CITSEC 5.125 01/27/32                                                                                                                                  | CUSIP: 17289RAE6<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |    440000 | PA      | $436728.82    | 0.16%             | 2032-01-27      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR OHIO INC                                                                        | OH AMEPWR 6.27 02/15/2050                                                                                                                              | CUSIP: 02765UEQ3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    130000 | PA      | $133283.61    | 0.05%             | 2050-02-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                      | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH                                                                                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -292 | NC      | $577526.57    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Funding Llc                                                                        | HONK 2020-2A A2                                                                                                                                        | CUSIP: 26209XAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    630205 | PA      | $591806.45    | 0.21%             | 2051-01-20      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                                                       | BABA 3.15 02/09/51                                                                                                                                     | CUSIP: 01609WAZ5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $268515.62    | 0.10%             | 2051-02-09      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                                     | SNPS 5.7 04/01/55                                                                                                                                      | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    560000 | PA      | $535775.40    | 0.19%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 5.55 05/15/34                                                                                                                                       | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50930.77     | 0.02%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V5.389 04/24/34                                                                                                                                    | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50765.23     | 0.02%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| PG&E Wildfire Recovery Funding LLC                                                               | PCG 4.674 12/01/51 A-5                                                                                                                                 | CUSIP: 693342AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $346803.47    | 0.12%             | 2051-12-01      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)              | AER 3.85 10/29/41                                                                                                                                      | CUSIP: 00774MAZ8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    630000 | PA      | $502250.91    | 0.18%             | 2041-10-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                                        | TD 4.456 06/08/32                                                                                                                                      | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $186897.89    | 0.07%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 5.55 11/20/65                                                                                                                                     | CUSIP: 023135CY0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    590000 | PA      | $557885.77    | 0.20%             | 2065-11-20      | Fixed         | 5.55%                 | 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        |    420000 | PA      | $403485.91    | 0.14%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 5.35 11/15/45                                                                                                                                    | CUSIP: 02079KAZ0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    170000 | PA      | $166323.88    | 0.06%             | 2045-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS V6.75 12/10/54                                                                                                                                     | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81035.84     | 0.03%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                                       | BATSLN 6.25 08/15/55                                                                                                                                   | CUSIP: 05526DCD5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506234.38    | 0.18%             | 2055-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                                                         | AIA 5.4 09/30/54 144A                                                                                                                                  | CUSIP: 00131LAS4<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    420000 | PA      | $395919.81    | 0.14%             | 2054-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 4.125 08/15/46                                                                                                                                      | CUSIP: 92343VDC5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    210000 | PA      | $167228.40    | 0.06%             | 2046-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust 2022-NQM3                                                        | BRAVO 2023-NQM5 A1                                                                                                                                     | CUSIP: 10569UAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54147 | PA      | $54233.28     | 0.02%             | 2063-06-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.             | CHTR 3.5 06/01/41                                                                                                                                      | CUSIP: 161175BZ6<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    230000 | PA      | $161448.21    | 0.06%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                              | CMCSA 5.35 05/15/53                                                                                                                                    | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    350000 | PA      | $309792.27    | 0.11%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                               | SANTAN 4.551 11/06/30                                                                                                                                  | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1400000 | PA      | $1380547.60   | 0.50%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MINN                                                                                  | MN UNIHGR 4.05 04/01/2052                                                                                                                              | CUSIP: 914460WT3<br>LEI: 5493008DXSHLQ88T7F63 | Long             | DBT              | MUN               | US        |    100000 | PA      | $80100.80     | 0.03%             | 2052-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                                      | BRKHEC V7.375 09/15/55                                                                                                                                 | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19126.28     | 0.01%             | 2055-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                           | MU 3.366 11/01/41                                                                                                                                      | CUSIP: 595112BT9<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    150000 | PA      | $116515.43    | 0.04%             | 2041-11-01      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                  | LLY 5.2 08/14/64                                                                                                                                       | CUSIP: 532457CT3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     70000 | PA      | $63698.45     | 0.02%             | 2064-08-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V5.468 01/23/35                                                                                                                                    | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51056.06     | 0.02%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS V7 03/10/55                                                                                                                                        | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    190000 | PA      | $195940.92    | 0.07%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                               | IR 5.7 08/14/33                                                                                                                                        | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103921.38    | 0.04%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                         | T 2.25 02/01/32                                                                                                                                        | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    230000 | PA      | $201008.86    | 0.07%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                                                         | LLOYDS V4.943 11/04/36                                                                                                                                 | CUSIP: 53944YBE2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $347607.42    | 0.12%             | 2036-11-04      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                                   | HPE 5.6 10/15/54                                                                                                                                       | CUSIP: 42824CBW8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    320000 | PA      | $285883.56    | 0.10%             | 2054-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Ventas Realty Limited Partnership                                                                | VTR 4.4 01/15/29                                                                                                                                       | CUSIP: 92277GAN7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109392.48    | 0.04%             | 2029-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 6.4 05/07/54                                                                                                                                       | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    760000 | PA      | $713526.00    | 0.26%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Life Insurance Co.                                                           | NWMLIC 6.063 03/30/40 144A                                                                                                                             | CUSIP: 668131AA3<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    420000 | PA      | $436975.09    | 0.16%             | 2040-03-30      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                             | LVS 5.625 06/15/28                                                                                                                                     | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182379.72    | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V5.766 04/22/35                                                                                                                                    | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208384.01    | 0.07%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| Public Service Company of Colorado                                                               | XEL 5.15 09/15/35                                                                                                                                      | CUSIP: 744448DC2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    330000 | PA      | $329081.82    | 0.12%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 4.625 04/15/29 144A                                                                                                                                | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    330000 | PA      | $323987.04    | 0.12%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                                      | ETN 4.8 03/06/36                                                                                                                                       | CUSIP: 278058DZ2<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197535.63    | 0.07%             | 2036-03-06      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                              | NEE V6.5 08/15/55 .                                                                                                                                    | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134202.90    | 0.05%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 6 05/07/36                                                                                                                                         | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $398360.00    | 0.14%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V4.443 01/20/48 MTN                                                                                                                                | CUSIP: 06051GGG8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    460000 | PA      | $386621.44    | 0.14%             | 2048-01-20      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                                | INTC 5.7 02/10/53                                                                                                                                      | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     70000 | PA      | $64506.88     | 0.02%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                                                              | NY PORTRN 5.65 11/01/2040                                                                                                                              | CUSIP: 73358WCW2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523175.90    | 0.19%             | 2040-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-28L                                                           | NYC 2025-28L E                                                                                                                                         | CUSIP: 67123JAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $997369.20    | 0.36%             | 2038-11-05      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                                  | HD 3.3 04/15/40                                                                                                                                        | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39981.24     | 0.01%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                                | ISRAEL 3.25 01/17/28 10Y                                                                                                                               | CUSIP: 46513YJH2<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $195077.57    | 0.07%             | 2028-01-17      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 4.1 03/25/61                                                                                                                                      | CUSIP: 68389XCB9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $79999.15     | 0.03%             | 2061-03-25      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 5.95 06/15/55                                                                                                                                      | CUSIP: 91324PFR8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    260000 | PA      | $262118.67    | 0.09%             | 2055-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SYSTEMS INC                                                                | FE 2.65 01/15/32 144A                                                                                                                                  | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $152400.99    | 0.05%             | 2032-01-15      | Fixed         | 2.65%                 | 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        |    650000 | PA      | $625811.42    | 0.22%             | 2036-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                                      | HUM 5.875 03/01/33                                                                                                                                     | CUSIP: 444859BV3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    360000 | PA      | $368011.14    | 0.13%             | 2033-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Qatar Energy                                                                                     | QPETRO 3.3 07/12/51 144A                                                                                                                               | CUSIP: 74730DAD5<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    200000 | PA      | $129602.81    | 0.05%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 3.85 03/13/28                                                                                                                                     | CUSIP: 023135DB9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    380000 | PA      | $378902.47    | 0.14%             | 2028-03-13      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                      | 2-Year T-Note Futures, Jun-2026,ETH                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       105 | NC      | $-146236.41   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                                                                                   | PHM 4.25 03/01/31                                                                                                                                      | CUSIP: 745867AY7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1417781.36   | 0.51%             | 2031-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Norfolk Southern Corporation                                                                     | NSC 5.55 03/15/34                                                                                                                                      | CUSIP: 655844CT3<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217771.02    | 0.08%             | 2034-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| New York Life Insurance Co.                                                                      | NYLIFE 4.45 05/15/69 144A                                                                                                                              | CUSIP: 64952GAQ1<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |    130000 | PA      | $98965.29     | 0.04%             | 2069-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V4.26 02/22/48                                                                                                                                     | CUSIP: 46647PAA4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    440000 | PA      | $360025.89    | 0.13%             | 2048-02-22      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                                                               | ACAFP V4.818 09/25/33 144A                                                                                                                             | CUSIP: 22535WAS6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $245010.92    | 0.09%             | 2033-09-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                                                     | APO 5.7 03/30/36                                                                                                                                       | CUSIP: 03769MAG1<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1041465.25   | 0.37%             | 2036-03-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET V6.5 02/15/56                                                                                                                                       | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98861.39     | 0.04%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 4.65 11/20/35                                                                                                                                     | CUSIP: 023135CV6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    460000 | PA      | $451225.18    | 0.16%             | 2035-11-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 6.55 02/04/46                                                                                                                                     | CUSIP: 68389XEA9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37343.99     | 0.01%             | 2046-02-04      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V7 PERP .                                                                                                                                         | CUSIP: 404280FJ3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    820000 | PA      | $812291.43    | 0.29%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Pass Through Trust Series 2016-2                                                 | UAL 3.1 10/07/28 A                                                                                                                                     | CUSIP: 90932DAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132487 | PA      | $127021.99    | 0.05%             | 2028-10-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD 5.55 02/16/55                                                                                                                                      | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    810000 | PA      | $779742.94    | 0.28%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                                           | ISPIM 4.7 09/23/49 XR                                                                                                                                  | CUSIP: 46115HBN6<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    360000 | PA      | $291657.42    | 0.10%             | 2049-09-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Wisconsin Electric Power Company                                                                 | WEC 5.05 10/01/54                                                                                                                                      | CUSIP: 976656CT3<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |    160000 | PA      | $144332.90    | 0.05%             | 2054-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                         | T 4.8 06/15/44                                                                                                                                         | CUSIP: 00206RCG5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    110000 | PA      | $95473.19     | 0.03%             | 2044-06-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                                       | OXY 6.45 09/15/36                                                                                                                                      | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160368.60    | 0.06%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Mondelez International Inc.                                                                      | MDLZ 2.625 09/04/50                                                                                                                                    | CUSIP: 609207AW5<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $58591.68     | 0.02%             | 2050-09-04      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                                     | AVOL 4.95 10/15/32 144A                                                                                                                                | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    890000 | PA      | $867190.14    | 0.31%             | 2032-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                      | ABBV 4.05 11/21/39                                                                                                                                     | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    880000 | PA      | $772807.16    | 0.28%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C 4.75 05/18/46                                                                                                                                        | CUSIP: 172967KR1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84306.70     | 0.03%             | 2046-05-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                                | BRKHEC 6.125 04/01/36                                                                                                                                  | CUSIP: 59562VAM9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    430000 | PA      | $459125.67    | 0.16%             | 2036-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 2.4 03/15/29                                                                                                                                      | CUSIP: 87264ACS2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    280000 | PA      | $264263.13    | 0.09%             | 2029-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V6.332 03/09/44                                                                                                                                   | CUSIP: 404280DW6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $210966.77    | 0.08%             | 2044-03-09      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                                 | DTE 3.25 04/01/51 B                                                                                                                                    | CUSIP: 23338VAP1<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $202718.03    | 0.07%             | 2051-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 6.95 03/15/34                                                                                                                                      | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $273899.09    | 0.10%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CALIF                                                                                 | CA UNVHGR 4.86 05/15/2112                                                                                                                              | CUSIP: 91412GHA6<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    165000 | PA      | $134820.77    | 0.05%             | 2112-05-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                                          | BHI 5 06/15/36                                                                                                                                         | CUSIP: 05724BAP4<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |    360000 | PA      | $353588.30    | 0.13%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana, LLC.                                                                        | DUK 5.4 04/01/53                                                                                                                                       | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    270000 | PA      | $250873.28    | 0.09%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                            | ARE 5.625 05/15/54                                                                                                                                     | CUSIP: 015271BD0<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232736.05    | 0.08%             | 2054-05-15      | Fixed         | 5.62%                 | 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        |    280000 | PA      | $265540.80    | 0.10%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Dai-ichi Life Insurance Co. Ltd. (The)                                                           | DAIL V6.2 PERP 144A                                                                                                                                    | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |    490000 | PA      | $493109.54    | 0.18%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                                          | DUK 5.95 11/15/52                                                                                                                                      | CUSIP: 26444HAN1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    220000 | PA      | $223615.04    | 0.08%             | 2052-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 3.85 11/01/42                                                                                                                                       | CUSIP: 92343VBG8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    510000 | PA      | $406888.74    | 0.15%             | 2042-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 4.5 06/01/42                                                                                                                                       | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    390000 | PA      | $346307.59    | 0.12%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                               | EIX 2.5 06/01/31 G                                                                                                                                     | CUSIP: 842400HD8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    130000 | PA      | $116165.38    | 0.04%             | 2031-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Aetna, Inc.                                                                                      | AET 4.5 05/15/42                                                                                                                                       | CUSIP: 00817YAJ7<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83794.94     | 0.03%             | 2042-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                                     | BMY 2.55 11/13/50                                                                                                                                      | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    560000 | PA      | $327597.05    | 0.12%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                                        | UNP 5.6 12/01/54                                                                                                                                       | CUSIP: 907818GH5<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    290000 | PA      | $284429.72    | 0.10%             | 2054-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Cadence Design Systems, Inc.                                                                     | CDNS 4.3 09/10/29                                                                                                                                      | CUSIP: 127387AN8<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |    290000 | PA      | $289143.57    | 0.10%             | 2029-09-10      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 6.4 12/01/30                                                                                                                                        | CUSIP: 29273VAT7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $138924.01    | 0.05%             | 2030-12-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Lam Research Corporation                                                                         | LRCX 3.125 06/15/60                                                                                                                                    | CUSIP: 512807AX6<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |     50000 | PA      | $30654.69     | 0.01%             | 2060-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 5.5 02/15/46                                                                                                                                     | CUSIP: 02079KBN6<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297767.99    | 0.11%             | 2046-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                                | FE 3.4 03/01/50 C                                                                                                                                      | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    600000 | PA      | $399576.25    | 0.14%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 5.3 05/15/65                                                                                                                                     | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    370000 | PA      | $342769.98    | 0.12%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 6 02/01/29 144A                                                                                                                                     | CUSIP: 226373AR9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    590000 | PA      | $594716.38    | 0.21%             | 2029-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSL Finance PLC                                                                                  | CSLAU 4.95 04/27/62 144A                                                                                                                               | CUSIP: 12661PAF6<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    170000 | PA      | $145067.33    | 0.05%             | 2062-04-27      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V7.5 PERP W                                                                                                                                         | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135786.17    | 0.05%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                             | APH 5.3 11/15/55                                                                                                                                       | CUSIP: 032095BB6<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    320000 | PA      | $300748.68    | 0.11%             | 2055-11-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                             | HWM 4.55 11/15/32                                                                                                                                      | CUSIP: 443201AD0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246861.96    | 0.09%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Firstenergy Transmission Llc                                                                     | FE 5 01/15/35                                                                                                                                          | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197227.72    | 0.07%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hexcel Corporation                                                                               | HXL 5.875 02/26/35                                                                                                                                     | CUSIP: 428291AP3<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |    240000 | PA      | $246527.42    | 0.09%             | 2035-02-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                                                       | ALVGR V6.35 09/06/53 144A                                                                                                                              | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $416633.20    | 0.15%             | 2053-09-06      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                                 | BMO V7.3 11/26/84                                                                                                                                      | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $358389.15    | 0.13%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                                     | NOC 5.25 05/01/50                                                                                                                                      | CUSIP: 666807BU5<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    410000 | PA      | $380541.69    | 0.14%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                            | RCL 5.625 09/30/31 144A                                                                                                                                | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     50000 | PA      | $50505.17     | 0.02%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                                                              | FL MDCTRN 6.22 11/01/2055                                                                                                                              | CUSIP: 59335KFS1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20549.86     | 0.01%             | 2055-11-01      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                     | UBS V5.199 08/10/37 144A                                                                                                                               | CUSIP: 225401BT4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    970000 | PA      | $947834.40    | 0.34%             | 2037-08-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                                     | MET V5.85 03/15/56 .                                                                                                                                   | CUSIP: 59156RCR7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    800000 | PA      | $785601.50    | 0.28%             | 2056-03-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                            | CAS 2023-R08 1M1                                                                                                                                       | CUSIP: 20755CAA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    103707 | PA      | $103763.57    | 0.04%             | 2043-10-26      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                                   | SPGI 1.25 08/15/30                                                                                                                                     | CUSIP: 78409VAS3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43611.48     | 0.02%             | 2030-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                              | ONCRTX 5.8 04/01/55                                                                                                                                    | CUSIP: 68233JDD3<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    430000 | PA      | $425875.53    | 0.15%             | 2055-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 5.65 02/15/56                                                                                                                                    | CUSIP: 02079KBP1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129674.73    | 0.05%             | 2056-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                                       | OKE 4.25 09/15/46                                                                                                                                      | CUSIP: 682680BX0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $45985.09     | 0.02%             | 2046-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 3.125 07/01/50                                                                                                                                     | CUSIP: 75513EAC5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    120000 | PA      | $78977.14     | 0.03%             | 2050-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                     | UBS V9.25 PERP 144a                                                                                                                                    | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    240000 | PA      | $255949.25    | 0.09%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                              | ABT 4.3 03/15/33                                                                                                                                       | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    210000 | PA      | $205578.83    | 0.07%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORP                                                                                 | PXD 2.15 01/15/31                                                                                                                                      | CUSIP: 723787AR8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    130000 | PA      | $117185.11    | 0.04%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                                                                               | KO 5.2 01/14/55                                                                                                                                        | CUSIP: 191216DZ0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    440000 | PA      | $416960.08    | 0.15%             | 2055-01-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.             | CHTR 5.05 03/30/29                                                                                                                                     | CUSIP: 161175BR4<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20105.19     | 0.01%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.                               | LADR 5.5 08/01/30                                                                                                                                      | CUSIP: 505742AS5<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110277.09    | 0.04%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 5.8 03/13/56                                                                                                                                      | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    270000 | PA      | $269973.67    | 0.10%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Orlando Health Obligated Group                                                                   | ORHLTH 5.475 10/01/35                                                                                                                                  | CUSIP: 686514AP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $154038.44    | 0.06%             | 2035-10-01      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                                   | SCHW V4 PERP H                                                                                                                                         | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    340000 | PA      | $314747.24    | 0.11%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 6.625 01/29/38                                                                                                                                     | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    280000 | PA      | $286020.00    | 0.10%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 4.5 05/15/35                                                                                                                                     | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245984.84    | 0.09%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V5.605 04/23/36                                                                                                                                    | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    490000 | PA      | $501607.72    | 0.18%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| SOLRR AIRCRAFT 2021-1 LTD                                                                        | SOLRR 2021-1 A                                                                                                                                         | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    165948 | PA      | $157772.01    | 0.06%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A.                                                                       | RABOBK V3.758 04/06/33 144A                                                                                                                            | CUSIP: 74977RDP6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    270000 | PA      | $252984.31    | 0.09%             | 2033-04-06      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| SLM PRIVATE EDUCATION LOAN TRUST 2010-C                                                          | SLMA 2010-C A5                                                                                                                                         | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |    125187 | PA      | $131431.00    | 0.05%             | 2041-10-15      | Floating      | 8.54%                 | No            |                  2 | On Loan: No      |
| TRANSCONTINENTAL GAS PIPELINE COMPANY LLC                                                        | WMB 3.95 05/15/50                                                                                                                                      | CUSIP: 893574AR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $241869.20    | 0.09%             | 2050-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                                        | DUK 4.95 01/15/33                                                                                                                                      | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71093.28     | 0.03%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                                        | UNP 2.973 09/16/62                                                                                                                                     | CUSIP: 907818FN3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    730000 | PA      | $419319.44    | 0.15%             | 2062-09-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                              | CEG 6.5 10/01/53                                                                                                                                       | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    110000 | PA      | $116832.23    | 0.04%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sierra Pacific Power Company                                                                     | BRKHEC 5.9 03/15/54                                                                                                                                    | CUSIP: 826418BQ7<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |    220000 | PA      | $216994.68    | 0.08%             | 2054-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                               | HBAN V5.605 01/28/41                                                                                                                                   | CUSIP: 446150BL7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    800000 | PA      | $781099.58    | 0.28%             | 2041-01-28      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                                       | BATSLN 6 02/20/34                                                                                                                                      | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    130000 | PA      | $137455.63    | 0.05%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 5.8 05/15/34                                                                                                                                       | CUSIP: 694308KR7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133251.48    | 0.05%             | 2034-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ARES XLIV CLO LTD                                                                                | ARES 2017-44A BRR                                                                                                                                      | CUSIP: 04016NBP7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $698984.58    | 0.25%             | 2034-04-17      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                            | FCX 5.4 11/14/34                                                                                                                                       | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71066.18     | 0.03%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wisconsin Public Service Corporation                                                             | WEC 2.85 12/01/51                                                                                                                                      | CUSIP: 976843BN1<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $73715.92     | 0.03%             | 2051-12-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                                           | GM 6.6 04/01/36                                                                                                                                        | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    180000 | PA      | $191573.61    | 0.07%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                                     | BMY 5.2 02/22/34                                                                                                                                       | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133322.26    | 0.05%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                                               | BBVASM 5.381 03/13/29                                                                                                                                  | CUSIP: 05946KAQ4<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $410829.59    | 0.15%             | 2029-03-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Ameren Illinois Company                                                                          | AEE 5.625 03/01/55                                                                                                                                     | CUSIP: 02361DBC3<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |    160000 | PA      | $155670.88    | 0.06%             | 2055-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                                         | HONA 5.732 03/16/56 144A                                                                                                                               | CUSIP: 43849RAJ4<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    660000 | PA      | $652839.46    | 0.23%             | 2056-03-16      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                     | AVGO 4.9 02/15/38                                                                                                                                      | CUSIP: 11135FCX7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    740000 | PA      | $714581.98    | 0.26%             | 2038-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                             | EIX 4.8 03/15/31                                                                                                                                       | CUSIP: 281020BD8<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    240000 | PA      | $234401.11    | 0.08%             | 2031-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 6.05 03/13/76                                                                                                                                     | CUSIP: 023135DK9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    450000 | PA      | $447712.21    | 0.16%             | 2076-03-13      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD 6.875 03/01/33 D                                                                                                                                   | CUSIP: 293791AF6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    130000 | PA      | $146140.20    | 0.05%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                                     | RCL 4.75 05/15/33                                                                                                                                      | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    160000 | PA      | $154535.64    | 0.06%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                                        | NEE 5.3 06/15/34                                                                                                                                       | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143996.15    | 0.05%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Barrick North America Finance LLC                                                                | ABXCN 5.75 05/01/43                                                                                                                                    | CUSIP: 06849RAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $148726.12    | 0.05%             | 2043-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                     | UBS V7.125 PERP 144a                                                                                                                                   | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $491812.50    | 0.18%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 5.15 07/15/34                                                                                                                                      | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121068.60    | 0.04%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 3.4 03/22/41                                                                                                                                        | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    440000 | PA      | $338058.45    | 0.12%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                                     | BMY 5.5 02/22/44                                                                                                                                       | CUSIP: 110122EJ3<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78599.22     | 0.03%             | 2044-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Allianz SE                                                                                       | ALVGR V6.55 PERP 144a                                                                                                                                  | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $200455.20    | 0.07%             | N/A             | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 6.7 02/04/56                                                                                                                                      | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65017.90     | 0.02%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                              | CEG 5.875 01/15/66                                                                                                                                     | CUSIP: 210385AR1<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480388.89    | 0.17%             | 2066-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ares Management Corporation                                                                      | ARES 5.6 10/11/54                                                                                                                                      | CUSIP: 03990BAB7<br>LEI: 529900JUV61FH7B8VW38 | Long             | DBT              | CORP              | US        |    310000 | PA      | $273318.80    | 0.10%             | 2054-10-11      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 6.05 02/15/63                                                                                                                                      | CUSIP: 91324PET5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    540000 | PA      | $540310.48    | 0.19%             | 2063-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Capital Inc.                                                                     | GSK 4.875 04/15/35                                                                                                                                     | CUSIP: 377372AQ0<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |    290000 | PA      | $288987.79    | 0.10%             | 2035-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                                         | JANEST 6.125 11/01/32 144A                                                                                                                             | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    680000 | PA      | $673032.52    | 0.24%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V5.016 10/23/35                                                                                                                                     | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    940000 | PA      | $922930.31    | 0.33%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 4.4 02/15/33                                                                                                                                     | CUSIP: 02079KBL0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    230000 | PA      | $227202.00    | 0.08%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                               | COP 5.05 09/15/33                                                                                                                                      | CUSIP: 20826FBF2<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152388.76    | 0.05%             | 2033-09-15      | Fixed         | 5.05%                 | 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        |    330000 | PA      | $313840.89    | 0.11%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                                   | SCHW V5.853 05/19/34                                                                                                                                   | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105083.49    | 0.04%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                                     | SNPS 4.65 04/01/28                                                                                                                                     | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110439.11    | 0.04%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Commonwealth Edison Company                                                                      | EXC 5.3 02/01/53                                                                                                                                       | CUSIP: 202795JY7<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    290000 | PA      | $269142.33    | 0.10%             | 2053-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V3.65 PERP KK                                                                                                                                      | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258956.85    | 0.09%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.             | CHTR 5.5 04/01/63                                                                                                                                      | CUSIP: 161175CL6<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    210000 | PA      | $162642.03    | 0.06%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PECO Energy Co.                                                                                  | EXC 5.65 09/15/55                                                                                                                                      | CUSIP: 693304BJ5<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147737.30    | 0.05%             | 2055-09-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                                  | HD 3.5 09/15/56                                                                                                                                        | CUSIP: 437076BP6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    130000 | PA      | $89049.63     | 0.03%             | 2056-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc.                                             | RKT 2.875 10/15/26 144A                                                                                                                                | CUSIP: 77313LAA1<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188050.13    | 0.07%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Southern California Gas Co.                                                                      | SRE 6 06/15/55                                                                                                                                         | CUSIP: 842434DD1<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300490.43    | 0.11%             | 2055-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 4.875 11/15/35                                                                                                                                    | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176659.10    | 0.06%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                              | CMCSA 2.937 11/01/56                                                                                                                                   | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $604304.44    | 0.22%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Northern States Power Company                                                                    | XEL 5.65 05/15/55                                                                                                                                      | CUSIP: 665772DA4<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    560000 | PA      | $549979.76    | 0.20%             | 2055-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON BRANCH                                                                             | UBS 4.5 06/26/48                                                                                                                                       | CUSIP: 902674A26<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    490000 | PA      | $409304.66    | 0.15%             | 2048-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                     | UBS V9.25 PERP 144A                                                                                                                                    | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    450000 | PA      | $506969.55    | 0.18%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                              | D 5.05 08/15/34                                                                                                                                        | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89920.00     | 0.03%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 5.75 11/15/65                                                                                                                                     | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1803294.18   | 0.65%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 4.1 02/15/31                                                                                                                                     | CUSIP: 02079KBK2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109259.50    | 0.04%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                             | LVS 6 08/15/29                                                                                                                                         | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82244.45     | 0.03%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                                         | HONA 5.622 03/16/46 144A                                                                                                                               | CUSIP: 43849RAH8<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    220000 | PA      | $216931.82    | 0.08%             | 2046-03-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                 | NRG 2.45 12/02/27 144A                                                                                                                                 | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    380000 | PA      | $366159.99    | 0.13%             | 2027-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                            | FCX 5.45 03/15/43                                                                                                                                      | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    230000 | PA      | $217785.17    | 0.08%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| JG WENTWORTH XLII LLC                                                                            | HENDR 2018-2A B                                                                                                                                        | CUSIP: 46590UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     45029 | PA      | $40894.07     | 0.01%             | 2077-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 4.95 07/01/50                                                                                                                                      | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    380000 | PA      | $315019.60    | 0.11%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                            | RCL 6.25 03/15/32 144A                                                                                                                                 | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     80000 | PA      | $81805.69     | 0.03%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2023-C                                                          | SMB 2023-C B                                                                                                                                           | CUSIP: 83207DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $104310.14    | 0.04%             | 2052-11-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                                        | NEE 5.8 03/15/65                                                                                                                                       | CUSIP: 341081GZ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    320000 | PA      | $319035.56    | 0.11%             | 2065-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Entergy Texas Inc                                                                                | ETR 5.8 09/01/53                                                                                                                                       | CUSIP: 29365TAN4<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49513.73     | 0.02%             | 2053-09-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                         | T 6.375 03/01/41                                                                                                                                       | CUSIP: 00206RDG4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53014.44     | 0.02%             | 2041-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.664 04/17/36                                                                                                                                     | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    240000 | PA      | $245909.51    | 0.09%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio Inc.                                                                            | DUK 5.55 03/15/54                                                                                                                                      | CUSIP: 26442EAL4<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     90000 | PA      | $86228.37     | 0.03%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS 5.25 01/30/31                                                                                                                                      | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184018.77    | 0.07%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                                           | WM 5.35 10/15/54                                                                                                                                       | CUSIP: 94106LCF4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190913.22    | 0.07%             | 2054-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 5.25 03/16/37                                                                                                                                       | CUSIP: 92343VDU5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    490000 | PA      | $484356.51    | 0.17%             | 2037-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V4.81 10/22/36                                                                                                                                     | CUSIP: 46647PFE1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    710000 | PA      | $689645.58    | 0.25%             | 2036-10-22      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Gruma S.A.B.de C.V.                                                                              | GRUMAB 5.39 12/09/34 144A                                                                                                                              | CUSIP: 400131AH1<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $199240.12    | 0.07%             | 2034-12-09      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                                          | BHI 5.85 06/15/56                                                                                                                                      | CUSIP: 05724BAQ2<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |    820000 | PA      | $802963.84    | 0.29%             | 2056-06-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                       | BA 7.008 05/01/64                                                                                                                                      | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     90000 | PA      | $99589.79     | 0.04%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                                                 | CFELEC 6.045 01/28/34 144A                                                                                                                             | CUSIP: 200447AQ3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $388140.00    | 0.14%             | 2034-01-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                                          | CNP 4.5 04/01/44                                                                                                                                       | CUSIP: 15189XAN8<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    116000 | PA      | $100527.83    | 0.04%             | 2044-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                                 | PM 6.375 05/16/38                                                                                                                                      | CUSIP: 718172AC3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109076.26    | 0.04%             | 2038-05-16      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 6.75 01/15/53                                                                                                                                      | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $228508.40    | 0.08%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                            | LOW 1.7 10/15/30                                                                                                                                       | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    170000 | PA      | $149854.46    | 0.05%             | 2030-10-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM15 TRUST                                                                             | OBX 2024-NQM15 A3                                                                                                                                      | CUSIP: 67449DAC3<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-O            | CORP              | US        |    109978 | PA      | $110235.17    | 0.04%             | 2064-10-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                    | F 7.122 11/07/33                                                                                                                                       | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    350000 | PA      | $367839.46    | 0.13%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| New York Life Insurance Co.                                                                      | NYLIFE 3.75 05/15/50 144A                                                                                                                              | CUSIP: 64952GAT5<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |    450000 | PA      | $326642.03    | 0.12%             | 2050-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V3.068 04/30/41                                                                                                                                    | CUSIP: 95000U2Q5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $781291.30    | 0.28%             | 2041-04-30      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp.                                                                           | OGLETH 6.2 12/01/53                                                                                                                                    | CUSIP: 677050AU0<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    270000 | PA      | $276210.10    | 0.10%             | 2053-12-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Indianapolis Power & Light Company                                                               | AES 5.7 04/01/54 144A                                                                                                                                  | CUSIP: 455434BW9<br>LEI: 2T85JNP2R2B2GTSFND21 | Long             | DBT              | CORP              | US        |    260000 | PA      | $253011.54    | 0.09%             | 2054-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                 | NRG 5.407 10/15/35 144A                                                                                                                                | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    430000 | PA      | $422062.11    | 0.15%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                     | AVGO 5.7 01/15/56                                                                                                                                      | CUSIP: 11135FDD0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    310000 | PA      | $308611.65    | 0.11%             | 2056-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                             | GLENLN 5.508 04/01/36 144A                                                                                                                             | CUSIP: 378272CE6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    330000 | PA      | $330865.50    | 0.12%             | 2036-04-01      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                           | UAL 5.875 02/15/37 24-A                                                                                                                                | CUSIP: 90932WAB9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |    404090 | PA      | $416549.17    | 0.15%             | 2037-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank Gospodarstwa Krajowego                                                                      | BGOSK 6.25 07/09/54 144A                                                                                                                               | CUSIP: 06237MAD5<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |    340000 | PA      | $336933.39    | 0.12%             | 2054-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | T 4.125 02/15/36                                                                                                                                       | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    710000 | PA      | $698961.72    | 0.25%             | 2036-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.             | CHTR 3.9 06/01/52                                                                                                                                      | CUSIP: 161175CA0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    350000 | PA      | $223025.30    | 0.08%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V2.831 10/24/51 MTN                                                                                                                                | CUSIP: 06051GJM2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    990000 | PA      | $606775.23    | 0.22%             | 2051-10-24      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER CO                                                                             | FE 5.85 02/15/34 144A                                                                                                                                  | CUSIP: 609935AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $284052.10    | 0.10%             | 2034-02-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                                   | PLD 5.25 03/15/54                                                                                                                                      | CUSIP: 74340XCK5<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    140000 | PA      | $130674.04    | 0.05%             | 2054-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co.                                                                                | SO 5.85 11/15/33                                                                                                                                       | CUSIP: 010392GB8<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    170000 | PA      | $180071.21    | 0.06%             | 2033-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                              | BNS V8.625 10/27/82                                                                                                                                    | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $322406.20    | 0.12%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AECOM                                                                                            | ACM 6 08/01/33 144A                                                                                                                                    | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199965.26    | 0.07%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                                 | MCD 3.625 09/01/49 MTN                                                                                                                                 | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    710000 | PA      | $511360.20    | 0.18%             | 2049-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MSCR TRUST MN12                                                                      | MSCR 2025-MN12 M2                                                                                                                                      | CUSIP: 355913AB0<br>LEI: 529900KABSM46L5D1T20 | Long             | ABS-O            | USGSE             | US        |    680000 | PA      | $681197.75    | 0.24%             | 2045-11-27      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2016-FL1 LTD                                           | ARCREN 2025-FL1 C                                                                                                                                      | CUSIP: 03881KAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    230000 | PA      | $230024.45    | 0.08%             | 2043-01-21      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                                  | CI 4.8 08/15/38                                                                                                                                        | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    340000 | PA      | $319841.28    | 0.11%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Gruma S.A.B.de C.V.                                                                              | GRUMAB 5.761 12/09/54 144A                                                                                                                             | CUSIP: 400131AJ7<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $387208.00    | 0.14%             | 2054-12-09      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 6.9 11/09/52                                                                                                                                      | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    320000 | PA      | $302385.18    | 0.11%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)              | AER 5 11/15/35                                                                                                                                         | CUSIP: 00774MBS3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    650000 | PA      | $628304.72    | 0.23%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                                                            | ETR 5.8 03/15/55                                                                                                                                       | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    310000 | PA      | $304206.06    | 0.11%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                                 | SRE 3.32 04/15/50 UUU                                                                                                                                  | CUSIP: 797440BY9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     80000 | PA      | $53738.45     | 0.02%             | 2050-04-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                                        | UNP 3.799 04/06/71                                                                                                                                     | CUSIP: 907818FS2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    280000 | PA      | $189066.74    | 0.07%             | 2071-04-06      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                           | FABSJV 6.2 01/25/37                                                                                                                                    | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $413834.82    | 0.15%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                                          | CNP 5.05 03/01/35                                                                                                                                      | CUSIP: 15189XBF4<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179422.66    | 0.06%             | 2035-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Company                                                                       | PPL 3.3 06/01/50                                                                                                                                       | CUSIP: 491674BM8<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |    170000 | PA      | $114778.09    | 0.04%             | 2050-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.073 01/30/37                                                                                                                                     | CUSIP: 61748UAT9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1636756.28   | 0.59%             | 2037-01-30      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                                                             | SUMIBK V5.796 07/08/46                                                                                                                                 | CUSIP: 86562MEB2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $485488.75    | 0.17%             | 2046-07-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                                       | OXY 4.4 04/15/46                                                                                                                                       | CUSIP: 674599CJ2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39578.69     | 0.01%             | 2046-04-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                                          | CHTR 7.3 07/01/38                                                                                                                                      | CUSIP: 88732JAN8<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |    920000 | PA      | $963338.38    | 0.35%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V6.5 PERP OO                                                                                                                                       | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    590000 | PA      | $605761.85    | 0.22%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                                | INTC 2.8 08/12/41                                                                                                                                      | CUSIP: 458140BV1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    330000 | PA      | $226877.07    | 0.08%             | 2041-08-12      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Piedmont Natural Gas Company, Inc.                                                               | DUK 5.05 05/15/52                                                                                                                                      | CUSIP: 720186AP0<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88102.82     | 0.03%             | 2052-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 2.9 05/15/50                                                                                                                                       | CUSIP: 91324PDZ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    580000 | PA      | $361383.14    | 0.13%             | 2050-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                                       | AMGN 5.65 03/02/53                                                                                                                                     | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    380000 | PA      | $368295.30    | 0.13%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 5.875 09/26/45                                                                                                                                    | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $949720.24    | 0.34%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Alabama Power Co.                                                                                | SO 5.1 04/02/35                                                                                                                                        | CUSIP: 010392GC6<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151449.95    | 0.05%             | 2035-04-02      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                                          | Talen Energy Supply Term Loan B (Incremental) 200 2032-10-04                                                                                           | CUSIP: 87422LBA7<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |     89775 | PA      | $89951.41     | 0.03%             | 2032-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                                                     | GD 4.25 04/01/40                                                                                                                                       | CUSIP: 369550BH0<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134784.59    | 0.05%             | 2040-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                                          | MPLX 5 03/01/33                                                                                                                                        | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149226.23    | 0.05%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS 5.15 05/22/45                                                                                                                                       | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    180000 | PA      | $161115.98    | 0.06%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Engie SA                                                                                         | ENGIFP 5.25 04/10/29 144A                                                                                                                              | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $204750.29    | 0.07%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dick's Sporting Goods, Inc.                                                                      | DKS 4 10/01/29 144A                                                                                                                                    | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    240000 | PA      | $233624.22    | 0.08%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FS COMMERCIAL MORTGAGE TRUST 2023-4SZN                                                           | FS 2023-4SZN B                                                                                                                                         | CUSIP: 30334RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $131503.18    | 0.05%             | 2039-11-14      | Variable      | 7.54%                 | 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        |    180000 | PA      | $190764.36    | 0.07%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.587 01/18/36                                                                                                                                     | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    370000 | PA      | $377355.78    | 0.14%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V2.972 02/04/33 MTN                                                                                                                                | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    600000 | PA      | $543287.61    | 0.20%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                                                     | NY NYC 5.09 10/01/2049                                                                                                                                 | CUSIP: 64966SHM1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93490.42     | 0.03%             | 2049-10-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| KLA Corp.                                                                                        | KLAC 4.95 07/15/52                                                                                                                                     | CUSIP: 482480AM2<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    180000 | PA      | $161248.33    | 0.06%             | 2052-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                              | KMI 3.6 02/15/51                                                                                                                                       | CUSIP: 49456BAT8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13861.56     | 0.00%             | 2051-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                                                        | SR V6.25 06/01/56                                                                                                                                      | CUSIP: 84857LAD3<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    280000 | PA      | $277755.16    | 0.10%             | 2056-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V2.804 05/24/32                                                                                                                                   | CUSIP: 404280CT4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $188927.25    | 0.07%             | 2032-05-24      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                               | VRT 5.65 03/15/46                                                                                                                                      | CUSIP: 92537NAB4<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |    170000 | PA      | $162261.05    | 0.06%             | 2046-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                            | TRGP 6.5 02/15/53                                                                                                                                      | CUSIP: 87612GAD3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    930000 | PA      | $954976.77    | 0.34%             | 2053-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                              | CEG 6.125 01/15/34                                                                                                                                     | CUSIP: 210385AD2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     90000 | PA      | $96078.10     | 0.03%             | 2034-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V5.045 02/06/37                                                                                                                                    | CUSIP: 060505GR9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    830000 | PA      | $819291.50    | 0.29%             | 2037-02-06      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Midamerican Energy Company                                                                       | BRKHEC 5.3 02/01/55                                                                                                                                    | CUSIP: 595620AZ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     90000 | PA      | $83526.84     | 0.03%             | 2055-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Entergy Texas Inc                                                                                | ETR 5.25 04/15/35                                                                                                                                      | CUSIP: 29365TAQ7<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202057.56    | 0.07%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                                      | LMT 4.3 06/15/62                                                                                                                                       | CUSIP: 539830BT5<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    320000 | PA      | $249661.54    | 0.09%             | 2062-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Company, LLC                                                                    | AEP 4.5 06/15/52 O                                                                                                                                     | CUSIP: 00115AAP4<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    110000 | PA      | $90790.14     | 0.03%             | 2052-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 3.85 08/15/32                                                                                                                                     | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    170000 | PA      | $162314.61    | 0.06%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD 3.3 02/15/53                                                                                                                                       | CUSIP: 29379VCB7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    800000 | PA      | $529138.35    | 0.19%             | 2053-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                                | INTC 3.734 12/08/47                                                                                                                                    | CUSIP: 458140BG4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34970.07     | 0.01%             | 2047-12-08      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 5.35 02/15/33                                                                                                                                      | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    770000 | PA      | $790910.72    | 0.28%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Florida Gas Transmission Co.                                                                     | CITCOR 5.75 07/15/35 144A                                                                                                                              | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123178.52    | 0.04%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                                          | CNP 4.95 04/01/33                                                                                                                                      | CUSIP: 15189XBB3<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100562.12    | 0.04%             | 2033-04-01      | Fixed         | 4.95%                 | 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        |   1390000 | PA      | $1268375.00   | 0.46%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                              | D 5.55 08/15/54                                                                                                                                        | CUSIP: 927804GS7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    440000 | PA      | $417102.84    | 0.15%             | 2054-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                                                             | CAPCOP 6.75 03/31/33 144A                                                                                                                              | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $149151.60    | 0.05%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 5.625 11/15/55 .                                                                                                                                  | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    810000 | PA      | $759828.54    | 0.27%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets PLC                                                                           | BPLN V6.45 PERP                                                                                                                                        | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $72814.63     | 0.03%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                     | UBS V5.01 03/23/37 144A                                                                                                                                | CUSIP: 225401BP2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    450000 | PA      | $435349.66    | 0.16%             | 2037-03-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                                    | WMB 6 03/15/55                                                                                                                                         | CUSIP: 969457CQ1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69428.46     | 0.02%             | 2055-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rollins Inc                                                                                      | ROL 5.25 02/24/35                                                                                                                                      | CUSIP: 775711AC8<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99981.56     | 0.04%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana, LLC.                                                                        | DUK 5.9 05/15/55                                                                                                                                       | CUSIP: 26443TAF3<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    370000 | PA      | $369974.91    | 0.13%             | 2055-05-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                                  | GEV 5.5 02/04/56                                                                                                                                       | CUSIP: 36828AAC5<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |    160000 | PA      | $154029.35    | 0.06%             | 2056-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                               | MO 3.875 09/16/46                                                                                                                                      | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    180000 | PA      | $132013.07    | 0.05%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                                    | WMB 5.3 09/30/35                                                                                                                                       | CUSIP: 969457CS7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229889.75    | 0.08%             | 2035-09-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                                              | GP 4.95 06/30/32 144A                                                                                                                                  | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70758.56     | 0.03%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                            | AAL 5.65 11/11/34 B                                                                                                                                    | CUSIP: 02377PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $231620.67    | 0.08%             | 2034-11-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 5.375 04/15/54                                                                                                                                     | CUSIP: 91324PFC1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $276126.96    | 0.10%             | 2054-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                                 | PCG V7.375 03/15/55                                                                                                                                    | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100724.44    | 0.04%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C V2.904 11/03/42                                                                                                                                      | CUSIP: 172967NF4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     40000 | PA      | $28583.17     | 0.01%             | 2042-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 3.5 02/12/34                                                                                                                                       | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $341600.00    | 0.12%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| America Movil S.A.B. de C.V.                                                                     | AMXLMM 6.125 03/30/40                                                                                                                                  | CUSIP: 02364WAW5<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |    170000 | PA      | $177374.47    | 0.06%             | 2040-03-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                                               | MET 5.15 03/28/33 144A                                                                                                                                 | CUSIP: 59217GFP9<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171862.49    | 0.06%             | 2033-03-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 2.55 03/21/31                                                                                                                                       | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    101000 | PA      | $91718.17     | 0.03%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                                | ISRAEL 3.875 07/03/50 30Y                                                                                                                              | CUSIP: 46513JB42<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $141266.98    | 0.05%             | 2050-07-03      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                  | LLY 4.6 08/14/34                                                                                                                                       | CUSIP: 532457CR7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59414.26     | 0.02%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CSL Finance PLC                                                                                  | CSLAU 4.625 04/27/42 144A                                                                                                                              | CUSIP: 12661PAD1<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $132696.42    | 0.05%             | 2042-04-27      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 5.375 03/22/33                                                                                                                                     | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    620000 | PA      | $607600.00    | 0.22%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                  | LLY 5.05 08/14/54                                                                                                                                      | CUSIP: 532457CS5<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    220000 | PA      | $202003.87    | 0.07%             | 2054-08-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                                  | SOLV 5.45 03/13/31                                                                                                                                     | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112885.93    | 0.04%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                              | NEE V6.375 08/15/55                                                                                                                                    | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    180000 | PA      | $183473.46    | 0.07%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 3 02/15/41                                                                                                                                        | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    330000 | PA      | $241431.10    | 0.09%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AFRICA FINANCE CORP                                                                              | AFRFIN 5.55 10/08/29 144A                                                                                                                              | CUSIP: 00830YAF8<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | NG        |    200000 | PA      | $201628.79    | 0.07%             | 2029-10-08      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.314 01/18/41                                                                                                                                     | CUSIP: 61748UAP7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1004440.34   | 0.36%             | 2041-01-18      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| JBS USA LLC                                                                                      | JBS 6.375 02/25/55                                                                                                                                     | CUSIP: 472140AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $648160.11    | 0.23%             | 2055-02-25      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                              | D 3.8 09/15/47 B                                                                                                                                       | CUSIP: 927804FY5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    260000 | PA      | $194910.68    | 0.07%             | 2047-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 6.1 03/15/34                                                                                                                                       | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    390000 | PA      | $420123.85    | 0.15%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                                 | PM 5.25 02/13/34                                                                                                                                       | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112061.33    | 0.04%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                            | TRGP 6.25 07/01/52                                                                                                                                     | CUSIP: 87612KAC6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19991.83     | 0.01%             | 2052-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 6.4 03/15/54                                                                                                                                       | CUSIP: 75513ECX7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    270000 | PA      | $291339.55    | 0.10%             | 2054-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Interstate Power & Light Company                                                                 | LNT 4.95 09/30/34                                                                                                                                      | CUSIP: 461070AV6<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177423.34    | 0.06%             | 2034-09-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bermuda (Government of)                                                                          | BERMUD 2.375 08/20/30 144A                                                                                                                             | CUSIP: 085209AG9<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    200000 | PA      | $181300.00    | 0.07%             | 2030-08-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                         | T 4.5 03/09/48                                                                                                                                         | CUSIP: 00206RDJ8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $161534.03    | 0.06%             | 2048-03-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V3.217 04/22/42                                                                                                                                     | CUSIP: 61772BAC7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $113191.06    | 0.04%             | 2042-04-22      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Entergy Louisiana LLC                                                                            | ETR 5.65 04/15/56                                                                                                                                      | CUSIP: 29364WBS6<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480675.19    | 0.17%             | 2056-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                                 | MRSH 2.9 12/15/51                                                                                                                                      | CUSIP: 571748BQ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    130000 | PA      | $80336.37     | 0.03%             | 2051-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 4.35 03/20/33                                                                                                                                     | CUSIP: 023135CU8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    400000 | PA      | $392881.39    | 0.14%             | 2033-03-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Firstenergy Transmission Llc                                                                     | FE 4.55 01/15/30                                                                                                                                       | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119923.90    | 0.04%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Qatar Energy                                                                                     | QPETRO 3.125 07/12/41 144A                                                                                                                             | CUSIP: 74730DAE3<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    290000 | PA      | $211153.42    | 0.08%             | 2041-07-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PRKCM 2024-AFC1 TRUST                                                                            | PRKCM 2024-AFC1 A2                                                                                                                                     | CUSIP: 69380WAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    197533 | PA      | $199127.03    | 0.07%             | 2059-03-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                                                                     | BMRN 5.5 02/15/34 144A                                                                                                                                 | CUSIP: 09061GAL5<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |    340000 | PA      | $334988.91    | 0.12%             | 2034-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REDWOOD FUNDING TRUST 2025-3                                                                     | RFT 2025-3 A                                                                                                                                           | CUSIP: 75806GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    267024 | PA      | $269560.52    | 0.10%             | 2056-12-28      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| El Fondo Mivivienda SA                                                                           | MIVIVI 5.4 03/31/31 144A                                                                                                                               | CUSIP: 344593AG3<br>LEI: 549300X41PNOK11PZ670 | Long             | DBT              | NUSS              | PE        |    150000 | PA      | $150187.50    | 0.05%             | 2031-03-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                                          | CHTR 5.875 11/15/40                                                                                                                                    | CUSIP: 88732JAY4<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |    410000 | PA      | $371900.15    | 0.13%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                                | LPLA 5.75 06/15/35                                                                                                                                     | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189338.41    | 0.07%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Reliance Standard Life Global Funding II                                                         | TOMARI 1.512 09/28/26 144A                                                                                                                             | CUSIP: 75951AAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $305543.77    | 0.11%             | 2026-09-28      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                         | VST 4.7 01/31/31 144A                                                                                                                                  | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59067.86     | 0.02%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                            | LOW 4.25 04/01/52                                                                                                                                      | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    390000 | PA      | $299148.24    | 0.11%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                                          | DUK 3.4 10/01/46                                                                                                                                       | CUSIP: 26444HAA9<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    200000 | PA      | $142515.83    | 0.05%             | 2046-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Southwest Airlines Co.                                                                           | LUV 5.25 11/15/35                                                                                                                                      | CUSIP: 844741BM9<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |    340000 | PA      | $319323.44    | 0.11%             | 2035-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                              | CMCSA 3.75 04/01/40                                                                                                                                    | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    190000 | PA      | $154142.40    | 0.06%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets PLC                                                                           | BPLN V6.125 PERP                                                                                                                                       | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $272425.14    | 0.10%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                | PNC V5.423 01/25/41                                                                                                                                    | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1058492.85   | 0.38%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                                 | PM 1.75 11/01/30                                                                                                                                       | CUSIP: 718172CS6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    180000 | PA      | $159449.01    | 0.06%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                      | 10-Year T-Note Futures, Jun-2026,ETH                                                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -37 | NC      | $66623.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                                  | LLY 4.95 02/27/63                                                                                                                                      | CUSIP: 532457CH9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $131783.32    | 0.05%             | 2063-02-27      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                                      | LMT 4.09 09/15/52                                                                                                                                      | CUSIP: 539830BN8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    110000 | PA      | $85929.84     | 0.03%             | 2052-09-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                                       | OKE 6.625 09/01/53                                                                                                                                     | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513573.89    | 0.18%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc                                          | BHI 4.05 03/11/29                                                                                                                                      | CUSIP: 05724BAL3<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238829.78    | 0.09%             | 2029-03-11      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V5.065 01/21/37                                                                                                                                     | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1036727.39   | 0.37%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                                         | AXP V5.667 04/25/36                                                                                                                                    | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    490000 | PA      | $506645.16    | 0.18%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                                | INTC 4.9 08/05/52                                                                                                                                      | CUSIP: 458140CB4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    450000 | PA      | $367915.61    | 0.13%             | 2052-08-05      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                                      | LMT 5.2 02/15/64                                                                                                                                       | CUSIP: 539830CE7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    520000 | PA      | $472519.90    | 0.17%             | 2064-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Aes Andes S.A                                                                                    | AES 6.25 03/14/32 144A                                                                                                                                 | CUSIP: 00111VAD9<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    340000 | PA      | $349159.94    | 0.13%             | 2032-03-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.                               | LADR 7 07/15/31 144A                                                                                                                                   | CUSIP: 505742AR7<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20688.02     | 0.01%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Paraguay (Republic of)                                                                           | PARGUY 5.4 03/30/50 144A                                                                                                                               | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    200000 | PA      | $178400.00    | 0.06%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS 6.25 02/01/41                                                                                                                                       | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    350000 | PA      | $368741.37    | 0.13%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                            | SO 5.2 03/15/35                                                                                                                                        | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    310000 | PA      | $315013.83    | 0.11%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Duke Energy Ohio Inc.                                                                            | DUK 2.125 06/01/30                                                                                                                                     | CUSIP: 26442EAH3<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |    120000 | PA      | $109256.79    | 0.04%             | 2030-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                         | VST 5.35 01/31/36 144A                                                                                                                                 | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    340000 | PA      | $332813.59    | 0.12%             | 2036-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                                   | ECOPET 8.375 01/19/36                                                                                                                                  | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    130000 | PA      | $131915.11    | 0.05%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                           | FABSJV 5.5 01/25/31                                                                                                                                    | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    520000 | PA      | $531288.50    | 0.19%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Israel (State Of)                                                                                | ISRAEL 5.75 03/12/54 30Y                                                                                                                               | CUSIP: 46514BRM1<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    920000 | PA      | $856962.64    | 0.31%             | 2054-03-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 5.75 10/12/10 GMTN                                                                                                                                 | CUSIP: 91086QAZ1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    320000 | PA      | $261072.00    | 0.09%             | 2110-10-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VCI ASSET HOLDINGS 2 LLC                                                                         | Valor                                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    730000 | PA      | $751900.00    | 0.27%             | 2031-02-06      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C V5.333 03/27/36 .                                                                                                                                    | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30102.03     | 0.01%             | 2036-03-27      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| VERIZON CALIFORNIA INC                                                                           | FYBR 6.75 05/15/27 F                                                                                                                                   | CUSIP: 362311AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    426000 | PA      | $436632.96    | 0.16%             | 2027-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Teachers Insurance and Annuity Association of America                                            | TIAAGL 3.3 05/15/50 144A                                                                                                                               | CUSIP: 878091BG1<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    810000 | PA      | $541060.67    | 0.19%             | 2050-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                     | NOVNVX 4.6 03/18/33                                                                                                                                    | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89643.98     | 0.03%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CenterPoint Energy Resources Corp.                                                               | CNP 5.4 07/01/34                                                                                                                                       | CUSIP: 15189WAS9<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61279.32     | 0.02%             | 2034-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AASET 2024-1 TRUST                                                                               | AASET 2024-1A A2                                                                                                                                       | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    261761 | PA      | $265869.85    | 0.10%             | 2049-05-16      | Fixed         | 6.26%                 | 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        |    370000 | PA      | $374815.18    | 0.13%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 4.625 11/16/48                                                                                                                                     | CUSIP: 913017CX5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    130000 | PA      | $110753.25    | 0.04%             | 2048-11-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Southern Natural Gas Co LLC                                                                      | SONGAS 4.8 03/15/47 144A                                                                                                                               | CUSIP: 84346LAA8<br>LEI: 254900KDLS1X42SY7037 | Long             | DBT              | CORP              | US        |    140000 | PA      | $120556.64    | 0.04%             | 2047-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                               | EIX 6.2 09/15/55                                                                                                                                       | CUSIP: 842400JK0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89344.46     | 0.03%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                                          | BPCEGP V6.915 01/14/46 144A                                                                                                                            | CUSIP: 05571ABB0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    460000 | PA      | $470783.47    | 0.17%             | 2046-01-14      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V5.279 03/10/37                                                                                                                                   | CUSIP: 404280FM6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $589447.82    | 0.21%             | 2037-03-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                               | ATH 6.25 04/01/54                                                                                                                                      | CUSIP: 04686JAH4<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    240000 | PA      | $220460.65    | 0.08%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C 8.125 07/15/39                                                                                                                                       | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $261716.02    | 0.09%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                                | LPLA 5.65 03/15/35                                                                                                                                     | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    580000 | PA      | $575902.61    | 0.21%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Topbuild Corporation                                                                             | BLD 5.625 01/31/34 144A                                                                                                                                | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176367.01    | 0.06%             | 2034-01-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 4.25 03/15/43                                                                                                                                      | CUSIP: 91324PCD2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    560000 | PA      | $467661.80    | 0.17%             | 2043-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC 5.375 11/02/43                                                                                                                                     | CUSIP: 94974BFP0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $159057.22    | 0.06%             | 2043-11-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 3.55 03/22/51                                                                                                                                       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    520000 | PA      | $363143.36    | 0.13%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Lam Research Corporation                                                                         | LRCX 1.9 06/15/30                                                                                                                                      | CUSIP: 512807AV0<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |    110000 | PA      | $99569.18     | 0.04%             | 2030-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| GOODGREEN 2023-1 LTD                                                                             | GOODG 2023-1A A                                                                                                                                        | CUSIP: 38217DAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |    180631 | PA      | $180149.49    | 0.06%             | 2061-01-17      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENNSYLVANIA ELECTRIC CO                                                             | FE 4.55 03/15/31 144A                                                                                                                                  | CUSIP: 33767QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $179432.47    | 0.06%             | 2031-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 6 05/01/56                                                                                                                                         | CUSIP: 694308LB1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237448.95    | 0.09%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V6.491 10/23/34                                                                                                                                    | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32492.37     | 0.01%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                                       | SOAF 6.125 12/11/37 144A                                                                                                                               | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    490000 | PA      | $455210.00    | 0.16%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Manulife Financial Corporation                                                                   | MFCCN 4.986 12/11/35                                                                                                                                   | CUSIP: 56501RAX4<br>LEI: 5493007GBX87QOZACS27 | Long             | DBT              | CORP              | CA        |   1090000 | PA      | $1065333.59   | 0.38%             | 2035-12-11      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD 4.95 02/15/35                                                                                                                                      | CUSIP: 29379VCG6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239380.37    | 0.09%             | 2035-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                                           | FANG 6.25 03/15/53                                                                                                                                     | CUSIP: 25278XAW9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111373.58    | 0.04%             | 2053-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                                    | PETBRA 6.9 03/19/49                                                                                                                                    | CUSIP: 71647NBD0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    110000 | PA      | $105843.57    | 0.04%             | 2049-03-19      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V6.125 PERP GG                                                                                                                                     | CUSIP: 95002YAE3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $753021.52    | 0.27%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                                           | OCPMR 3.75 06/23/31 144A                                                                                                                               | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    200000 | PA      | $181889.20    | 0.07%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Eagle Funding Luxco S.a.r.l.                                                                     | MEXPCP 5.5 08/17/30 144A                                                                                                                               | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $1006500.00   | 0.36%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                                   | WES 6.15 04/01/33                                                                                                                                      | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    170000 | PA      | $177521.29    | 0.06%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                           | FABSJV 6.3 01/25/39                                                                                                                                    | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312888.38    | 0.11%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                               | EIX 2.25 06/01/30                                                                                                                                      | CUSIP: 842400GU1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    130000 | PA      | $117650.78    | 0.04%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                                          | MIK 11 03/15/34 144A                                                                                                                                   | CUSIP: 59408QAA4<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    460000 | PA      | $428872.90    | 0.15%             | 2034-03-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Granite Ridge Resources Inc                                                                      | GRNT 8.875 11/05/29                                                                                                                                    | CUSIP: 387432AA5<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | DBT              | CORP              | US        |    900000 | PA      | $865687.50    | 0.31%             | 2029-11-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                              | DIS 6.65 11/15/37                                                                                                                                      | CUSIP: 254687EH5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    110000 | PA      | $123837.69    | 0.04%             | 2037-11-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| JG WENTWORTH XXXIX LLC SERIES 2017-2                                                             | HENDR 2017-2A B                                                                                                                                        | CUSIP: 46620VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    116134 | PA      | $104994.15    | 0.04%             | 2074-09-17      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                                | PAA 6.7 05/15/36                                                                                                                                       | CUSIP: 72650RAM4<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53569.35     | 0.02%             | 2036-05-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 1.5 09/18/30                                                                                                                                        | CUSIP: 92343VFL3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    180000 | PA      | $157978.70    | 0.06%             | 2030-09-18      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                                                     | UAL 5.375 03/01/31                                                                                                                                     | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    320000 | PA      | $313781.34    | 0.11%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V5.518 10/25/35                                                                                                                                    | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    430000 | PA      | $430141.22    | 0.15%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                                | FE 4.85 07/15/47 C                                                                                                                                     | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    630000 | PA      | $538614.97    | 0.19%             | 2047-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 5.95 05/15/54                                                                                                                                       | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112623.82    | 0.04%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                                       | OXY 4.4 08/15/49                                                                                                                                       | CUSIP: 674599CY9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36772.50     | 0.01%             | 2049-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                           | MU 5.65 11/01/32                                                                                                                                       | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    120000 | PA      | $126718.87    | 0.05%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 2.875 02/15/31                                                                                                                                    | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    510000 | PA      | $470442.78    | 0.17%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                                                                        | AES V6.95 07/15/55                                                                                                                                     | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    190000 | PA      | $177456.09    | 0.06%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| TRANSCONTINENTAL GAS PIPELINE COMPANY LLC                                                        | WMB 5.1 03/15/36 144A                                                                                                                                  | CUSIP: 893574AS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $267719.86    | 0.10%             | 2036-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                             | RY 5.15 02/01/34 GMTN                                                                                                                                  | CUSIP: 78016HZW3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $61368.56     | 0.02%             | 2034-02-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD 3.95 01/31/60                                                                                                                                      | CUSIP: 29379VBZ5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $57834.98     | 0.02%             | 2060-01-31      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 5.75 02/15/66                                                                                                                                    | CUSIP: 02079KBQ9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218043.96    | 0.08%             | 2066-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V5.387 02/02/41                                                                                                                                     | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1082498.97   | 0.39%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                              | CHILE 3.1 05/07/41                                                                                                                                     | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    400000 | PA      | $303944.00    | 0.11%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Life Insurance Co.                                                           | NWMLIC 3.85 09/30/47 144A                                                                                                                              | CUSIP: 668138AA8<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $765315.74    | 0.27%             | 2047-09-30      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                              | CMCSA 2.987 11/01/63                                                                                                                                   | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $5301.75      | 0.00%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET V6.5 PERP H                                                                                                                                         | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    820000 | PA      | $819035.15    | 0.29%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                               | MO 2.45 02/04/32                                                                                                                                       | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    110000 | PA      | $96557.85     | 0.03%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Vistra Zero Operating Company, LLC                                                               | Vistra Zero Operating Company Term Loan B 275 2031-03-05                                                                                               | CUSIP: 92841DAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    288550 | PA      | $287581.91    | 0.10%             | 2031-04-30      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                           | MU 6.05 11/01/35                                                                                                                                       | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     60000 | PA      | $64768.81     | 0.02%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                         | HCA 5.75 03/01/35                                                                                                                                      | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226273.59    | 0.08%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                                     | RCL 5.25 02/27/38                                                                                                                                      | CUSIP: 78017TAD5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    310000 | PA      | $295035.47    | 0.11%             | 2038-02-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                                   | WBD 5.05 03/15/42 *                                                                                                                                    | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    270000 | PA      | $178552.54    | 0.06%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CRH America Finance, Inc.                                                                        | CRHID 5.6 02/09/56                                                                                                                                     | CUSIP: 12636YAK8<br>LEI: 549300WEVUODRJ4CWK56 | Long             | DBT              | CORP              | US        |    300000 | PA      | $288186.04    | 0.10%             | 2056-02-09      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V5.576 07/23/36                                                                                                                                    | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506535.72    | 0.18%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                                                          | ETR 5 09/01/33                                                                                                                                         | CUSIP: 29366WAD8<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150652.13    | 0.05%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                             | GLENLN 5.4 05/08/28 144A                                                                                                                               | CUSIP: 378272BK3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142193.00    | 0.05%             | 2028-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Raymond James Financial Inc.                                                                     | RJF 5.65 09/11/55                                                                                                                                      | CUSIP: 754730AK5<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |    180000 | PA      | $170550.67    | 0.06%             | 2055-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Massachusetts Institute of Technology                                                            | MASSIN 5.618 06/01/55                                                                                                                                  | CUSIP: 575718AK7<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    370000 | PA      | $375391.92    | 0.13%             | 2055-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V5.574 07/25/29 MTN                                                                                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20461.66     | 0.01%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C V5.612 03/04/56                                                                                                                                      | CUSIP: 17327CAY9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    430000 | PA      | $413270.79    | 0.15%             | 2056-03-04      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPERATING CO LLC                                                              | CPGX 6.544 11/15/53 144A                                                                                                                               | CUSIP: 19828TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $73595.33     | 0.03%             | 2053-11-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                             | HWM 4.85 10/15/31                                                                                                                                      | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91060.99     | 0.03%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                                  | SOLV 5.9 04/30/54                                                                                                                                      | CUSIP: 83444MAS0<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    449000 | PA      | $439017.50    | 0.16%             | 2054-04-30      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 2.5 02/01/31                                                                                                                                       | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $197225.75    | 0.07%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert LLC                                                                         | Asplundh Tree Expert Term Loan B 175 2027-08-01                                                                                                        | CUSIP: 04538FAD1<br>LEI: 549300R0YQTCFHYAL481 | Long             | LON              | CORP              | US        |    169767 | PA      | $170139.21    | 0.06%             | 2027-09-07      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 5.65 03/13/46                                                                                                                                     | CUSIP: 023135DG8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    330000 | PA      | $329053.41    | 0.12%             | 2046-03-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| KKR Group Finance Co VII LLC                                                                     | KKR 3.625 02/25/50 144A                                                                                                                                | CUSIP: 48252DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $266064.92    | 0.10%             | 2050-02-25      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                                                   | Truist Insurance Holdings Term Loan B 275 2031-05-01                                                                                                   | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    179355 | PA      | $177281.50    | 0.06%             | 2031-05-06      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                       | BA 5.805 05/01/50                                                                                                                                      | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135427.61    | 0.05%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Chubb INA Holdings LLC                                                                           | CB 3.05 12/15/61                                                                                                                                       | CUSIP: 171239AJ5<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    140000 | PA      | $84155.05     | 0.03%             | 2061-12-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                                         | DVN 5 06/15/45                                                                                                                                         | CUSIP: 25179MAU7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    190000 | PA      | $166989.93    | 0.06%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                                                                   | KR 5.5 09/15/54                                                                                                                                        | CUSIP: 501044DW8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    360000 | PA      | $334566.14    | 0.12%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                                 | SRE 1.7 10/01/30 VVV                                                                                                                                   | CUSIP: 797440BZ6<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    130000 | PA      | $115057.85    | 0.04%             | 2030-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                                           | TFC V4.964 10/23/36 MTN                                                                                                                                | CUSIP: 89788MAV4<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    400000 | PA      | $387601.89    | 0.14%             | 2036-10-23      | Fixed         | 4.96%                 | 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        |    310000 | PA      | $304201.37    | 0.11%             | 2033-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD V5.375 02/15/78                                                                                                                                    | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    390000 | PA      | $387511.88    | 0.14%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 4.7 09/27/34                                                                                                                                      | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    350000 | PA      | $319574.73    | 0.11%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                                 | MRSH 4.95 03/15/36                                                                                                                                     | CUSIP: 571748CF7<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    270000 | PA      | $267591.34    | 0.10%             | 2036-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                            | TRGP 5.5 02/15/35                                                                                                                                      | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121115.06    | 0.04%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Interstate Power & Light Company                                                                 | LNT 5.45 09/30/54                                                                                                                                      | CUSIP: 461070AW4<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102422.06    | 0.04%             | 2054-09-30      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                                       | BATSLN 7.079 08/02/43                                                                                                                                  | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    470000 | PA      | $517011.00    | 0.19%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                               | SANTAN 5.439 07/15/31                                                                                                                                  | CUSIP: 05964HBG9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $411558.74    | 0.15%             | 2031-07-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                                 | SRE 5.55 04/15/54                                                                                                                                      | CUSIP: 797440CF9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56907.40     | 0.02%             | 2054-04-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                                     | RCL 5.375 01/15/36                                                                                                                                     | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    270000 | PA      | $265371.32    | 0.10%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                             | ELV 4.55 05/15/52                                                                                                                                      | CUSIP: 036752AU7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     70000 | PA      | $56436.34     | 0.02%             | 2052-05-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                                       | OXY 7.875 09/15/31                                                                                                                                     | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    320000 | PA      | $364217.28    | 0.13%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V5.502 01/24/36                                                                                                                                    | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    550000 | PA      | $563141.84    | 0.20%             | 2036-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                       | BA 3.75 02/01/50                                                                                                                                       | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    140000 | PA      | $99379.79     | 0.04%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                                     | SNPS 5 04/01/32                                                                                                                                        | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100901.34    | 0.04%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bermuda (Government of)                                                                          | BERMUD 3.375 08/20/50 144A                                                                                                                             | CUSIP: 085209AH7<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    220000 | PA      | $151250.00    | 0.05%             | 2050-08-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.831 04/19/35                                                                                                                                     | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    680000 | PA      | $706193.91    | 0.25%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                      | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH                                                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -39 | NC      | $125854.47    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                      | 5-Year T-Note Futures, Jun-2026,ETH                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       351 | NC      | $-470056.06   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Life Insurance Co.                                                                        | NIPLIF V6.5 04/30/55 144a                                                                                                                              | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    390000 | PA      | $403235.04    | 0.14%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Power and Light Company                                                                | LNT 3.65 04/01/50                                                                                                                                      | CUSIP: 976826BN6<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     80000 | PA      | $57216.09     | 0.02%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                              | CATMED 5.318 12/01/34                                                                                                                                  | CUSIP: 20268JAS2<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90193.02     | 0.03%             | 2034-12-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                           | FABSJV 5.9 01/25/30                                                                                                                                    | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207082.95    | 0.07%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                      | U.S. Treasury Bond Futures, Jun-2026,ETH                                                                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       226 | NC      | $-758778.41   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V6.254 10/23/34                                                                                                                                    | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     90000 | PA      | $96798.49     | 0.03%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 4.6 11/15/32                                                                                                                                      | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208010.77    | 0.07%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 5.375 02/27/53                                                                                                                                     | CUSIP: 75513ECS8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    280000 | PA      | $263130.39    | 0.09%             | 2053-02-27      | Fixed         | 5.38%                 | 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        |    560000 | PA      | $526130.86    | 0.19%             | 2056-01-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| PECO Energy Co.                                                                                  | EXC 5.25 09/15/54                                                                                                                                      | CUSIP: 693304BG1<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     90000 | PA      | $83653.38     | 0.03%             | 2054-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                                   | WES 4.05 02/01/30                                                                                                                                      | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    430000 | PA      | $417700.24    | 0.15%             | 2030-02-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                                                      | GBLATL V7.25 03/01/56 144A                                                                                                                             | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |    640000 | PA      | $603796.67    | 0.22%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                         | HCA 5.125 06/15/39                                                                                                                                     | CUSIP: 404119BY4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94295.65     | 0.03%             | 2039-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| United Parcel Service, Inc.                                                                      | UPS 5.95 05/14/55                                                                                                                                      | CUSIP: 911312CK0<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    330000 | PA      | $333526.26    | 0.12%             | 2055-05-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                                      | ETN 5.45 03/06/56                                                                                                                                      | CUSIP: 278058EA6<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    340000 | PA      | $329359.70    | 0.12%             | 2056-03-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                             | LVS 3.5 08/18/26                                                                                                                                       | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239219.42    | 0.09%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 5.5 11/15/45                                                                                                                                      | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    960000 | PA      | $909078.25    | 0.33%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                      | ABBV 4.25 11/21/49                                                                                                                                     | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    610000 | PA      | $495497.15    | 0.18%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V5.45 03/03/36                                                                                                                                    | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200662.73    | 0.07%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 4.45 11/16/38                                                                                                                                      | CUSIP: 913017CW7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    210000 | PA      | $194121.18    | 0.07%             | 2038-11-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                                                                 | MELI 4.9 01/15/33                                                                                                                                      | CUSIP: 58733RAG7<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |    830000 | PA      | $806511.00    | 0.29%             | 2033-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                         | HCA 5.9 06/01/53                                                                                                                                       | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190581.94    | 0.07%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MetLife Inc.                                                                                     | MET 5 07/15/52                                                                                                                                         | CUSIP: 59156RCC0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     80000 | PA      | $70800.14     | 0.03%             | 2052-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                                            | NY NYSHGR 5.83 07/01/2055                                                                                                                              | CUSIP: 64985SFG3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    370000 | PA      | $385105.81    | 0.14%             | 2055-07-01      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                               | SANTAN V9.625 PERP _                                                                                                                                   | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $461997.20    | 0.17%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                             | GLENLN 6.141 04/01/55 144a                                                                                                                             | CUSIP: 378272CB2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    620000 | PA      | $624171.91    | 0.22%             | 2055-04-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc.                                                                             | DAL 3.75 10/28/29                                                                                                                                      | CUSIP: 247361ZT8<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48150.94     | 0.02%             | 2029-10-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                                       | BATSLN 3.734 09/25/40                                                                                                                                  | CUSIP: 05526DBT1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     60000 | PA      | $47889.01     | 0.02%             | 2040-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                      | FMCN 8 03/01/33 144A                                                                                                                                   | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    410000 | PA      | $427877.23    | 0.15%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Travelers Companies, Inc.                                                                        | TRV 4.1 03/04/49                                                                                                                                       | CUSIP: 89417EAP4<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    130000 | PA      | $102803.35    | 0.04%             | 2049-03-04      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                                        | MARS 5 03/01/32 144A                                                                                                                                   | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    310000 | PA      | $313761.79    | 0.11%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 5.3 06/15/35                                                                                                                                       | CUSIP: 91324PFQ0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142887.52    | 0.05%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 3.875 04/15/30                                                                                                                                    | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68189.96     | 0.02%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 3.7 03/22/61                                                                                                                                        | CUSIP: 92343VGC2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    250000 | PA      | $166801.73    | 0.06%             | 2061-03-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                                        | VNOM 5.7 08/01/35                                                                                                                                      | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50420.25     | 0.02%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ROMARK CLO - V LTD                                                                               | RMRK 2021-5A BR                                                                                                                                        | CUSIP: 77588PAQ5<br>LEI: 549300NIP2J0NPQTYT18 | Long             | ABS-CBDO         | CORP              | KY        |    670000 | PA      | $666195.54    | 0.24%             | 2035-01-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Aetna, Inc.                                                                                      | AET 3.875 08/15/47                                                                                                                                     | CUSIP: 00817YAZ1<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |     90000 | PA      | $65614.12     | 0.02%             | 2047-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                           | MU 2.703 04/15/32                                                                                                                                      | CUSIP: 595112BS1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81233.44     | 0.03%             | 2032-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Halliburton Company                                                                              | HAL 4.75 08/01/43                                                                                                                                      | CUSIP: 406216BE0<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    110000 | PA      | $96559.18     | 0.03%             | 2043-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V5.15 04/23/31                                                                                                                                     | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    410000 | PA      | $417081.03    | 0.15%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                               | MO 5.95 02/14/49                                                                                                                                       | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    740000 | PA      | $717977.85    | 0.26%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PULTEGROUP INC                                                                                   | PHM 4.9 03/01/36                                                                                                                                       | CUSIP: 745867AZ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $183649.85    | 0.07%             | 2036-03-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                                      | LMT 5.7 11/15/54                                                                                                                                       | CUSIP: 539830BX6<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259781.59    | 0.09%             | 2054-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                         | HCA 5.6 04/01/34                                                                                                                                       | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112371.77    | 0.04%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Pampa Energia SA                                                                                 | PAMPAR 7.875 12/16/34 144A                                                                                                                             | CUSIP: 697660AF5<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |     40000 | PA      | $41386.00     | 0.01%             | 2034-12-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress LLC                                                                         | DUK 5.1 03/15/34                                                                                                                                       | CUSIP: 26442UAS3<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163118.73    | 0.06%             | 2034-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                                        | DUK 5.3 02/15/40                                                                                                                                       | CUSIP: 26442CAH7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197745.84    | 0.07%             | 2040-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                                                                           | NJ NJSTRN 7.1 01/01/2041                                                                                                                               | CUSIP: 646139X83<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $288683.83    | 0.10%             | 2041-01-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                                    | CA CAS 7.3 10/01/2039                                                                                                                                  | CUSIP: 13063A7D0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    900000 | PA      | $1034793.09   | 0.37%             | 2039-10-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                         | VST 5.7 12/30/34 144A                                                                                                                                  | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40271.72     | 0.01%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                                       | BATSLN 7.081 08/02/53                                                                                                                                  | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    480000 | PA      | $530910.16    | 0.19%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| TRANSCONTINENTAL GAS PIPELINE COMPANY LLC                                                        | WMB 5.75 03/15/56 144A                                                                                                                                 | CUSIP: 893574AT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $361423.57    | 0.13%             | 2056-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Institute of Technology                                                            | MASSIN 5.6 07/01/11                                                                                                                                    | CUSIP: 575718AA9<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245224.26    | 0.09%             | 2111-07-01      | Fixed         | 5.60%                 | 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        |    410000 | PA      | $410149.20    | 0.15%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 7.375 02/01/31 144A                                                                                                                                 | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134867.57    | 0.05%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                                           | GM 5.6 10/15/32                                                                                                                                        | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51212.75     | 0.02%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V1.922 10/24/31 MTN                                                                                                                                | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    210000 | PA      | $186171.10    | 0.07%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                                       | AMGN 5.6 03/02/43                                                                                                                                      | CUSIP: 031162DS6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    230000 | PA      | $227057.70    | 0.08%             | 2043-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Halliburton Company                                                                              | HAL 4.85 11/15/35                                                                                                                                      | CUSIP: 406216BJ9<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126490.90    | 0.05%             | 2035-11-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                                 | PCG V6.85 09/15/56                                                                                                                                     | CUSIP: 69331CAN8<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    290000 | PA      | $286683.36    | 0.10%             | 2056-09-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corporation                                                               | HNDA 4.9 01/10/34 GMTN                                                                                                                                 | CUSIP: 02665WEZ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    210000 | PA      | $204318.56    | 0.07%             | 2034-01-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BRITISH AIRWAYS PASS THROUGH CERTIFICATES 2019-1A                                                | IAGLN 3.35 06/15/29 144A                                                                                                                               | CUSIP: 11043XAB9<br>LEI: 635400GSHSFIWYIDXC76 | Long             | ABS-O            | CORP              | US        |     10916 | PA      | $10604.25     | 0.00%             | 2029-06-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                                                     | BRAZIL 7.125 05/13/54                                                                                                                                  | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    260000 | PA      | $255954.40    | 0.09%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VERDELITE STATIC CLO 2024-1 LTD                                                                  | BVSTAT 2024-1A B                                                                                                                                       | CUSIP: 92338VAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $270317.47    | 0.10%             | 2032-07-20      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                                      | HUM 4.95 10/01/44                                                                                                                                      | CUSIP: 444859BE1<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $125692.78    | 0.05%             | 2044-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Analog Devices Inc.                                                                              | ADI 5.3 04/01/54                                                                                                                                       | CUSIP: 032654BC8<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    450000 | PA      | $427409.60    | 0.15%             | 2054-04-01      | Fixed         | 5.30%                 | 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        |    350000 | PA      | $342881.00    | 0.12%             | 2031-01-22      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                  | LLY 5 02/09/54                                                                                                                                         | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $154980.70    | 0.06%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wynnton Funding Trust II                                                                         | AFL 5.991 08/15/55                                                                                                                                     | CUSIP: 983197AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $365952.56    | 0.13%             | 2055-08-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                            | LOW 2.8 09/15/41                                                                                                                                       | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    110000 | PA      | $77632.13     | 0.03%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                     | AVGO 5.2 04/15/32                                                                                                                                      | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204802.05    | 0.07%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                        | SUN 5.625 03/15/31 144A                                                                                                                                | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229107.21    | 0.08%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JBS NV                                                                                           | JBS 5.625 03/10/37 144A                                                                                                                                | CUSIP: 46590XBA3<br>LEI: 254900JSFON4WL81TW77 | Long             | DBT              | CORP              | NL        |    180000 | PA      | $180675.90    | 0.06%             | 2037-03-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                 | AMZN 5.45 11/20/55                                                                                                                                     | CUSIP: 023135CW4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    420000 | PA      | $401522.47    | 0.14%             | 2055-11-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET V7.125 PERP G                                                                                                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112250.60    | 0.04%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                                  | HD 3.625 04/15/52                                                                                                                                      | CUSIP: 437076CQ3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    660000 | PA      | $471622.46    | 0.17%             | 2052-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Reinsurance Group of America, Incorporated                                                       | RGA V6.375 09/15/56                                                                                                                                    | CUSIP: 759351AV1<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    260000 | PA      | $251422.94    | 0.09%             | 2056-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | Citigroup Inc. DEPOSITARY SHARES EACH REPRESENTING A 1/1,000TH INTEREST IN A SHARE OF 6.25% NONCUMULATIVE PREFERRED STOCK, SERIES II                   | CUSIP: 172967242<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |     23675 | NS      | $583588.75    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Greensaif Pipelines Bidco S.a r.l.                                                               | GASBCM 5.8528 02/23/36 144A                                                                                                                            | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $200937.60    | 0.07%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                       | BA 3.9 05/01/49                                                                                                                                        | CUSIP: 097023CK9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    230000 | PA      | $168227.89    | 0.06%             | 2049-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD 4.85 03/15/44                                                                                                                                      | CUSIP: 29379VBA0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    390000 | PA      | $353202.62    | 0.13%             | 2044-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS 4.78 03/25/38                                                                                                                                      | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $986623.13    | 0.35%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| California Institute of Technology                                                               | CALTEC 4.7 11/01/11                                                                                                                                    | CUSIP: 13034VAA2<br>LEI: 549300CITPNHOTVPHC04 | Long             | DBT              | CORP              | US        |    370000 | PA      | $297062.68    | 0.11%             | 2111-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                                         | JBS 5.95 04/20/35                                                                                                                                      | CUSIP: 472140AB8<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    150000 | PA      | $155859.58    | 0.06%             | 2035-04-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                                        | NEE 5.3 04/01/53                                                                                                                                       | CUSIP: 341081GM3<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    170000 | PA      | $159268.14    | 0.06%             | 2053-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V5.541 01/21/47                                                                                                                                     | CUSIP: 38145GAT7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    620000 | PA      | $591296.87    | 0.21%             | 2047-01-21      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 6.85 02/04/66                                                                                                                                     | CUSIP: 68389XEC5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    180000 | PA      | $165640.86    | 0.06%             | 2066-02-04      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| GE Aerospace                                                                                     | GE 4.9 01/29/36                                                                                                                                        | CUSIP: 369604CA9<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    230000 | PA      | $230274.80    | 0.08%             | 2036-01-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 4.78 02/15/35                                                                                                                                       | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174283.45    | 0.06%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                                | LPLA 6.75 11/17/28                                                                                                                                     | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    230000 | PA      | $241108.38    | 0.09%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Travelers Companies, Inc.                                                                        | TRV 5.7 07/24/55                                                                                                                                       | CUSIP: 89417EAU3<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208686.76    | 0.07%             | 2055-07-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                     | AVGO 4.3 11/15/32                                                                                                                                      | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    370000 | PA      | $360452.33    | 0.13%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                               | MO 5.8 02/14/39                                                                                                                                        | CUSIP: 02209SBE2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    580000 | PA      | $582576.17    | 0.21%             | 2039-02-14      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                                      | HUM 5.75 04/15/54                                                                                                                                      | CUSIP: 444859CB6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26999.16     | 0.01%             | 2054-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Florida Gas Transmission Co.                                                                     | CITCOR 2.3 10/01/31 144A                                                                                                                               | CUSIP: 340711BA7<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    310000 | PA      | $272918.78    | 0.10%             | 2031-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                                           | OCPMR 5.125 06/23/51 144A                                                                                                                              | CUSIP: 67091TAE5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    460000 | PA      | $359410.65    | 0.13%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                                     | SNPS 4.85 04/01/30                                                                                                                                     | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130990.60    | 0.05%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                                 | BNSF 5.05 03/01/41                                                                                                                                     | CUSIP: 12189LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $124964.85    | 0.04%             | 2041-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                              | BMW 4.85 08/13/31 144A                                                                                                                                 | CUSIP: 05565ECS2<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169744.39    | 0.06%             | 2031-08-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                              | SYK 5.2 02/10/35                                                                                                                                       | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232977.10    | 0.08%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                            | TRGP 6.5 03/30/34                                                                                                                                      | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     60000 | PA      | $64881.86     | 0.02%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 6.7 04/01/53                                                                                                                                       | CUSIP: 694308KK2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    400000 | PA      | $414441.92    | 0.15%             | 2053-04-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                         | T 6.05 08/15/56                                                                                                                                        | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $995434.33    | 0.36%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                                 | SANLTD 4.375 06/18/30                                                                                                                                  | CUSIP: 80007RAL9<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    590000 | PA      | $569691.67    | 0.20%             | 2030-06-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                                                                               | AMFAHI 2.805 03/11/31 144A                                                                                                                             | CUSIP: 03115AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $149391.97    | 0.05%             | 2031-03-11      | Fixed         | 2.81%                 | 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        |    500000 | PA      | $509426.00    | 0.18%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Florida LLC                                                                          | DUK 6.2 11/15/53                                                                                                                                       | CUSIP: 26444HAR2<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146701.38    | 0.05%             | 2053-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                                      | BRKHEC V7.125 08/15/56                                                                                                                                 | CUSIP: 695114DG0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    930000 | PA      | $878834.66    | 0.32%             | 2056-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BBVA MEXICO SA TEXAS BRANCH                                                                      | BBVASM 5.25 09/10/29 144A                                                                                                                              | CUSIP: 07336UAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $291943.00    | 0.10%             | 2029-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V2.484 09/16/36                                                                                                                                     | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    460000 | PA      | $395952.53    | 0.14%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Raymond James Financial Inc.                                                                     | RJF 4.95 07/15/46                                                                                                                                      | CUSIP: 754730AF6<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |     80000 | PA      | $71188.61     | 0.03%             | 2046-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bahamas (Commonwealth of)                                                                        | BAHAMA 8.25 06/24/36 144A                                                                                                                              | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |    220000 | PA      | $235417.60    | 0.08%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                                                       | INTU 5.2 09/15/33                                                                                                                                      | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61063.50     | 0.02%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable Enterprises LLC                                                                | CHTR 8.375 07/15/33                                                                                                                                    | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $951590.75    | 0.34%             | 2033-07-15      | Fixed         | 8.38%                 | 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      | $214417.80    | 0.08%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                            | AL V6 PERP D                                                                                                                                           | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    270000 | PA      | $261261.94    | 0.09%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2022-1                                                                   | CARMX 2024-1 D                                                                                                                                         | CUSIP: 14318WAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $40701.81     | 0.01%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                      | ABBV 5.05 03/15/34                                                                                                                                     | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    290000 | PA      | $294430.13    | 0.11%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                             | GLENLN 5.893 04/04/54 144A                                                                                                                             | CUSIP: 378272BV9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    349000 | PA      | $341304.21    | 0.12%             | 2054-04-04      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                                                                               | EOG 3.9 04/01/35                                                                                                                                       | CUSIP: 26875PAN1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9205.13      | 0.00%             | 2035-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                            | UBER 4.8 09/15/35                                                                                                                                      | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    190000 | PA      | $184460.40    | 0.07%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 4.28 08/14/41                                                                                                                                      | CUSIP: 91087BAQ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $156950.00    | 0.06%             | 2041-08-14      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                       | BA 6.858 05/01/54                                                                                                                                      | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    880000 | PA      | $969298.38    | 0.35%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                              | CATMED 5.548 12/01/54                                                                                                                                  | CUSIP: 20268JAT0<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    190000 | PA      | $179668.52    | 0.06%             | 2054-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                      | VZ 5.25 04/02/35                                                                                                                                       | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    230000 | PA      | $230365.43    | 0.08%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                                | EPD V0 08/16/77 D                                                                                                                                      | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89969.15     | 0.03%             | 2077-08-16      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 5.95 09/26/55                                                                                                                                     | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1018689.80   | 0.37%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                              | D 3.375 04/01/30 C                                                                                                                                     | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    450000 | PA      | $429802.52    | 0.15%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                               | VRT 5.95 03/15/66                                                                                                                                      | CUSIP: 92537NAD0<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |    180000 | PA      | $172423.82    | 0.06%             | 2066-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BHP Billiton Finance (USA) Ltd.                                                                  | BHP 5.5 09/08/53                                                                                                                                       | CUSIP: 055451BF4<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     70000 | PA      | $67702.89     | 0.02%             | 2053-09-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                                          | UNH 5.875 02/15/53                                                                                                                                     | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    900000 | PA      | $887119.32    | 0.32%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                                                            | ECUA 8.75 01/29/34 144A                                                                                                                                | CUSIP: 27927WAQ5<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    440000 | PA      | $432300.00    | 0.16%             | 2034-01-29      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                               | EIX 5.7 03/01/53                                                                                                                                       | CUSIP: 842400HV8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    820000 | PA      | $754719.83    | 0.27%             | 2053-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Baltimore Gas & Electric Company                                                                 | EXC 5.45 06/01/35                                                                                                                                      | CUSIP: 059165ET3<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |    340000 | PA      | $348760.74    | 0.13%             | 2035-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DCP Midstream Operating LP                                                                       | DCP 3.25 02/15/32                                                                                                                                      | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181869.83    | 0.07%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 4.75 08/15/34                                                                                                                                     | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    220000 | PA      | $217683.21    | 0.08%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Anglo American Capital PLC                                                                       | AALLN 6 04/05/54 144A                                                                                                                                  | CUSIP: 034863BF6<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195003.31    | 0.07%             | 2054-04-05      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                             | ASUCOR 8.375 02/01/34 144A                                                                                                                             | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    120000 | PA      | $116588.69    | 0.04%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V2.739 10/15/30                                                                                                                                    | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    290000 | PA      | $273193.26    | 0.10%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                     | T 3.75 02/28/33                                                                                                                                        | CUSIP: 91282CQC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $78181.25     | 0.03%             | 2033-02-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH                                                                            | IL CHITRN 6.2 12/01/2040                                                                                                                               | CUSIP: 16772PAQ9<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |    193237 | PA      | $204328.47    | 0.07%             | 2040-12-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                               | ARCC 5.5 09/01/30                                                                                                                                      | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    430000 | PA      | $422594.65    | 0.15%             | 2030-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                               | AALLN 5.25 03/19/36 144A                                                                                                                               | CUSIP: 034863BJ8<br>LEI: 549300S9XF92D1X8ME43 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195643.67    | 0.07%             | 2036-03-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V3.311 04/22/42                                                                                                                                    | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    530000 | PA      | $404505.37    | 0.15%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                                                                               | COP 5.55 03/15/54                                                                                                                                      | CUSIP: 20826FBG0<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57534.13     | 0.02%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OHIO EDISON CO                                                                                   | FE 4.95 12/15/29 144A                                                                                                                                  | CUSIP: 677347CJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $91005.12     | 0.03%             | 2029-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Massachusetts Mutual Life Insurance Co.                                                          | MASSMU 4.9 04/01/77 144A                                                                                                                               | CUSIP: 575767AL2<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    240000 | PA      | $189946.07    | 0.07%             | 2077-04-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                      | ABBV 5.35 03/15/44                                                                                                                                     | CUSIP: 00287YDV8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136534.07    | 0.05%             | 2044-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                               | MO 4.25 08/09/42                                                                                                                                       | CUSIP: 02209SAM5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    320000 | PA      | $260935.96    | 0.09%             | 2042-08-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC V4.611 04/25/53 MTN                                                                                                                                | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    980000 | PA      | $813271.30    | 0.29%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM15 TRUST                                                                             | OBX 2024-NQM15 A2                                                                                                                                      | CUSIP: 67449DAB5<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-O            | CORP              | US        |     64693 | PA      | $64995.33     | 0.02%             | 2064-10-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                             | HWM 4.75 04/15/36                                                                                                                                      | CUSIP: 443201AH1<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136167.44    | 0.05%             | 2036-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                             | GILD 5.65 12/01/41                                                                                                                                     | CUSIP: 375558AS2<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132382.92    | 0.05%             | 2041-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                                                       | BABA 2.7 02/09/41                                                                                                                                      | CUSIP: 01609WAY8<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $294127.19    | 0.11%             | 2041-02-09      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                              | CMCSA 4.049 11/01/52                                                                                                                                   | CUSIP: 20030NCG4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    480000 | PA      | $344215.56    | 0.12%             | 2052-11-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                                 | MRSH 2.375 12/15/31                                                                                                                                    | CUSIP: 571748BP6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88972.17     | 0.03%             | 2031-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                                     | BMY 5.55 02/22/54                                                                                                                                      | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    190000 | PA      | $183078.88    | 0.07%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                                     | EXC 5.625 06/15/35                                                                                                                                     | CUSIP: 30161NAC5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266323.40    | 0.10%             | 2035-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC 6.5 09/15/37                                                                                                                                      | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    340000 | PA      | $363278.24    | 0.13%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Interstate Power & Light Company                                                                 | LNT 5.7 10/15/33                                                                                                                                       | CUSIP: 461070AU8<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125062.23    | 0.04%             | 2033-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                                                                      | BRKHEC 5.45 02/15/34                                                                                                                                   | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    390000 | PA      | $388723.96    | 0.14%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                                      | GLPI 5.625 03/01/36                                                                                                                                    | CUSIP: 361841AX7<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    960000 | PA      | $934582.27    | 0.34%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 5.4 08/15/54                                                                                                                                      | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    490000 | PA      | $444168.54    | 0.16%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting                                                                             | Nexstar Broadcasting Term Loan B (Incremental) 250 2028-05-22                                                                                          | CUSIP: 605024AS7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    210000 | PA      | $210000.00    | 0.08%             | 2028-05-22      | Floating      | 2.64%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                                 | TEVA 4.1 10/01/46                                                                                                                                      | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    330000 | PA      | $245023.71    | 0.09%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 3.3 02/15/51                                                                                                                                      | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    160000 | PA      | $104811.06    | 0.04%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| The Cleveland Clinic Foundation                                                                  | CLECLI 4.858 01/01/14                                                                                                                                  | CUSIP: 18600TAA0<br>LEI: 5493005LGDPOFHUC6Z36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83608.24     | 0.03%             | 2114-01-01      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Alliant Energy Corporation                                                                       | LNT V5.75 04/01/56                                                                                                                                     | CUSIP: 018802AF5<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243143.93    | 0.09%             | 2056-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                               | DELL 8.1 07/15/36                                                                                                                                      | CUSIP: 24703TAJ5<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    130000 | PA      | $154612.36    | 0.06%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| ILFC E-Capital Trust I                                                                           | ILFC E-Capital Trust I                                                                                                                                 | CUSIP: 44965TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $443386.79    | 0.16%             | 2065-12-21      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 4.55 02/04/29                                                                                                                                     | CUSIP: 68389XDW2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    480000 | PA      | $474028.44    | 0.17%             | 2029-02-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                               | META 5.55 08/15/64                                                                                                                                     | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53974.86     | 0.02%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                | WFC 4.9 11/17/45 GMTN                                                                                                                                  | CUSIP: 94974BGQ7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    710000 | PA      | $610188.60    | 0.22%             | 2045-11-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                   | FDX 5.25 03/15/36 144A                                                                                                                                 | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    440000 | PA      | $425860.71    | 0.15%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                               | EIX 4.65 10/01/43                                                                                                                                      | CUSIP: 842400FZ1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    390000 | PA      | $327413.61    | 0.12%             | 2043-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Energy Partners LP                                                                 | KMI 7.3 08/15/33                                                                                                                                       | CUSIP: 494550AQ9<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112946.37    | 0.04%             | 2033-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                               | EIX 5.25 03/15/30                                                                                                                                      | CUSIP: 842400JJ3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193010.27    | 0.07%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                        | RTX 3.03 03/15/52                                                                                                                                      | CUSIP: 75513ECP4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     30000 | PA      | $19061.85     | 0.01%             | 2052-03-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                                     | SO 4.85 03/15/35                                                                                                                                       | CUSIP: 842587EA1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    210000 | PA      | $204378.89    | 0.07%             | 2035-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                                           | ISPIM 7.8 11/28/53 144A                                                                                                                                | CUSIP: 46115HCF2<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    790000 | PA      | $923809.72    | 0.33%             | 2053-11-28      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                                          | BPCEGP V6.293 01/14/36 144A                                                                                                                            | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    460000 | PA      | $481744.56    | 0.17%             | 2036-01-14      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM 5.625 08/16/43                                                                                                                                     | CUSIP: 46625HJM3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169542.60    | 0.06%             | 2043-08-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Otis Worldwide Corp.                                                                             | OTIS 5.125 11/19/31                                                                                                                                    | CUSIP: 68902VAR8<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194441.42    | 0.07%             | 2031-11-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                                        | TD V8.125 10/31/82                                                                                                                                     | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    570000 | PA      | $588394.47    | 0.21%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                                           | OCPMR 7.5 05/02/54 144A                                                                                                                                | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    520000 | PA      | $548943.16    | 0.20%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                                      | RIOLN 5.25 03/14/35                                                                                                                                    | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    340000 | PA      | $345575.38    | 0.12%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                                      | ETN 4.15 11/02/42                                                                                                                                      | CUSIP: 278062AE4<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    180000 | PA      | $154598.62    | 0.06%             | 2042-11-02      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                                   | PLD 2.125 10/15/50                                                                                                                                     | CUSIP: 74340XBQ3<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    120000 | PA      | $63731.54     | 0.02%             | 2050-10-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                                        | NEE 3.15 10/01/49                                                                                                                                      | CUSIP: 341081FX0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    170000 | PA      | $114121.46    | 0.04%             | 2049-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                             | GILD 4.75 03/01/46                                                                                                                                     | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44338.45     | 0.02%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                                       | OKE 5.65 11/01/28                                                                                                                                      | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $277268.85    | 0.10%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ILFC E-Capital Trust II                                                                          | ILFC E-Capital Trust II                                                                                                                                | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $253354.67    | 0.09%             | 2065-12-21      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST 2023-1                                                              | HGVT 2023-1A C                                                                                                                                         | CUSIP: 432917AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31480 | PA      | $32345.32     | 0.01%             | 2038-01-25      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                              | CMCSA 2.887 11/01/51                                                                                                                                   | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    910000 | PA      | $526464.69    | 0.19%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                                      | CLR 2.268 11/15/26 144A                                                                                                                                | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    480000 | PA      | $472359.48    | 0.17%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                                      | HUM 4.8 03/15/47                                                                                                                                       | CUSIP: 444859BG6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    130000 | PA      | $104014.80    | 0.04%             | 2047-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                                 | PM 3.875 08/21/42                                                                                                                                      | CUSIP: 718172AU3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $120647.10    | 0.04%             | 2042-08-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 5.35 05/04/33                                                                                                                                     | CUSIP: 68389XDY8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97383.56     | 0.03%             | 2033-05-04      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                   | MS V5.516 11/19/55                                                                                                                                     | CUSIP: 61747YFV2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    700000 | PA      | $665112.99    | 0.24%             | 2055-11-19      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 6 08/03/55                                                                                                                                        | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    270000 | PA      | $226579.69    | 0.08%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C 4.125 07/25/28                                                                                                                                       | CUSIP: 172967KU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    440000 | PA      | $436379.23    | 0.16%             | 2028-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                   | FDX 4.65 03/15/31 144A                                                                                                                                 | CUSIP: 314352AC9<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    310000 | PA      | $304826.03    | 0.11%             | 2031-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                                         | DVN 5.2 09/15/34                                                                                                                                       | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130375.71    | 0.05%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                                   | BNP V6.875 PERP 144A                                                                                                                                   | CUSIP: 05602XQR2<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    970000 | PA      | $937845.18    | 0.34%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET V6.75 02/15/56                                                                                                                                      | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179727.57    | 0.06%             | 2056-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOFI PROFESSIONAL LOAN PROGRAM 2021-A TRUST                                                      | SOFI 2021-A AFX                                                                                                                                        | CUSIP: 83405YAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     34072 | PA      | $30344.66     | 0.01%             | 2043-08-17      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD FINANCIAL CORP                                                                       | FITB V5.982 01/30/30                                                                                                                                   | CUSIP: 200340AW7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $227049.50    | 0.08%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                   | MEX 5.85 07/02/32                                                                                                                                      | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $200970.00    | 0.07%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                               | VRT 4.85 03/15/36                                                                                                                                      | CUSIP: 92537NAA6<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |    340000 | PA      | $330747.70    | 0.12%             | 2036-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS 5.05 03/25/48                                                                                                                                      | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    680000 | PA      | $583825.76    | 0.21%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 4.375 11/15/32                                                                                                                                   | CUSIP: 02079KAX5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    445000 | PA      | $442605.42    | 0.16%             | 2032-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Anglo American Capital PLC                                                                       | AALLN 4.5 03/15/28 144A                                                                                                                                | CUSIP: 034863AU4<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200078.98    | 0.07%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| POINT BROADBAND FUNDING LLC                                                                      | POINTB 2025-1A A2                                                                                                                                      | CUSIP: 73052AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $320625.86    | 0.12%             | 2055-07-15      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Valor                                                                                            | Valor                                                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136662 | NS      | $136662.00    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Indonesia (Republic of)                                                                          | INDON 3.7 10/30/49                                                                                                                                     | CUSIP: 455780CN4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    480000 | PA      | $344207.03    | 0.12%             | 2049-10-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Energy Company                                                                | BRKHEC 4.25 10/15/50                                                                                                                                   | CUSIP: 084659AX9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    420000 | PA      | $327088.46    | 0.12%             | 2050-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 5.8 06/15/38 20Y                                                                                                                                    | CUSIP: 29278NAD5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    340000 | PA      | $344760.84    | 0.12%             | 2038-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V5.33 07/23/35                                                                                                                                      | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    770000 | PA      | $772867.19    | 0.28%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| KLA Corp.                                                                                        | KLAC 4.65 07/15/32                                                                                                                                     | CUSIP: 482480AL4<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100487.46    | 0.04%             | 2032-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                                 | SANLTD 3.25 08/08/31                                                                                                                                   | CUSIP: 80007RAS4<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    690000 | PA      | $624986.34    | 0.22%             | 2031-08-08      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                                   | WES 5.3 03/01/48                                                                                                                                       | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    640000 | PA      | $541463.82    | 0.19%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                                        | MARS 5.2 03/01/35 144A                                                                                                                                 | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20197.68     | 0.01%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                                                       | CARR 5.9 03/15/34                                                                                                                                      | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     96000 | PA      | $101325.77    | 0.04%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                                                                       | ABNB 5.25 03/16/36                                                                                                                                     | CUSIP: 009066AE1<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200280.97    | 0.07%             | 2036-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V5.534 11/29/45                                                                                                                                    | CUSIP: 46647PES1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    940000 | PA      | $923871.55    | 0.33%             | 2045-11-29      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                     | ORCL 4 07/15/46                                                                                                                                        | CUSIP: 68389XBJ3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    720000 | PA      | $485418.55    | 0.17%             | 2046-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AEP Transmission Company, LLC                                                                    | AEP 3.65 04/01/50 M                                                                                                                                    | CUSIP: 00115AAM1<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    180000 | PA      | $131080.10    | 0.05%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                            | AAL 5.5 04/20/26 144A                                                                                                                                  | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11667 | PA      | $11682.77     | 0.00%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 6.4 06/15/33                                                                                                                                       | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    160000 | PA      | $169907.22    | 0.06%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                                    | GOOGL 4.7 11/15/35                                                                                                                                     | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    360000 | PA      | $355813.72    | 0.13%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                                                    | MIDCAP 5.37 04/15/29 144A                                                                                                                              | CUSIP: 59590AAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1254638.03   | 0.45%             | 2029-04-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                       | BA 6.528 05/01/34                                                                                                                                      | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1503868.36   | 0.54%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                             | GILD 5.55 10/15/53                                                                                                                                     | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    290000 | PA      | $282186.27    | 0.10%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                | HSBC V5.133 11/06/36                                                                                                                                   | CUSIP: 404280FG9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    570000 | PA      | $557795.85    | 0.20%             | 2036-11-06      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                              | KMI 5.05 02/15/46                                                                                                                                      | CUSIP: 49456BAJ0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    420000 | PA      | $374671.66    | 0.13%             | 2046-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                               | TMUS 5.875 11/15/55                                                                                                                                    | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    830000 | PA      | $809936.52    | 0.29%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                                                                               | EOG 4.95 04/15/50                                                                                                                                      | CUSIP: 26875PAT8<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     90000 | PA      | $79841.04     | 0.03%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                            | FCX 4.125 03/01/28                                                                                                                                     | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99230.01     | 0.04%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                            | ARE 2 05/18/32                                                                                                                                         | CUSIP: 015271AW9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    220000 | PA      | $184153.39    | 0.07%             | 2032-05-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Brightstar Lottery PLC                                                                           | BRSL 5.25 01/15/29 144A                                                                                                                                | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $267982.80    | 0.10%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                                                         | AIA 3.2 09/16/40 144A                                                                                                                                  | CUSIP: 00131LAK1<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    310000 | PA      | $238408.71    | 0.09%             | 2040-09-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                                      | RIOLN 5.75 03/14/55                                                                                                                                    | CUSIP: 76720AAV8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    290000 | PA      | $289525.97    | 0.10%             | 2055-03-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                                                                  | FOXA 5.476 01/25/39                                                                                                                                    | CUSIP: 35137LAJ4<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    330000 | PA      | $319386.15    | 0.11%             | 2039-01-25      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET 8.25 11/15/29 *                                                                                                                                     | CUSIP: 29273RBC2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $144639.77    | 0.05%             | 2029-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.             | CHTR 5.125 07/01/49                                                                                                                                    | CUSIP: 161175BS2<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38421.56     | 0.01%             | 2049-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                             | JPM V3.328 04/22/52                                                                                                                                    | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $170350.39    | 0.06%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                                                       | INTU 5.5 09/15/53                                                                                                                                      | CUSIP: 46124HAH9<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $230142.14    | 0.08%             | 2053-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                                 | MRSH 5 03/15/35                                                                                                                                        | CUSIP: 571748CC4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    480000 | PA      | $478210.83    | 0.17%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                                         | JANEST 7.125 04/30/31 144A                                                                                                                             | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    410000 | PA      | $421712.06    | 0.15%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                 | PCG 5.9 10/01/54                                                                                                                                       | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    320000 | PA      | $298412.20    | 0.11%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer