# EDGAR Filing Document

**Accession Number:** 0000764624
**File Stem:** 0000940400-26-014746
**Filing Date:** 2026-4
**Character Count:** 415299
**Document Hash:** 98bcac164d90d503f727acedd81b24d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014746.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014746

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04254
- **FILM NUMBER:** 26893175

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

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

 **Western Asset Ultra-Short Income Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 51.4%** | **Corporate Bonds & Notes — 51.4%** | **Corporate Bonds & Notes — 51.4%** | **Corporate Bonds & Notes — 51.4%** | **Corporate Bonds & Notes — 51.4%** |
| **Communication Services — 2.6%** | **Communication Services — 2.6%** | **Communication Services — 2.6%** | **Communication Services — 2.6%** | **Communication Services — 2.6%** |
| *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $1090000<br>| &nbsp;&nbsp;&nbsp; $1093774<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 840949<br>|
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.620% | &nbsp;&nbsp; 7/16/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1015310<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 792540<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 1008000<br>| &nbsp;&nbsp;&nbsp; 904680<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *4647253* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 196000<br>| &nbsp;&nbsp;&nbsp; 195528<br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 399112<br> <sup>(a)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *594640* |
| *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 856362<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 900993<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1960000<br>| &nbsp;&nbsp;&nbsp; 1977711<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *3735066* |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 216000<br>| &nbsp;&nbsp;&nbsp; 216296<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 194408<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 126397<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71682<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *608783* |
| *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* | *Wireless Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1159703<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 952619<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *2112322* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **11698064** |
| **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** | **Consumer Discretionary — 4.9%** |
| *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *206240*<br> <sup>(a)</sup><br>|
| *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 8/13/29 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp; 1436388<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1314003<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 6/10/26 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1390617<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1395189<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1251078<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1498067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 309032<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *8594374* |
| *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/20/28 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 573261<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 634762<br>|
| &nbsp;&nbsp;&nbsp; eBay Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 5/10/26 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 945322<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.257% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1616469<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3769814* |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; $290000<br>| &nbsp;&nbsp;&nbsp; $303254<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 839052<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2289765<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 2420000<br>| &nbsp;&nbsp;&nbsp; 2479732<br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121321<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 665145<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; 1460000<br>| &nbsp;&nbsp;&nbsp; 1492472<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 520544<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 210685<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 415138<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *9337108* |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 379702<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97733<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *477435* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **22384971** |
| **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** |
| *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 4230000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4293055*<br> <sup>(a)</sup><br>|
| *Tobacco — 3.1%* | *Tobacco — 3.1%* | *Tobacco — 3.1%* | *Tobacco — 3.1%* | *Tobacco — 3.1%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 9/16/26 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1538945<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1079468<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 2006000<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 706671<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp;&nbsp; 1983513<br>|
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 1.668% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp;&nbsp; 1457777<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1182880<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Japan Tobacco Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1142977<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/12/27 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1090106<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp;&nbsp; 1722446<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *13910783* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **18203838** |
| **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** | **Energy — 5.8%** |
| *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* | *Oil, Gas & Consumable Fuels — 5.8%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 264589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1199971<br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 153296<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.055% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1707000<br>| &nbsp;&nbsp;&nbsp; 1718581<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.042% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1882161<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1350664<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 831925<br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1563427<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/18/27 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1124485<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 2028498<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 493282<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; $1960000<br>| &nbsp;&nbsp;&nbsp; $1954338<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 788000<br>| &nbsp;&nbsp;&nbsp; 786982<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1193372<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1150000<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 937434<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 248039<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31080<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; QazaqGaz NC JSC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/26/27 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1548026<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 736151<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 224022<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 832120<br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 450712<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 83143<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 33294<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 34043<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63948<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; 300000<br>| &nbsp;&nbsp;&nbsp; 306242<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1860564<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1162590<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **26366278** |
| **Financials — 14.5%** | **Financials — 14.5%** | **Financials — 14.5%** | **Financials — 14.5%** | **Financials — 14.5%** |
| *Banks — 9.0%* | *Banks — 9.0%* | *Banks — 9.0%* | *Banks — 9.0%* | *Banks — 9.0%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1209859<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2601281<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. Term SOFR + <br> 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1782017<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 2070000<br>| &nbsp;&nbsp;&nbsp; 2079804<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.933% to 9/15/26 then SOFR + 1.340%) | &nbsp;&nbsp; 5.933% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 970384<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (3 mo. Term SOFR + 1.022%) | &nbsp;&nbsp; 4.745% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200477<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 6/24/26 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 773877<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (2.591% to 1/20/27 then SOFR + 1.228%) | &nbsp;&nbsp; 2.591% | &nbsp;&nbsp; 1/20/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 691378<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (4.792% to 5/9/28 then SOFR + 1.450%) | &nbsp;&nbsp; 4.792% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1245736<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant <br> Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 867805<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citibank NA, Senior Notes | &nbsp;&nbsp; 4.929% | &nbsp;&nbsp; 8/6/26 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1555965<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.070% to 2/24/27 then SOFR + 1.280%) | &nbsp;&nbsp; 3.070% | &nbsp;&nbsp; 2/24/28 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1416380<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.643% to 5/7/27 then SOFR + 1.143%) | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; 4780000<br>| &nbsp;&nbsp;&nbsp; 4813981<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 797728<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, Senior Notes (1.535% to 5/25/26 then 1 year Treasury Constant <br> Maturity Rate + 0.720%) | &nbsp;&nbsp; 1.535% | &nbsp;&nbsp; 5/25/27 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1222936<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (5.283% to 3/18/26 then SOFR + 0.777%) | &nbsp;&nbsp; 5.283% | &nbsp;&nbsp; 3/18/27 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 930534<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1120290<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.505% to 10/22/27 then SOFR + 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201802<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.040% to 1/23/27 then SOFR + 1.190%) | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 1/23/28 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1200792<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.103% to 4/22/30 then SOFR + 1.435%) | &nbsp;&nbsp; 5.103% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; $1460000<br>| &nbsp;&nbsp;&nbsp; $1514400<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 1.150% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 2660000<br>| &nbsp;&nbsp;&nbsp; 2633598<br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/19/27 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 585338<br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (1.673% to 6/14/26 then SOFR + <br> 0.989%) | &nbsp;&nbsp; 1.673% | &nbsp;&nbsp; 6/14/27 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1390365<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 6/3/26 | &nbsp;&nbsp; 3620000<br>| &nbsp;&nbsp;&nbsp; 3594724<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 894479<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%) | &nbsp;&nbsp; 2.215% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 147781<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 270428<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.707% to 4/22/27 then SOFR + 1.070%) | &nbsp;&nbsp; 5.707% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 2340000<br>| &nbsp;&nbsp;&nbsp; 2383172<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2007715<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *41105026* |
| *Capital Markets — 2.9%* | *Capital Markets — 2.9%* | *Capital Markets — 2.9%* | *Capital Markets — 2.9%* | *Capital Markets — 2.9%* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1830000<br>| &nbsp;&nbsp;&nbsp; 1821856<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.482% to 8/23/27 then SOFR + 1.725%) | &nbsp;&nbsp; 4.482% | &nbsp;&nbsp; 8/23/28 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 735127<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.727% to 4/25/29 then SOFR + 1.265%) | &nbsp;&nbsp; 5.727% | &nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1640556<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.210% to 4/20/27 then SOFR + 1.610%) | &nbsp;&nbsp; 4.210% | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 2990000<br>| &nbsp;&nbsp;&nbsp; 2996221<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.994% to 4/12/28 then SOFR + 1.380%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1018326<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.656% to 4/18/29 then SOFR + 1.260%) | &nbsp;&nbsp; 5.656% | &nbsp;&nbsp; 4/18/30 | &nbsp;&nbsp; 2180000<br>| &nbsp;&nbsp;&nbsp; 2277329<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1192014<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (1.494% to 8/10/26 then 1 year Treasury Constant <br> Maturity Rate + 0.850%) | &nbsp;&nbsp; 1.494% | &nbsp;&nbsp; 8/10/27 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1532774<br> <sup>(a)(c)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *13214203* |
| *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* | *Consumer Finance — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.645% to 4/23/26 then SOFR + 0.750%) | &nbsp;&nbsp; 5.645% | &nbsp;&nbsp; 4/23/27 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 691541<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1209301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Senior Notes | &nbsp;&nbsp; 5.370% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1047397<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *2948239* |
| *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp;&nbsp; 2089915<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 1922304<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 559337<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; 350000<br>| &nbsp;&nbsp;&nbsp; 350244<br>|
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193215<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 499685<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1214624<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *6829324* |
| *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* |
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1309975<br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 210234<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1520209* |
| *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; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; *452137*<br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **66069138** |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Health Care — 5.5%** | **Health Care — 5.5%** | **Health Care — 5.5%** | **Health Care — 5.5%** | **Health Care — 5.5%** |
| *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; $2430000<br>| &nbsp;&nbsp;&nbsp; $*2453201*<br>|
| *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; 4.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 569682<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Roche Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 1009488<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/25/27 | &nbsp;&nbsp; 694000<br>| &nbsp;&nbsp;&nbsp; 703452<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *2282622* |
| *Health Care Providers & Services — 2.9%* | *Health Care Providers & Services — 2.9%* | *Health Care Providers & Services — 2.9%* | *Health Care Providers & Services — 2.9%* | *Health Care Providers & Services — 2.9%* |
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1056396<br>|
| &nbsp;&nbsp;&nbsp; Cencora Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 780014<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1264533<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 795015<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 2/3/27 | &nbsp;&nbsp; 2780000<br>| &nbsp;&nbsp;&nbsp; 2712139<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 362821<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1395719<br>|
| &nbsp;&nbsp;&nbsp; Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 577213<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 919021<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp;&nbsp; 2099170<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1018548<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *12980589* |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Agilent Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/9/27 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; *884131*<br>|
| *Pharmaceuticals — 1.4%* | *Pharmaceuticals — 1.4%* | *Pharmaceuticals — 1.4%* | *Pharmaceuticals — 1.4%* | *Pharmaceuticals — 1.4%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 589954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC, Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 5/28/26 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1361300<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 219693<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/9/29 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp;&nbsp; 1882178<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 1865000<br>| &nbsp;&nbsp;&nbsp; 1867740<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 212453<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *6133318* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **24733861** |
| **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** | **Industrials — 4.3%** |
| *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 454779<br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 53258<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 94949<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 228439<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 221728<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 727510<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/8/26 | &nbsp;&nbsp; 2720000<br>| &nbsp;&nbsp;&nbsp; 2751181<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 905729<br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 236539<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *5674112* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *218389*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; GFL Environmental Holdings US Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; $220000<br>| &nbsp;&nbsp;&nbsp; $221066<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 236437<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *457503* |
| *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* | *Electrical Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; *735305*<br>|
| *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 12/2/26 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1358991<br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1072619<br> <sup>(a)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *2431610* |
| *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 1.050% | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1031597<br>|
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/14/28 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1223873<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109628<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2365098* |
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 1251586<br>| &nbsp;&nbsp;&nbsp; 1238294<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/10/28 | &nbsp;&nbsp; 335567<br>| &nbsp;&nbsp;&nbsp; 321914<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122497<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1682705* |
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Paychex Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; *541391*<br>|
| *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp;&nbsp; 2484797<br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1654321<br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 73398<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 74040<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 217687<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 198458<br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 671253<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *5373954* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **19480067** |
| **Information Technology — 3.6%** | **Information Technology — 3.6%** | **Information Technology — 3.6%** | **Information Technology — 3.6%** | **Information Technology — 3.6%** |
| *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 127618<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vontier Corp., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1686212<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *1813830* |
| *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* | *Semiconductors & Semiconductor Equipment — 1.6%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc., Senior Notes | &nbsp;&nbsp; 4.319% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1549966<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 152535<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1398333<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1186297<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; 211174<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp;&nbsp; 1741260<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1076062<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *7315627* |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 2/4/29 | &nbsp;&nbsp; $800000<br>| &nbsp;&nbsp;&nbsp; $801698<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1284426<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 479156<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 982533<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 225319<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *3773132* |
| *Technology Hardware, Storage & Peripherals — 0.8%* | *Technology Hardware, Storage & Peripherals — 0.8%* | *Technology Hardware, Storage & Peripherals — 0.8%* | *Technology Hardware, Storage & Peripherals — 0.8%* | *Technology Hardware, Storage & Peripherals — 0.8%* |
| &nbsp;&nbsp;&nbsp; Apple Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 8/5/28 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; 2711323<br>|
| &nbsp;&nbsp;&nbsp; Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204940<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 601002<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *3517265* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **16419854** |
| **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; EQUATE Petrochemical Co. KSC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1619835*<br> <sup>(a)</sup><br>|
| *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; 4.700% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; *1117279*<br>|
| *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* | *Metals & Mining — 0.8%* |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 209565<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp;&nbsp; 1554074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 988877<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1058091<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *3810607* |
| *Paper & Forest Products — 0.6%* | *Paper & Forest Products — 0.6%* | *Paper & Forest Products — 0.6%* | *Paper & Forest Products — 0.6%* | *Paper & Forest Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1192831<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Inversiones CMPC SA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/4/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1500869<br> <sup>(a)</sup><br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *2693700* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **9241421** |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; CTR Partnership LP/CareTrust Capital Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *578021*<br> <sup>(a)</sup><br>|
| *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 164240<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50668<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251296<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *466204* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1044225** |
| **Utilities — 4.0%** | **Utilities — 4.0%** | **Utilities — 4.0%** | **Utilities — 4.0%** | **Utilities — 4.0%** |
| *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* | *Electric Utilities — 3.6%* |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp; 1385191<br>|
| &nbsp;&nbsp;&nbsp; Connecticut Light and Power Co., First Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 664573<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 420331<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1208156<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 708317<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.004% | &nbsp;&nbsp; 2/23/27 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1122588<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/20/27 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1158677<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund 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; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; $2330000<br>| &nbsp;&nbsp;&nbsp; $2271808<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1154225<br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/21/28 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp;&nbsp; 1595239<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2390000<br>| &nbsp;&nbsp;&nbsp; 2479961<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 84199<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1233816<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1056501<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *16543582* |
| *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* | *Gas Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Snam SpA, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *638552*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* | *Independent Power and Renewable Electricity Producers — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *116854*<br> <sup>(a)</sup><br>|
| *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *924261*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **18223249** |
| **Total Corporate Bonds & Notes (Cost — $232,108,247)** | **Total Corporate Bonds & Notes (Cost — $232,108,247)** | **Total Corporate Bonds & Notes (Cost — $232,108,247)** | **Total Corporate Bonds & Notes (Cost — $232,108,247)** | &nbsp;&nbsp; **233864966** |
| **Asset-Backed Securities — 17.9%** | **Asset-Backed Securities — 17.9%** | **Asset-Backed Securities — 17.9%** | **Asset-Backed Securities — 17.9%** | **Asset-Backed Securities — 17.9%** |
| &nbsp;&nbsp;&nbsp; 522 Funding CLO Ltd., 2019-5A AR2 (3 mo. Term SOFR + 1.020%) | &nbsp;&nbsp; 4.680% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 670830<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 4.995% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 631680<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, 2005-4 <br> M2 (1 mo. Term SOFR + 0.819%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 339823<br>| &nbsp;&nbsp;&nbsp; 331610<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 891704<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2024-22A A (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.168% | &nbsp;&nbsp; 4/19/37 | &nbsp;&nbsp; 323000<br>| &nbsp;&nbsp;&nbsp; 323420<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Heritage Auto Receivables Issuer Trust, 2025-1A A3 | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 917215<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A A1R3 (3 mo. Term SOFR + 1.160%) | &nbsp;&nbsp; 4.823% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 901940<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A1AR (3 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 4.848% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 911329<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., XXXA A2R (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.168% | &nbsp;&nbsp; 10/18/31 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1234744<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2021-60A AR2 (3 mo. Term SOFR + 0.960%) | &nbsp;&nbsp; 4.628% | &nbsp;&nbsp; 7/18/34 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 560064<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ARI Fleet Lease Trust, 2025-B A2 | &nbsp;&nbsp; 4.590% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 2230000<br>| &nbsp;&nbsp;&nbsp; 2243453<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund Ltd., 2025-26A AN (3 mo. Term SOFR + 1.340%) | &nbsp;&nbsp; 5.208% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 601744<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund Ltd., 2025-26A AY (3 mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 10/22/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220645<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; AutoNation Finance Trust, 2026-1A A4 | &nbsp;&nbsp; 4.180% | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 435000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AutoNation Finance Trust, 2026-1A C | &nbsp;&nbsp; 4.560% | &nbsp;&nbsp; 10/14/31 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 537532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2021-1A C | &nbsp;&nbsp; 2.130% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 934350<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2025-1A A | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/20/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 397219<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Basswood Park CLO Ltd., 2021-1A AR (3 mo. Term SOFR + 1.030%) | &nbsp;&nbsp; 4.698% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 800925<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Battery Park CLO Ltd., 2019-1A AR (3 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.072% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320256<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayfront Iabs Pte Ltd., 7A A (SOFR + 1.280%) | &nbsp;&nbsp; 4.960% | &nbsp;&nbsp; 4/11/48 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 660717<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayswater Park CLO Ltd., 2023-1A AR (3 mo. Term SOFR + 1.210%) | &nbsp;&nbsp; 4.878% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 649675<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 10/25/37 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1134547<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-30A AR2 (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 4.822% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 661458<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brightwood Capital MM CLO Ltd., 2023-1A A1R (3 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.352% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 712132<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, 2022-2 A3 | &nbsp;&nbsp; 3.660% | &nbsp;&nbsp; 5/17/27 | &nbsp;&nbsp; 25658<br>| &nbsp;&nbsp;&nbsp; 25654<br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A A1 (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.058% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 832233<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust, 2021-MH1 A1 | &nbsp;&nbsp; 1.753% | &nbsp;&nbsp; 2/25/46 | &nbsp;&nbsp; 164879<br>| &nbsp;&nbsp;&nbsp; 151773<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2024-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.189% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200673<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; CMFT Net Lease Master Issuer LLC, 2021-1 A1 | &nbsp;&nbsp; 2.090% | &nbsp;&nbsp; 7/20/51 | &nbsp;&nbsp; $1024744<br>| &nbsp;&nbsp;&nbsp; $961191<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust, 2022-B A3 | &nbsp;&nbsp; 3.890% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 297588<br>| &nbsp;&nbsp;&nbsp; 297551<br>|
| &nbsp;&nbsp;&nbsp; College Ave Student Loans LLC, 2023-A C | &nbsp;&nbsp; 6.060% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 491512<br>| &nbsp;&nbsp;&nbsp; 507595<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2022-32A A1R2 (3 mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 4.788% | &nbsp;&nbsp; 7/24/34 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1071464<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonbond Student Loan Trust, 2021-AGS A | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 3/25/52 | &nbsp;&nbsp; 286666<br>| &nbsp;&nbsp;&nbsp; 250093<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.296% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 199500<br>| &nbsp;&nbsp;&nbsp; 201668<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2019-1A A1R3 (3 mo. Term SOFR + 1.120%) | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 830999<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2024-5A AR1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.188% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250943<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, 2023-1 A2 | &nbsp;&nbsp; 5.510% | &nbsp;&nbsp; 1/22/29 | &nbsp;&nbsp; 11216<br>| &nbsp;&nbsp;&nbsp; 11228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, 2023-1 A3 | &nbsp;&nbsp; 5.420% | &nbsp;&nbsp; 10/22/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2519648<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, 2026-1 A4 | &nbsp;&nbsp; 4.290% | &nbsp;&nbsp; 9/20/32 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 711271<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Auto Trust, 2023-1 A3 | &nbsp;&nbsp; 5.530% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1059727<br>| &nbsp;&nbsp;&nbsp; 1068003<br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, 2023-1 A1 | &nbsp;&nbsp; 4.920% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1955000<br>| &nbsp;&nbsp;&nbsp; 1959087<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortress Credit Bsl Ltd., 2021-1A AR (3 mo. Term SOFR + 1.100%) | &nbsp;&nbsp; 4.768% | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 533392<br>| &nbsp;&nbsp;&nbsp; 533964<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2025-36A A1 (3 mo. Term SOFR + 1.230%) | &nbsp;&nbsp; 5.008% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 760988<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GECU Auto Receivables Trust, 2023-1A A3 | &nbsp;&nbsp; 5.630% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 562198<br>| &nbsp;&nbsp;&nbsp; 564487<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2022-4 A4 | &nbsp;&nbsp; 4.880% | &nbsp;&nbsp; 8/16/28 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp;&nbsp; 2159521<br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2024-20A A (3 mo. Term SOFR + <br> 1.450%) | &nbsp;&nbsp; 5.118% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 652262<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2018-1A A2 (3 mo. Term SOFR + 1.892%) | &nbsp;&nbsp; 5.560% | &nbsp;&nbsp; 4/26/31 | &nbsp;&nbsp; 425144<br>| &nbsp;&nbsp;&nbsp; 426160<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2020-3A A1R (3 mo. Term SOFR + 1.480%) | &nbsp;&nbsp; 5.147% | &nbsp;&nbsp; 7/30/37 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 431316<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC, 2023-4A A | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 105524<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hildene Community Funding CDO Ltd., 2015-1A ARR | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 244611<br>| &nbsp;&nbsp;&nbsp; 220067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, 2023-1A A | &nbsp;&nbsp; 5.720% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 332944<br>| &nbsp;&nbsp;&nbsp; 341646<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Home Equity Mortgage Loan Asset-Backed Trust, 2005-C M2 (1 mo. Term SOFR + <br> 0.864%) | &nbsp;&nbsp; 4.538% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 168899<br>| &nbsp;&nbsp;&nbsp; 168563<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinetic ABS Issuer LLC, 2026-1A A2 | &nbsp;&nbsp; 5.219% | &nbsp;&nbsp; 2/25/56 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1283488<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kings Park CLO Ltd., 2021-1A A1R (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.870% | &nbsp;&nbsp; 1/21/39 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 721434<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; M&T Bank RV Trust, 2026-1A A | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/46 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1364503<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; M&T Equipment Notes, 2023-1A A4 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1287431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2021-31A A1R (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.672% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 730904<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Man Capital CLO Ltd., 2021-2RA A1R (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 4.990% | &nbsp;&nbsp; 4/17/39 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 910272<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MAPS Trust, 2026-1A A | &nbsp;&nbsp; 5.201% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 1252363<br>| &nbsp;&nbsp;&nbsp; 1271882<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marble Point CLO Ltd., 2021-4A A1R (3 mo. Term SOFR + 1.160%) | &nbsp;&nbsp; 4.829% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1022091<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, 2025-2A A2 | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/20/55 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 807541<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain Point CLO Ltd., 2026-1A A1 (3 mo. Term SOFR + 1.230%) | &nbsp;&nbsp; 4.896% | &nbsp;&nbsp; 4/20/39 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 390193<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2019-2A A1R (3 mo. Term SOFR + 1.670%) | &nbsp;&nbsp; 5.342% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 481444<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MVW LLC, 2020-1A A | &nbsp;&nbsp; 1.740% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 240193<br>| &nbsp;&nbsp;&nbsp; 237443<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. Term SOFR + <br> 1.014%) | &nbsp;&nbsp; 4.674% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 20603<br>| &nbsp;&nbsp;&nbsp; 20605<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, 2024-A A | &nbsp;&nbsp; 5.660% | &nbsp;&nbsp; 10/15/72 | &nbsp;&nbsp; 1210528<br>| &nbsp;&nbsp;&nbsp; 1249032<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Refinance Loan Trust, 2026-A A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/18/56 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1357951<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2015-1 A2 (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 4/25/40 | &nbsp;&nbsp; 530750<br>| &nbsp;&nbsp;&nbsp; 518301<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 395968<br>| &nbsp;&nbsp;&nbsp; 391195<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navigator Aviation Ltd., 2025-1 A | &nbsp;&nbsp; 5.107% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 401773<br>| &nbsp;&nbsp;&nbsp; 406978<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2015-2A A2 (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 195504<br>| &nbsp;&nbsp;&nbsp; 193308<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2015-3A A2 (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 2/27/51 | &nbsp;&nbsp; $1783026<br>| &nbsp;&nbsp;&nbsp; $1782596<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2021-A A2 (1 mo. Term SOFR + 1.144%) | &nbsp;&nbsp; 4.812% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1552342<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2021-CA AFL (1 mo. Term SOFR + 0.854%) | &nbsp;&nbsp; 4.522% | &nbsp;&nbsp; 4/20/62 | &nbsp;&nbsp; 577166<br>| &nbsp;&nbsp;&nbsp; 576080<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2025-1A A1 (30 Day Average SOFR + 0.750%) | &nbsp;&nbsp; 4.417% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 1789037<br>| &nbsp;&nbsp;&nbsp; 1789557<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., 2022-51A AR2 (3 mo. Term SOFR + <br> 1.000%) | &nbsp;&nbsp; 4.666% | &nbsp;&nbsp; 10/23/36 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 730361<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust, 2004-2 M2 (1 mo. Term SOFR + 1.044%) | &nbsp;&nbsp; 4.718% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 11781<br>| &nbsp;&nbsp;&nbsp; 28387<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCCU Auto Receivables Trust, 2025-1A D | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 766665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A AR2 (3 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 4.972% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 571068<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2022-12A A1R (3 mo. Term SOFR + 1.330%) | &nbsp;&nbsp; 4.998% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 872392<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oscar US Funding LLC, 2021-2A A4 | &nbsp;&nbsp; 1.270% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 194700<br>| &nbsp;&nbsp;&nbsp; 194559<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500483<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2024-1A A1R (3 mo. Term SOFR + 0.820%) | &nbsp;&nbsp; 4.480% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 920370<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Parallel Ltd., 2023-1A A1R (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.058% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 881655<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., 2023-B B | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1824839<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phantom Aviation, 2026-1A A | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 499852<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO Ltd., 2024-8A A1 (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.057% | &nbsp;&nbsp; 1/30/38 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 411526<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, 2025-1A A | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 541789<br>| &nbsp;&nbsp;&nbsp; 549085<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sesac Finance LLC, 2024-1 A2 | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 1166200<br>| &nbsp;&nbsp;&nbsp; 1196188<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, 2006-B A5 (3 mo. Term SOFR + 0.532%) | &nbsp;&nbsp; 4.255% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 1317548<br>| &nbsp;&nbsp;&nbsp; 1294026<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%) | &nbsp;&nbsp; 8.524% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 887286<br>| &nbsp;&nbsp;&nbsp; 932336<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2005-4 B (90 Day Average SOFR + 0.442%) | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/25/55 | &nbsp;&nbsp; 106606<br>| &nbsp;&nbsp;&nbsp; 102579<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2013-1 A3 (30 Day Average SOFR + 0.664%) | &nbsp;&nbsp; 4.332% | &nbsp;&nbsp; 5/26/55 | &nbsp;&nbsp; 513680<br>| &nbsp;&nbsp;&nbsp; 511099<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Student Loan Trust, 2013-6 A3 (30 Day Average SOFR + 0.764%) | &nbsp;&nbsp; 4.432% | &nbsp;&nbsp; 6/26/55 | &nbsp;&nbsp; 521605<br>| &nbsp;&nbsp;&nbsp; 521795<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-C A2 (1 mo. Term SOFR + 0.914%) | &nbsp;&nbsp; 4.579% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 1468954<br>| &nbsp;&nbsp;&nbsp; 1459617<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2024-C A1B (30 Day Average SOFR + 1.100%) | &nbsp;&nbsp; 4.758% | &nbsp;&nbsp; 6/17/52 | &nbsp;&nbsp; 636862<br>| &nbsp;&nbsp;&nbsp; 636598<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program Trust, 2020-C AFX | &nbsp;&nbsp; 1.950% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 260181<br>| &nbsp;&nbsp;&nbsp; 247254<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotheby's Artfi Master Trust, 2026-1A A1 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 6/20/33 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1278936<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SpringCastle America Funding LLC, 2020-AA A | &nbsp;&nbsp; 1.970% | &nbsp;&nbsp; 9/25/37 | &nbsp;&nbsp; 496676<br>| &nbsp;&nbsp;&nbsp; 471641<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunrun Atlas Issuer LLC, 2019-2 A | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 476373<br>| &nbsp;&nbsp;&nbsp; 461206<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 851212<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2025-52A AR (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 4.815% | &nbsp;&nbsp; 1/20/36 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 791217<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC, 2025-1A A2I | &nbsp;&nbsp; 4.821% | &nbsp;&nbsp; 8/25/55 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1013442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, 2023-B B | &nbsp;&nbsp; 6.570% | &nbsp;&nbsp; 8/20/27 | &nbsp;&nbsp; 534192<br>| &nbsp;&nbsp;&nbsp; 534840<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-16A A1R (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 4.798% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 660925<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uniti Fiber Abs Issuer LLC, 2025-2A A2 | &nbsp;&nbsp; 5.177% | &nbsp;&nbsp; 1/20/56 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 465575<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2019-38A ARR (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.667% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 201291<br>| &nbsp;&nbsp;&nbsp; 201815<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2016-1A BR (3 mo. Term SOFR + 2.062%) | &nbsp;&nbsp; 5.729% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 361691<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wendy's Funding LLC, 2019-1A A2II | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 818303<br>| &nbsp;&nbsp;&nbsp; 808335<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2021-3A A1R (3 mo. Term SOFR + 1.270%) | &nbsp;&nbsp; 4.942% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1103089<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodmont Trust, 2023-12A A1R (3 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.068% | &nbsp;&nbsp; 10/25/32 | &nbsp;&nbsp; 762952<br>| &nbsp;&nbsp;&nbsp; 763699<br> <sup>(a)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost — $81,582,926)** | **Total Asset-Backed Securities (Cost — $81,582,926)** | **Total Asset-Backed Securities (Cost — $81,582,926)** | **Total Asset-Backed Securities (Cost — $81,582,926)** | &nbsp;&nbsp; **81666689** |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.7%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 13.7%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P A (1 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 4.849% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 498249<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2021-7 A3 | &nbsp;&nbsp; 2.337% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 228310<br>| &nbsp;&nbsp;&nbsp; 204215<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2025-6 A3 | &nbsp;&nbsp; 5.920% | &nbsp;&nbsp; 4/25/70 | &nbsp;&nbsp; 744646<br>| &nbsp;&nbsp;&nbsp; 753236<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 A (1 mo. Term SOFR + <br> 1.354%) | &nbsp;&nbsp; 5.021% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; $520000<br>| &nbsp;&nbsp;&nbsp; $520371<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN32 A5 | &nbsp;&nbsp; 2.643% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 891878<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN36 A5 | &nbsp;&nbsp; 2.470% | &nbsp;&nbsp; 9/15/64 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 354932<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B29 XA, IO | &nbsp;&nbsp; 1.010% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 12194045<br>| &nbsp;&nbsp;&nbsp; 409082<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B31 A5 | &nbsp;&nbsp; 2.669% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 565992<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2023-V3 A3 | &nbsp;&nbsp; 6.363% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 890255<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2023-V3 XA, IO | &nbsp;&nbsp; 0.813% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 20884908<br>| &nbsp;&nbsp;&nbsp; 351618<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMP, 2024-MF23 A (1 mo. Term SOFR + 1.372%) | &nbsp;&nbsp; 5.032% | &nbsp;&nbsp; 6/15/41 | &nbsp;&nbsp; 1182500<br>| &nbsp;&nbsp;&nbsp; 1184094<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, 2025-BOCA A (1 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 5.260% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1045901<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 67734<br>| &nbsp;&nbsp;&nbsp; 66719<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2024-NQM1 A1 | &nbsp;&nbsp; 5.943% | &nbsp;&nbsp; 12/1/63 | &nbsp;&nbsp; 486879<br>| &nbsp;&nbsp;&nbsp; 490585<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2020-VIV4 A | &nbsp;&nbsp; 2.843% | &nbsp;&nbsp; 3/9/44 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp; 1214250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-CIP A (1 mo. Term SOFR + 1.035%) | &nbsp;&nbsp; 4.695% | &nbsp;&nbsp; 12/15/38 | &nbsp;&nbsp; 96360<br>| &nbsp;&nbsp;&nbsp; 96351<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2022-AHP A (1 mo. Term SOFR + 0.990%) | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/17/39 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1570220<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-BIO2 D | &nbsp;&nbsp; 7.713% | &nbsp;&nbsp; 8/13/41 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 383303<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.410% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1053899<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Mortgage Trust, 2021-PAC A (1 mo. Term SOFR + 0.804%) | &nbsp;&nbsp; 4.464% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1347964<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 2026-FL6 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 8/19/43 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 761187<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. Term <br> SOFR + 0.414%) | &nbsp;&nbsp; 4.088% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 739<br>| &nbsp;&nbsp;&nbsp; 732<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-4A A2 (1 mo. Term <br> SOFR + 0.694%) | &nbsp;&nbsp; 4.368% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 3436<br>| &nbsp;&nbsp;&nbsp; 3357<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIM Trust, 2021-R6 A1 | &nbsp;&nbsp; 1.425% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 541365<br>| &nbsp;&nbsp;&nbsp; 505567<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2017-B1 A4 | &nbsp;&nbsp; 3.458% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 327250<br>|
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, 2023-H2 A1A | &nbsp;&nbsp; 7.135% | &nbsp;&nbsp; 11/25/68 | &nbsp;&nbsp; 376469<br>| &nbsp;&nbsp;&nbsp; 380807<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cross Mortgage Trust, 2024-H2 A1 | &nbsp;&nbsp; 6.093% | &nbsp;&nbsp; 4/25/69 | &nbsp;&nbsp; 208470<br>| &nbsp;&nbsp;&nbsp; 210637<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-AFC1 A1 | &nbsp;&nbsp; 3.573% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 56515<br>| &nbsp;&nbsp;&nbsp; 55138<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-AFC1 A2 | &nbsp;&nbsp; 3.776% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 124264<br>| &nbsp;&nbsp;&nbsp; 121400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-UVIL A | &nbsp;&nbsp; 3.160% | &nbsp;&nbsp; 12/15/41 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1418745<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2020-AFC1 A1 | &nbsp;&nbsp; 3.240% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 223814<br>| &nbsp;&nbsp;&nbsp; 217003<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 0.830% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 288458<br>| &nbsp;&nbsp;&nbsp; 248953<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-AFC1 A3 | &nbsp;&nbsp; 1.169% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 288458<br>| &nbsp;&nbsp;&nbsp; 250910<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM3 A3 | &nbsp;&nbsp; 1.632% | &nbsp;&nbsp; 4/25/66 | &nbsp;&nbsp; 343129<br>| &nbsp;&nbsp;&nbsp; 308418<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM5 A1 | &nbsp;&nbsp; 0.938% | &nbsp;&nbsp; 5/25/66 | &nbsp;&nbsp; 652231<br>| &nbsp;&nbsp;&nbsp; 560090<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.205% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 1098027<br>| &nbsp;&nbsp;&nbsp; 1042612<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2024-1 A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 150604<br>| &nbsp;&nbsp;&nbsp; 152431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2021-2 A1 | &nbsp;&nbsp; 0.931% | &nbsp;&nbsp; 6/25/66 | &nbsp;&nbsp; 486897<br>| &nbsp;&nbsp;&nbsp; 422145<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.206% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 257516<br>| &nbsp;&nbsp;&nbsp; 234061<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 4.960% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 912339<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KS12 A (30 Day Average SOFR + 0.764%) | &nbsp;&nbsp; 4.444% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 1180933<br>| &nbsp;&nbsp;&nbsp; 1184062<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4945 KF, PAC (30 Day <br> Average SOFR + 0.564%) | &nbsp;&nbsp; 4.232% | &nbsp;&nbsp; 9/25/49 | &nbsp;&nbsp; 532485<br>| &nbsp;&nbsp;&nbsp; 525711<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%) | &nbsp;&nbsp; 5.967% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 194597<br>| &nbsp;&nbsp;&nbsp; 197899<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA3 M2 (30 Day Average SOFR + 2.100%) | &nbsp;&nbsp; 5.767% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; $623201<br>&nbsp;&nbsp;&nbsp; $634591<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%) | &nbsp;&nbsp; 6.067% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 880000<br>&nbsp;&nbsp;&nbsp; 890813<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%) | &nbsp;&nbsp; 8.167% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 810000<br>&nbsp;&nbsp;&nbsp; 846765<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2024-DNA1 M2 (30 Day Average SOFR + 1.950%) | &nbsp;&nbsp; 5.617% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 510000<br>&nbsp;&nbsp;&nbsp; 515714<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk Transfer Trust, <br> 2016-1 M2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/25/55 | &nbsp;&nbsp; 675435<br>&nbsp;&nbsp;&nbsp; 635620<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 19 F | &nbsp;&nbsp; 4.457% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 11<br>&nbsp;&nbsp;&nbsp; 11<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R05 1M2 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 6.767% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 300000<br>&nbsp;&nbsp;&nbsp; 311834<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M2 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.167% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 870000<br>&nbsp;&nbsp;&nbsp; 886817<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2025-18 FH (30 Day <br> Average SOFR + 1.400%) | &nbsp;&nbsp; 5.067% | &nbsp;&nbsp; 8/25/54 | &nbsp;&nbsp; 1817831<br>&nbsp;&nbsp;&nbsp; 1838509<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Grantor Trust, 2000-T6 A3 | &nbsp;&nbsp; 4.238% | &nbsp;&nbsp; 11/25/40 | &nbsp;&nbsp; 69613<br>&nbsp;&nbsp;&nbsp; 69535<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Grantor Trust, 2002-T19 A4 | &nbsp;&nbsp; 5.232% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 493619<br>&nbsp;&nbsp;&nbsp; 494310<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Grantor Trust, 2004-T3 2A | &nbsp;&nbsp; 5.432% | &nbsp;&nbsp; 8/25/43 | &nbsp;&nbsp; 226790<br>&nbsp;&nbsp;&nbsp; 228659<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Whole Loan, 2003-W6 6A | &nbsp;&nbsp; 4.845% | &nbsp;&nbsp; 8/25/42 | &nbsp;&nbsp; 155503<br>&nbsp;&nbsp;&nbsp; 156893<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Whole Loan, 2003-W8 3F1 (30 <br> Day Average SOFR + 0.514%) | &nbsp;&nbsp; 4.182% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 34732<br>&nbsp;&nbsp;&nbsp; 34704<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GCAT Trust, 2020-NQM1 A3 | &nbsp;&nbsp; 3.554% | &nbsp;&nbsp; 1/25/60 | &nbsp;&nbsp; 397858<br>&nbsp;&nbsp;&nbsp; 394747<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. Term <br> SOFR + 0.614%) | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 13592<br>&nbsp;&nbsp;&nbsp; 13601<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-H08 BF (1 mo. Term <br> SOFR + 0.514%) | &nbsp;&nbsp; 4.197% | &nbsp;&nbsp; 3/20/63 | &nbsp;&nbsp; 72177<br>&nbsp;&nbsp;&nbsp; 71926<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2016-H07 FK (1 mo. Term <br> SOFR + 1.114%) | &nbsp;&nbsp; 4.797% | &nbsp;&nbsp; 3/20/66 | &nbsp;&nbsp; 467029<br>&nbsp;&nbsp;&nbsp; 470183<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2017-H15 FN (1 mo. Term <br> SOFR + 0.614%) | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 7/20/67 | &nbsp;&nbsp; 163036<br>&nbsp;&nbsp;&nbsp; 163136<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-H16 CF (1 mo. Term <br> SOFR + 0.814%) | &nbsp;&nbsp; 4.497% | &nbsp;&nbsp; 10/20/69 | &nbsp;&nbsp; 865944<br>&nbsp;&nbsp;&nbsp; 867141<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H03 FA (30 Day <br> Average SOFR + 0.380%) | &nbsp;&nbsp; 4.042% | &nbsp;&nbsp; 4/20/70 | &nbsp;&nbsp; 1130458<br>&nbsp;&nbsp;&nbsp; 1127800<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H16 FG (30 Day <br> Average SOFR + 0.300%) | &nbsp;&nbsp; 3.962% | &nbsp;&nbsp; 9/20/71 | &nbsp;&nbsp; 1543545<br>&nbsp;&nbsp;&nbsp; 1536073<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H09 QF (30 Day <br> Average SOFR + 1.500%) | &nbsp;&nbsp; 5.162% | &nbsp;&nbsp; 6/20/71 | &nbsp;&nbsp; 2772101<br>&nbsp;&nbsp;&nbsp; 2848515<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%) | &nbsp;&nbsp; 4.799% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 101081<br>&nbsp;&nbsp;&nbsp; 101281<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2000-1A A (1 mo. Term SOFR + 0.464%) | &nbsp;&nbsp; 4.140% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 53521<br>&nbsp;&nbsp;&nbsp; 5438<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, 2005-9 2A1C (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 4.682% | &nbsp;&nbsp; 6/20/35 | &nbsp;&nbsp; 142908<br>&nbsp;&nbsp;&nbsp; 135517<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.184%) | &nbsp;&nbsp; 4.849% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 321942<br>&nbsp;&nbsp;&nbsp; 322252<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2020-RPL1 A1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/59 | &nbsp;&nbsp; 611834<br>&nbsp;&nbsp;&nbsp; 591899<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2021-GS2 A1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/25/61 | &nbsp;&nbsp; 452882<br>&nbsp;&nbsp;&nbsp; 454625<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2021-GS5 A1 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/25/67 | &nbsp;&nbsp; 943659<br>&nbsp;&nbsp;&nbsp; 945358<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MAD Commercial Mortgage Trust, 2025-11MD A | &nbsp;&nbsp; 4.912% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 1340000<br>&nbsp;&nbsp;&nbsp; 1361403<br> <sup>(a)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.152% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; $590000<br>| &nbsp;&nbsp;&nbsp; $592565<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2026-FL21 A (1 mo. Term SOFR + 1.350%) | &nbsp;&nbsp; 5.014% | &nbsp;&nbsp; 2/18/41 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210134<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%) | &nbsp;&nbsp; 4.861% | &nbsp;&nbsp; 10/16/36 | &nbsp;&nbsp; 198327<br>| &nbsp;&nbsp;&nbsp; 198457<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust, 2019-1 A1 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 292418<br>| &nbsp;&nbsp;&nbsp; 287599<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Trust, 2015-2 M3 | &nbsp;&nbsp; 3.681% | &nbsp;&nbsp; 9/25/57 | &nbsp;&nbsp; 292753<br>| &nbsp;&nbsp;&nbsp; 291354<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MLTI Trust, 2026-SF75 A (1 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.067% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 911418<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 ASB | &nbsp;&nbsp; 3.514% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 96267<br>| &nbsp;&nbsp;&nbsp; 95984<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2017-ASHF A (1 mo. Term SOFR + 1.147%) | &nbsp;&nbsp; 4.807% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 67084<br>| &nbsp;&nbsp;&nbsp; 66548<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2015-1A A3 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/28/52 | &nbsp;&nbsp; 223299<br>| &nbsp;&nbsp;&nbsp; 218411<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.156% | &nbsp;&nbsp; 11/27/56 | &nbsp;&nbsp; 544010<br>| &nbsp;&nbsp;&nbsp; 503904<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2022-NQM2 A1 | &nbsp;&nbsp; 3.079% | &nbsp;&nbsp; 3/27/62 | &nbsp;&nbsp; 733288<br>| &nbsp;&nbsp;&nbsp; 706242<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2026-NQM3 A3 | &nbsp;&nbsp; 5.189% | &nbsp;&nbsp; 2/25/66 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 441175<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 2025-28L F | &nbsp;&nbsp; 8.130% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1028517<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 1.101% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 553233<br>| &nbsp;&nbsp;&nbsp; 466780<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.563% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 558105<br>| &nbsp;&nbsp;&nbsp; 478042<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.054% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 658571<br>| &nbsp;&nbsp;&nbsp; 564684<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2026-NQM1 A3 | &nbsp;&nbsp; 5.171% | &nbsp;&nbsp; 11/25/65 | &nbsp;&nbsp; 825611<br>| &nbsp;&nbsp;&nbsp; 827443<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PLYM Commercial Mortgage Trust, 2026-IND A (1 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1131413<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 838493<br>| &nbsp;&nbsp;&nbsp; 736340<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 490998<br>| &nbsp;&nbsp;&nbsp; 498191<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAMP Trust, 2004-SL4 A5 | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/25/32 | &nbsp;&nbsp; 5523<br>| &nbsp;&nbsp;&nbsp; 1492<br>|
| &nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, 2003-A11 A2, PAC (1 mo. Term SOFR + <br> 0.564%) | &nbsp;&nbsp; 4.238% | &nbsp;&nbsp; 11/25/33 | &nbsp;&nbsp; 15726<br>| &nbsp;&nbsp;&nbsp; 15510<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; RIDE, 2025-SHRE A | &nbsp;&nbsp; 5.619% | &nbsp;&nbsp; 2/14/47 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 993072<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCMS Mortgage Trust, 2025-BNC1 A2 | &nbsp;&nbsp; 4.502% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1024282<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SFO Commercial Mortgage Trust, 2021-555 A (1 mo. Term SOFR + 1.264%) | &nbsp;&nbsp; 4.924% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 918520<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMRT, 2022-MINI A (1 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp;&nbsp; 1560330<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, 2004-2 1A1 | &nbsp;&nbsp; 6.699% | &nbsp;&nbsp; 3/25/34 | &nbsp;&nbsp; 53332<br>| &nbsp;&nbsp;&nbsp; 52628<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp., 2005-RF3 2A | &nbsp;&nbsp; 4.475% | &nbsp;&nbsp; 6/25/35 | &nbsp;&nbsp; 184517<br>| &nbsp;&nbsp;&nbsp; 168407<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; STWD LLC, 2025-FL4 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.116% | &nbsp;&nbsp; 11/19/42 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1022105<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, 2025-DATA A (1 mo. Term SOFR + 1.443%) | &nbsp;&nbsp; 5.103% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1111849<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2019-HY1 B1 (1 mo. Term SOFR + 2.264%) | &nbsp;&nbsp; 5.938% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp;&nbsp; 1526827<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, 2026-2 A2 | &nbsp;&nbsp; 4.844% | &nbsp;&nbsp; 2/25/71 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 789619<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $63,191,781)** | **Total Collateralized Mortgage Obligations (Cost — $63,191,781)** | **Total Collateralized Mortgage Obligations (Cost — $63,191,781)** | **Total Collateralized Mortgage Obligations (Cost — $63,191,781)** | &nbsp;&nbsp; **62330080** |
| **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** | **U.S. Government & Agency Obligations — 4.4%** |
| *U.S. Government Agencies — 0.3%* | *U.S. Government Agencies — 0.3%* | *U.S. Government Agencies — 0.3%* | *U.S. Government Agencies — 0.3%* | *U.S. Government Agencies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (SOFR + 0.140%) | &nbsp;&nbsp; 3.820% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250150<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA), Notes (SOFR + 0.100%) | &nbsp;&nbsp; 3.780% | &nbsp;&nbsp; 6/18/26 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp; 1210368<br> <sup>(c)</sup><br>|
| *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | &nbsp;&nbsp; *1460518* |
| *U.S. Government Obligations — 4.1%* | *U.S. Government Obligations — 4.1%* | *U.S. Government Obligations — 4.1%* | *U.S. Government Obligations — 4.1%* | *U.S. Government Obligations — 4.1%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 955585<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp; 1424160<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 212166<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 15750000 | &nbsp;&nbsp;&nbsp; 16044697<br>|
| *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | &nbsp;&nbsp; *18636608* |
| **Total U.S. Government & Agency Obligations (Cost — $19,844,838)** | **Total U.S. Government & Agency Obligations (Cost — $19,844,838)** | **Total U.S. Government & Agency Obligations (Cost — $19,844,838)** | **Total U.S. Government & Agency Obligations (Cost — $19,844,838)** | &nbsp;&nbsp; **20097126** |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** |
| *FHLMC — 1.5%* | *FHLMC — 1.5%* | *FHLMC — 1.5%* | *FHLMC — 1.5%* | *FHLMC — 1.5%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; $1348130<br>| &nbsp;&nbsp;&nbsp; $1306576<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 1951185<br>| &nbsp;&nbsp;&nbsp; 1720933<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 272634<br>| &nbsp;&nbsp;&nbsp; 269196<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 69732<br>| &nbsp;&nbsp;&nbsp; 74114<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.630%) | &nbsp;&nbsp; 3.281% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 3290859<br>| &nbsp;&nbsp;&nbsp; 3264440<br> <sup>(c)</sup><br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *6635259* |
| *FNMA — 1.7%* | *FNMA — 1.7%* | *FNMA — 1.7%* | *FNMA — 1.7%* | *FNMA — 1.7%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.280% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1156868<br>| &nbsp;&nbsp;&nbsp; 1142379<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 746853<br>| &nbsp;&nbsp;&nbsp; 727062<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/38- <br>2/1/40<br>| &nbsp;&nbsp; 1192041 | &nbsp;&nbsp;&nbsp; 1157393<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/38- <br>1/1/59<br>| &nbsp;&nbsp; 572678 | &nbsp;&nbsp;&nbsp; 573927<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 638697<br>| &nbsp;&nbsp;&nbsp; 564909<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 1527277<br>| &nbsp;&nbsp;&nbsp; 1571810<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 674507<br>| &nbsp;&nbsp;&nbsp; 710087<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/53 | &nbsp;&nbsp; 1030366<br>| &nbsp;&nbsp;&nbsp; 1075732<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.375%) | &nbsp;&nbsp; 6.411% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 186889<br>| &nbsp;&nbsp;&nbsp; 188988<br> <sup>(c)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *7712287* |
| *GNMA — 0.6%* | *GNMA — 0.6%* | *GNMA — 0.6%* | *GNMA — 0.6%* | *GNMA — 0.6%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/20/48 | &nbsp;&nbsp; 18751<br>| &nbsp;&nbsp;&nbsp; 17992<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/20/50 | &nbsp;&nbsp; 123147 | &nbsp;&nbsp;&nbsp; 107813<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/20/53 | &nbsp;&nbsp; 1739575 | &nbsp;&nbsp;&nbsp; 1775765<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 921225<br>| &nbsp;&nbsp;&nbsp; 953016<br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *2854586* |
| **Total Mortgage-Backed Securities (Cost — $17,336,523)** | **Total Mortgage-Backed Securities (Cost — $17,336,523)** | **Total Mortgage-Backed Securities (Cost — $17,336,523)** | **Total Mortgage-Backed Securities (Cost — $17,336,523)** | &nbsp;&nbsp; **17202132** |
| **Senior Loans — 1.2%** | **Senior Loans — 1.2%** | **Senior Loans — 1.2%** | **Senior Loans — 1.2%** | **Senior Loans — 1.2%** |
| **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; Nexstar Media Inc., Term Loan B5 (1 mo. Term SOFR + 2.500%) | 6.173% | &nbsp;&nbsp; 6/28/32 | &nbsp;&nbsp; 338300<br>| &nbsp;&nbsp;&nbsp; 338572<br> <sup>(c)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Initial Term Loan (3 mo. Term SOFR + 3.500%) | 7.161% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150164<br> <sup>(c)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, Term Loan Facility Y (6 mo. Term SOFR + 3.275%) | 7.052% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp;&nbsp; 276482<br> <sup>(c)(e)(f)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **765218** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* |
| &nbsp;&nbsp;&nbsp; 1011778 BC Unlimited Liability Co., Term Loan B6 (1 mo. Term SOFR + 1.750%)  | 5.423% | &nbsp;&nbsp; 9/20/30 | &nbsp;&nbsp; 54916<br>| &nbsp;&nbsp;&nbsp;&nbsp; *54938*<br> <sup>(c)(e)(f)</sup><br>|
| *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan (1 mo. Term SOFR + 2.250%) | 5.923% | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 374300<br>| &nbsp;&nbsp;&nbsp; 369269<br> <sup>(c)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (1 mo. Term SOFR + 4.250%) | 7.923% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 366225<br> <sup>(c)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rent-A-Center Inc., 2025 Term Loan (3 mo. Term SOFR + 2.750%) | 6.418% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 502955<br>| &nbsp;&nbsp;&nbsp; 502955<br> <sup>(c)(e)(f)(g)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1238449* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1293387** |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
| *Banks — 0.0%††* | *Banks — 0.0%††* | *Banks — 0.0%††* | *Banks — 0.0%††* | *Banks — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + 3.000%)  | 6.673% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; $210000<br>| &nbsp;&nbsp;&nbsp; $*205449*<br> <sup>(c)(e)(f)</sup><br>|
| *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* | *Capital Markets — 0.1%* |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Incremental Term Loan B  |  | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *312675*<br> <sup>(h)</sup><br>|
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan |  | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 135975<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing DAC, Term Loan B (3 mo. Term SOFR + 1.750%) | 5.422% | &nbsp;&nbsp; 11/6/28 | &nbsp;&nbsp; 192500<br>| &nbsp;&nbsp;&nbsp; 193463<br> <sup>(c)(e)(f)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *329438* |
| *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* |
| &nbsp;&nbsp;&nbsp; AmWINS Group Inc., 2026 Refinancing Term Loan |  | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 436150<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., New Term Loan B11 (1 mo. Term SOFR + <br> 4.350%) | 8.023% | &nbsp;&nbsp; 8/21/28 | &nbsp;&nbsp; 396788<br>| &nbsp;&nbsp;&nbsp; 390671<br> <sup>(c)(e)(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Incremental Term Loan |  | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49534<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services Inc., 2024 Term Loan |  | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 136010<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan B |  | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19680<br> <sup>(h)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *1032045* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1879607** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2028 Refinancing Term Loan  |  | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *70179*<br> <sup>(h)</sup><br>|
| *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA Inc., Dollar Term Loan B (1 mo. Term SOFR + <br> 2.100%)  | 5.773% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 284934<br>| &nbsp;&nbsp;&nbsp;&nbsp; *284934*<br> <sup>(c)(e)(f)</sup><br>|
| *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan  |  | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *126967*<br> <sup>(h)</sup><br>|
| *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* | *Pharmaceuticals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux Sarl, Dollar Term Loan Facility B2 (1 mo. Term SOFR + 2.250%)  | 5.923% | &nbsp;&nbsp; 5/5/28 | &nbsp;&nbsp; 308145<br>| &nbsp;&nbsp;&nbsp;&nbsp; *309601*<br> <sup>(c)(e)(f)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **791681** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility |  | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 74009<br>| &nbsp;&nbsp;&nbsp; 12,026<br> \*<sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.660% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 59762<br>| &nbsp;&nbsp;&nbsp; 58267<br> <sup>(c)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan |  | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 194257<br>| &nbsp;&nbsp;&nbsp; 169975<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.660% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 14821<br>| &nbsp;&nbsp;&nbsp; 14451<br> <sup>(c)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.660% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 29272<br>| &nbsp;&nbsp;&nbsp; 28541<br> <sup>(c)(e)(f)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *283260* |
| *Professional Services — 0.0%††* | *Professional Services — 0.0%††* | *Professional Services — 0.0%††* | *Professional Services — 0.0%††* | *Professional Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; CoreLogic Inc., First Lien Initial Term Loan  |  | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *47625*<br> <sup>(h)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **330885** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* | *Software — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Tenth Amendment Term Loan B2 |  | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 149120<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan |  | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 115329<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B |  | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 132895<br> <sup>(h)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **397344** |
| **Total Senior Loans (Cost — $5,479,318)** | **Total Senior Loans (Cost — $5,479,318)** | **Total Senior Loans (Cost — $5,479,318)** | **Total Senior Loans (Cost — $5,479,318)** | &nbsp;&nbsp; **5458122** |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date<br>| Contracts | Notional <br>Amount<br>| Value |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 3/13/26 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp;&nbsp; $500<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 24750<br>|
| **Total Exchange-Traded Purchased Options (Cost — $179,046)** | **Total Exchange-Traded Purchased Options (Cost — $179,046)** | **Total Exchange-Traded Purchased Options (Cost — $179,046)** | **Total Exchange-Traded Purchased Options (Cost — $179,046)** | **Total Exchange-Traded Purchased Options (Cost — $179,046)** | &nbsp;&nbsp; **25250** |
|  | Counterparty |  |  |  |  |
| **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Interest rate swaption, Call, Daily SOFR Compound paid <br> annually, 290.000<sup>bps</sup> payments received annually, maturing on <br> 9/29/28 <br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 12180000 | &nbsp;&nbsp; 12180000 | &nbsp;&nbsp;&nbsp; 43128<br>|
| &nbsp;&nbsp;&nbsp; Interest rate swaption, Call, Daily SOFR Compound paid <br> annually, 290.000<sup>bps</sup> payments received annually, maturing on <br> 9/29/28 <br>| Goldman Sachs <br> Group Inc.<br>| 9/25/26 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 2266<br>|
| **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | **Total OTC Purchased Options (Cost — $52,326)** | &nbsp;&nbsp; **45394** |
| **Total Purchased Options (Cost — $231,372)** | **Total Purchased Options (Cost — $231,372)** | **Total Purchased Options (Cost — $231,372)** | **Total Purchased Options (Cost — $231,372)** | **Total Purchased Options (Cost — $231,372)** | &nbsp;&nbsp; **70644** |
|  |  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 29<br> \*<sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 10243 | &nbsp;&nbsp;&nbsp; 4,917<br> \*<br>|
| **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | **Total Common Stocks (Cost — $143,870)** | &nbsp;&nbsp;&nbsp; **4946**<br>|
|  |  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $88,598) | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $88,598) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 7278<br>| &nbsp;&nbsp;&nbsp; **3,493**<br> \*<sup>(a)(j)(k)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $420,007,473)** | **Total Investments before Short-Term Investments (Cost — $420,007,473)** | **Total Investments before Short-Term Investments (Cost — $420,007,473)** | **Total Investments before Short-Term Investments (Cost — $420,007,473)** | **Total Investments before Short-Term Investments (Cost — $420,007,473)** | &nbsp;&nbsp; **420698198** |
|  |  | Rate |  | Shares |  |
| **Short-Term Investments — 7.5%** | **Short-Term Investments — 7.5%** | **Short-Term Investments — 7.5%** | **Short-Term Investments — 7.5%** | **Short-Term Investments — 7.5%** | **Short-Term Investments — 7.5%** |
| **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $21,513,311)  | &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $21,513,311)  | &nbsp;&nbsp; 3.603% |  | &nbsp;&nbsp; 21513311<br>| &nbsp;&nbsp;&nbsp;&nbsp; **21513311**<br> <sup>(l)(m)</sup><br>|
|  |  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Certificates of Deposit — 2.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank |  | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; $5000000 | &nbsp;&nbsp;&nbsp; 5002569<br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB |  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/22/26 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6000542<br>|
| **Total Certificates of Deposit (Cost — $11,000,000)** |  |  |  |  | &nbsp;&nbsp; **11003111** |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Commercial Paper — 0.4%** | **Commercial Paper — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp; MUFG Securities Americas Inc. (Cost — $1,684,091) | &nbsp;&nbsp; 3.810% | &nbsp;&nbsp; 10/19/26 | &nbsp;&nbsp; $1725000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$1684315**<br> <sup>(n)</sup><br>|
| **Total Short-Term Investments (Cost — $34,197,402)** | **Total Short-Term Investments (Cost — $34,197,402)** | **Total Short-Term Investments (Cost — $34,197,402)** | **Total Short-Term Investments (Cost — $34,197,402)** | &nbsp;&nbsp; **34200737** |
| **Total Investments — 99.9% (Cost — $454,204,875)** | **Total Investments — 99.9% (Cost — $454,204,875)** | **Total Investments — 99.9% (Cost — $454,204,875)** | **Total Investments — 99.9% (Cost — $454,204,875)** | &nbsp;&nbsp; **454898935** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 318966 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$455217901** |

---

&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> | 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>(d)</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>(e)</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>(f)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(g)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(h)</sup> | All or a portion of this loan has not settled as of February 28, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(i)</sup> | The coupon payment on this security is currently in default as of February 28, 2026. |
| <sup>(j)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(k)</sup> | Restricted security (Note 3). |
| <sup>(l)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(m)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2026, the total market value of <br> investments in Affiliated Companies was $21,513,311 and the cost was $21,513,311 (Note 2).<br>|
| <sup>(n)</sup> | Rate shown represents yield-to-maturity. |

---

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| CAS | Connecticut Avenue Securities |
| CDO | Collateralized Debt Obligation |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| DIP | Debtor-in-possession |
| IBOR | Interbank Offered Rate |
| IO | Interest Only |
| JSC | Joint Stock Company |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal Securities |
| USD | United States Dollar |

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Western Asset Ultra-Short Income Fund**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 3/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; $97.000 | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; $410000 | &nbsp;&nbsp;&nbsp;&nbsp; $(1025) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; (12500) |
| 3-Month SOFR Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;96.500 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 212500 | &nbsp;&nbsp;&nbsp;&nbsp; (11687) |
| **Total Exchange-Traded Written Options (Premiums received — $61,943)** | **Total Exchange-Traded Written Options (Premiums received — $61,943)** | **Total Exchange-Traded Written Options (Premiums received — $61,943)** | **Total Exchange-Traded Written Options (Premiums received — $61,943)** | **Total Exchange-Traded Written Options (Premiums received — $61,943)** | &nbsp;&nbsp;&nbsp; **(25212)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** | **OTC Written Options** |
|  | Counterparty |  |  |  |
| Interest rate swaption, Call, 345.000<sup>bps</sup> <br> payments paid annually, Daily SOFR <br> Compound received annually, maturing on <br> 9/29/36 <br>(Premiums received — $47,828)<br>| Goldman Sachs Group Inc. | &nbsp;&nbsp; 9/25/26<br> 345.000 <br><sup>bps</sup><br>| &nbsp;&nbsp;&nbsp; 2820000 | &nbsp;&nbsp; **$(40633)**<br>|
| **Total Written Options (Premiums received — $109,771)** | **Total Written Options (Premiums received — $109,771)** | **Total Written Options (Premiums received — $109,771)** | **Total Written Options (Premiums received — $109,771)** | &nbsp;&nbsp; **$(65845)**<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| bps | basis points (100 basis points = 1.00%) |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $21956216 | &nbsp;&nbsp;&nbsp;&nbsp; $21921331 | &nbsp;&nbsp;&nbsp;&nbsp; $(34885) |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 12/27 | &nbsp;&nbsp;&nbsp;&nbsp; 10166712 | &nbsp;&nbsp;&nbsp;&nbsp; 10191300 | &nbsp;&nbsp;&nbsp;&nbsp; 24588 |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 3/28 | &nbsp;&nbsp;&nbsp;&nbsp; 19603183 | &nbsp;&nbsp;&nbsp;&nbsp; 19650600 | &nbsp;&nbsp;&nbsp;&nbsp; 47417 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9110897 | &nbsp;&nbsp;&nbsp;&nbsp; 9141672 | &nbsp;&nbsp;&nbsp;&nbsp; 30775 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67895 |
| **Contracts to Sell:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10169162 | &nbsp;&nbsp;&nbsp;&nbsp; 10161375 | &nbsp;&nbsp;&nbsp;&nbsp; 7787 |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 716 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 149575636 | &nbsp;&nbsp;&nbsp;&nbsp; 149839782 | &nbsp;&nbsp;&nbsp;&nbsp; (264146) |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10271468 | &nbsp;&nbsp;&nbsp;&nbsp; 10356937 | &nbsp;&nbsp;&nbsp;&nbsp; (85469) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1646753 | &nbsp;&nbsp;&nbsp;&nbsp; 1658562 | &nbsp;&nbsp;&nbsp;&nbsp; (11809) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933875 | &nbsp;&nbsp;&nbsp;&nbsp; (9492) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243188 | &nbsp;&nbsp;&nbsp;&nbsp; (3785) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (366914) |
| **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; **$(299019)** |

---

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

---

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

---

See Notes to Schedule of Investments.

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

 **Western Asset Ultra-Short Income Fund**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $10450000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.450% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(15139) | &nbsp;&nbsp;&nbsp;&nbsp; $(1489) | &nbsp;&nbsp;&nbsp;&nbsp; $(13650) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 70286000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.320% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115983) | &nbsp;&nbsp;&nbsp;&nbsp; (5658) | &nbsp;&nbsp;&nbsp;&nbsp; (110325) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 18600000 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/30 | 2.452%\*\* | CPURNSA\*\* | &nbsp;&nbsp;&nbsp;&nbsp; (94296) | &nbsp;&nbsp;&nbsp;&nbsp; (9199) | &nbsp;&nbsp;&nbsp;&nbsp; (85097) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 17884000 | &nbsp;&nbsp;&nbsp;&nbsp; 8/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.420% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104666) | &nbsp;&nbsp;&nbsp;&nbsp; 45961 | &nbsp;&nbsp;&nbsp;&nbsp; (150627) |
| **Total** | &nbsp;&nbsp;&nbsp; **$117220000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(330084)** | &nbsp;&nbsp;&nbsp; **$29615** | &nbsp;&nbsp;&nbsp; **$(359699)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.IG.45 Index | $12330000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$239843** | &nbsp;&nbsp;&nbsp; **$271452** | &nbsp;&nbsp;&nbsp; **$(31609)** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; CPURNSA | 3.268% |
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 3.680% |

---

&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:** |
| CPURNSA |  | U.S. CPI Urban Consumers NSA Index |
| SOFR |  | Secured Overnight Financing Rate |

---

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

See Notes to Schedule of Investments.

------

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

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

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

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

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

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

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

------

Western Asset Ultra-Short Income Fund 2026 Quarterly Report

------

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $233864966 | &nbsp;&nbsp; — | &nbsp;&nbsp; $233864966 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 81666689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81666689 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 62330080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62330080 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 20097126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20097126 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 17202132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17202132 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 790432 | &nbsp;&nbsp; $502955 | &nbsp;&nbsp; 1293387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 4164735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4164735 |
| &nbsp;&nbsp;&nbsp; Purchased Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Purchased Options | &nbsp;&nbsp; $25250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 45394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45394 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 4917 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 3493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3493 |
| Total Long-Term Investments | &nbsp;&nbsp; 30167 | &nbsp;&nbsp; 420165076 | &nbsp;&nbsp; 502955 | &nbsp;&nbsp; 420698198 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 21513311 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21513311 |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 11003111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11003111 |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 1684315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1684315 |
| Total Short-Term Investments | &nbsp;&nbsp; 21513311 | &nbsp;&nbsp; 12687426 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34200737 |
| **Total Investments** | &nbsp;&nbsp; **$21543478** | &nbsp;&nbsp; **$432852502** | &nbsp;&nbsp; **$502955** | &nbsp;&nbsp; **$454898935** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $110567 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $110567 |
| **Total** | &nbsp;&nbsp; **$21654045** | &nbsp;&nbsp; **$432852502** | &nbsp;&nbsp; **$502955** | &nbsp;&nbsp; **$455009502** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Written Options | &nbsp;&nbsp; $25212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $25212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; $40633 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40633 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 409586 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 409586 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 359699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 359699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 31609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31609 |
| **Total** | &nbsp;&nbsp; **$434798** | &nbsp;&nbsp; **$431941** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$866739** |

---

&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 Ultra-Short Income Fund 2026 Quarterly Report

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $10687165 | $203282753 | 203282753 | $192456607 | 192456607 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>February 28, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $317964 |  | $21513311 |

---

**3. Restricted securities**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 2/28/2026<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 60 | 3/25 | $730 | $29 | &nbsp;&nbsp; $0.48<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 7278 | 3/25 | 88598 | 3493 <br><sup>(b)</sup><br>| 0.48<br> 0.00 <br><sup>(a)</sup><br>|
| **Total** |  |  | **$89328** | **$3522** | &nbsp;&nbsp; <br> **0.00%** <br><sup>(a)</sup><br>|

---

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

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

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

------

Western Asset Ultra-Short Income Fund 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 Income Trust

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $464089601.55

**Total Liabilities:** $10279329.49

**Net Assets:** $453810272.06

**Delayed Delivery Securities:** $4338854.50

**Cash Not Reported:** $1262550.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2982.78000000 | **1-Year:** 39847.06000000 | **5-Year:** 42303.66000000 | **10-Year:** 534.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 53.53000000 | **1-Year:** 1744.01000000 | **5-Year:** 2469.28000000 | **10-Year:** 27.99000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000046410 | 0.44%                | 0.43%                | 0.30%                |
| Class ID C000046412 | 0.26%                | 0.47%                | 0.24%                |
| Class ID C000046413 | 0.35%                | 0.56%                | 0.32%                |
| Class ID C000080302 | 0.37%                | 0.37%                | 0.24%                |
| Class ID C000118948 | 0.46%                | 0.45%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-83213.24               | $41996.69                                  |
| Month 2  | $6647.10                 | $318487.51                                 |
| Month 3  | $-155032.27              | $1173854.37                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS & CO. LLC                                                              | SWOP IRS USD                                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  -2820000 | NC      | $-40632.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | Options on Three-Month SOFR Futures                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -40 | NC      | $-12500.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ZF North America Capital, Inc.                                                       | ZFFNGR 7.5 03/24/31 144A                                                       | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206239.80    | 0.05%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 6.875 04/15/32 144A                                                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     80000 | PA      | $84199.20     | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RA9461                                                                      | CUSIP: 3133KRQN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69732 | PA      | $74113.66     | 0.02%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.597 05/17/28                                                           | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $1120290.09   | 0.25%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| M&T EQUIPTMENT 2023-LEAF1 LLC                                                        | MTLRF 2023-1A A4                                                               | CUSIP: 551925AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1270000 | PA      | $1287431.00   | 0.28%             | 2030-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding Llc                                                                | BELL 2025-1A A2I                                                               | CUSIP: 87342RAK0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    997500 | PA      | $1010908.49   | 0.22%             | 2055-08-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Oscar Us Funding Xiii Llc                                                            | OSCAR 2021-2A A4                                                               | CUSIP: 68785BAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |    194700 | PA      | $194559.47    | 0.04%             | 2028-09-11      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2025-COPT                                               | BX 2025-COPT A                                                                 | CUSIP: 05618XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1053899.39   | 0.23%             | 2042-08-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 4.5 03/20/27 144A                                                       | CUSIP: 68233JCY8<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1158676.72   | 0.26%             | 2027-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNW 2003-W8 3F1                                                                | CUSIP: 31393CX24<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     34732 | PA      | $34704.45     | 0.01%             | 2042-05-25      | Floating      | 4.18%                 | 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        |       -91 | NC      | $-85469.93    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sofi Professional Loan Program 2020-A Trust                                          | SOFI 2020-C AFX                                                                | CUSIP: 83390UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260181 | PA      | $247253.69    | 0.05%             | 2046-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                         | Focus Financial Term Loan B-8 (add-on) 275 2031-09-01                          | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    330000 | PA      | $312675.00    | 0.07%             | 2031-09-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.5 05/01/33 144A                                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33294.27     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                             | AESOP 2021-1A C                                                                | CUSIP: 05377REK6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    940000 | PA      | $934349.57    | 0.21%             | 2027-08-20      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| LEHMAN XS TRUST SERIES 2005-5N                                                       | SASC 2005-RF3 2A                                                               | CUSIP: 86359DME4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    184517 | PA      | $168407.14    | 0.04%             | 2035-06-25      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM5755                                                                      | CUSIP: 3140X9MD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    777251 | PA      | $754089.33    | 0.17%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                                                                | JANEST 7.125 04/30/31 144A                                                     | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |    480000 | PA      | $499685.41    | 0.11%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XXIII Ltd.                                                          | Marble Point CLO XXIII Ltd                                                     | CUSIP: 56607TAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1020000 | PA      | $1022091.31   | 0.23%             | 2035-01-22      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 2.259 03/25/28                                                          | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $1983513.33   | 0.44%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                 | HWM 4.85 10/15/31                                                              | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    220000 | PA      | $228438.67    | 0.05%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.IG.45.V1                                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $263817.77    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CNH EQUIPMENT TRUST 2022-B                                                           | CNH 2022-B A3                                                                  | CUSIP: 12663JAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    297588 | PA      | $297550.72    | 0.07%             | 2027-11-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                                                            | NSLT 2015-3A A2                                                                | CUSIP: 64033TAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1783026 | PA      | $1782596.15   | 0.39%             | 2051-02-27      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA2                                              | STACR 2021-DNA2 M2                                                             | CUSIP: 35564KDB2<br>LEI: 5493000ISZLYXFDXNW47 | Long             | ABS-O            | USGSE             | US        |    194597 | PA      | $197898.56    | 0.04%             | 2033-08-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP V2.591 01/20/28 144A                                                       | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $691378.25    | 0.15%             | 2028-01-20      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Csmc 2019-Uvil                                                                       | CSMC 2019-UVIL A                                                               | CUSIP: 12656DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480000 | PA      | $1418744.58   | 0.31%             | 2041-12-17      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.2 11/15/30                                                              | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1977711.07   | 0.44%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| KINGS PARK CLO LTD                                                                   | KINGP 2021-1A A1R                                                              | CUSIP: 496094AQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    720000 | PA      | $721434.10    | 0.16%             | 2039-01-21      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.75 05/01/35 144A                                                      | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $34043.16     | 0.01%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-West                                                                       | CSMC 2020-AFC1 A1                                                              | CUSIP: 12597MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    223814 | PA      | $217003.22    | 0.05%             | 2050-02-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 5.05 12/30/26 144A                                                         | CUSIP: 92840VAT9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1233816.17   | 0.27%             | 2026-12-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Three-Month SOFR Futures, Dec-2027,ETH                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        81 | NC      | $47417.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.125 04/28/28                                                              | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1722445.67   | 0.38%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS LP                                                          | TRGP 5.5 03/01/30                                                              | CUSIP: 87612BBQ4<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |    220000 | PA      | $224022.29    | 0.05%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mountain View CLO XV Ltd.                                                            | MVEW 2019-2A A1R                                                               | CUSIP: 62432PAS1<br>LEI: 254900VKL64PZVEG4F33 | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $481444.13    | 0.11%             | 2037-07-15      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                                              | VSNT 7.25 01/30/31 144A                                                        | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71682.03     | 0.02%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CMFT NET LEASE MASTER ISSUER LLC                                                     | CIMNL 2021-1 A1                                                                | CUSIP: 12575AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1024744 | PA      | $961190.65    | 0.21%             | 2051-07-20      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Bx Commercial Mortgage Trust 2018-Bioa                                               | BX 2020-VIV4 A                                                                 | CUSIP: 05608MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290000 | PA      | $1214250.17   | 0.27%             | 2044-03-11      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| LEGACY MTG ASST TR 2020-RPL1                                                         | LMAT 2020-RPL1 A1                                                              | CUSIP: 52474HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    611834 | PA      | $591898.65    | 0.13%             | 2059-09-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| VOYA CLO LTD                                                                         | VOYA 2016-1A BR                                                                | CUSIP: 92915CAU8<br>LEI: 549300BRUAMTEA33B077 | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $361690.78    | 0.08%             | 2031-01-21      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                                         | Cloudera First-lien Term Loan 375 2028-07-24                                   | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    130000 | PA      | $115328.85    | 0.03%             | 2028-10-08      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc.                                                          | AMD 4.319 03/24/28                                                             | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   1530000 | PA      | $1549965.60   | 0.34%             | 2028-03-24      | Fixed         | 4.32%                 | 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        |       -14 | NC      | $-11809.20    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BF0338                                                                      | CUSIP: 3140FXLU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    207909 | PA      | $205456.67    | 0.05%             | 2059-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance Plc                                                          | IMBLN 4.5 06/30/28 144A                                                        | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |   1170000 | PA      | $1182880.41   | 0.26%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metronet Infrastructure Issuer LLC.                                                  | MNET 2025-2A A2                                                                | CUSIP: 59170JAX6<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |    790000 | PA      | $807541.08    | 0.18%             | 2055-08-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Springcastle I Spv Llc                                                               | SCFT 2020-AA A                                                                 | CUSIP: 85022WAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    496676 | PA      | $471641.07    | 0.10%             | 2037-09-25      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| GOLDENTREE LN MGM 20 LTD/LLC                                                         | GLM 2024-20A A                                                                 | CUSIP: 38139MAC9<br>LEI: 984500CF2B1A04F63R63 | Long             | ABS-CBDO         | CORP              | JE        |    650000 | PA      | $652262.26    | 0.14%             | 2037-07-20      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 4.95 07/14/28 MTN                                                           | CUSIP: 24422EXB0<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1223872.40   | 0.27%             | 2028-07-14      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Credit Agricole Corporate & Investment Bank New York Branch                          | Credit Agricole Corporate & Investment Bank New York Branch 3.8% CP 22/07/2026 | CUSIP: 22536J6X8<br>LEI: N/A                  | Long             | STIV             | CORP              | FR        |   5000000 | PA      | $5002569.00   | 1.10%             | 2026-07-22      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                              | EQMSRM 8 03/15/33 144A                                                         | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    120000 | PA      | $127618.20    | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 6.35 01/15/29                                                              | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1162590.13   | 0.26%             | 2029-01-15      | Fixed         | 6.35%                 | 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        |    200000 | PA      | $209565.20    | 0.05%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Three-Month SOFR Futures, Mar-2026,ETH                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        91 | NC      | $-34884.85    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Student Loan Trust 2015-2                                                     | NSLT 2015-2A A2                                                                | CUSIP: 64033QAB5<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |    195504 | PA      | $193308.32    | 0.04%             | 2042-09-25      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                                             | AOMT 2025-6 A3                                                                 | CUSIP: 034937AC6<br>LEI: 254900GRN1I3WMM1H095 | Long             | ABS-O            | CORP              | US        |    744646 | PA      | $753235.49    | 0.17%             | 2070-04-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| CROSS 2023-H2 MORTGAGE TRUST                                                         | CROSS 2023-H2 A1A                                                              | CUSIP: 22757NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    376469 | PA      | $380807.32    | 0.08%             | 2068-11-25      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| 1011778 BC Unlimited Liability Company                                               | 1011778 BC ULC                                                                 | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |     54916 | PA      | $54938.28     | 0.01%             | 2030-09-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 5.125 05/01/27 144A                                                       | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216000 | PA      | $216296.20    | 0.05%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                   | CHRD 6 10/01/30 144A                                                           | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153295.55    | 0.03%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 3.7 05/15/27                                                               | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    920000 | PA      | $919020.54    | 0.20%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PLYM COMMERCIAL MORTGAGE TRUST 2026-IND                                              | PLYM 2026-IND A                                                                | CUSIP: 69292BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1130000 | PA      | $1131412.50   | 0.25%             | 2043-03-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 4.875 01/19/27 GMTN                                                         | CUSIP: 78016HZT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    580000 | PA      | $585338.15    | 0.13%             | 2027-01-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE FUNDING LLC MORTGAGE-BACKED CERTIFICATES SERIES 2004-3                   | CCMFC 2004-3A A2                                                               | CUSIP: 16678RBV8<br>LEI: 549300TC8R2SGZ2KM445 | Long             | ABS-O            | CORP              | US        |       739 | PA      | $732.07       | 0.00%             | 2035-08-27      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                              | SWOP IRS USD                                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |  12180000 | NC      | $43128.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITI FIBER ABS ISSUER 2025-1                                                        | UNIT 2025-2A A2                                                                | CUSIP: 91326EAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $465575.02    | 0.10%             | 2056-01-20      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 BT1888                                                                      | CUSIP: 3617MQCZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     65507 | PA      | $57358.81     | 0.01%             | 2050-12-20      | Fixed         | 2.50%                 | 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      | $211173.47    | 0.05%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                               | GM 4.2 10/01/27                                                                | CUSIP: 37045VAN0<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1314003.29   | 0.29%             | 2027-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp                                                                   | PFSFC 2023-B B                                                                 | CUSIP: 69335PEW1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1820000 | PA      | $1824838.65   | 0.40%             | 2028-05-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 1.875 08/15/26                                                              | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2510000 | PA      | $2484797.12   | 0.55%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SAGARD-HALSEYPOINT CLO 8 LTD/LLC                                                     | HLSY 2024-8A A1                                                                | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $411526.43    | 0.09%             | 2038-02-01      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL X LTD                                                            | FCBSL 2021-1A AR                                                               | CUSIP: 34962HAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    533392 | PA      | $533964.03    | 0.12%             | 2033-04-20      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| Yamana Gold Inc                                                                      | YRICN 4.625 12/15/27                                                           | CUSIP: 98462YAD2<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1058090.68   | 0.23%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                         | Harbor Freight Term Loan B 250 2031-05-27                                      | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    374300 | PA      | $369269.41    | 0.08%             | 2031-06-11      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | Options on Three-Month SOFR Futures                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        80 | NC      | $500.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.5 02/09/29                                                               | CUSIP: 532457CK2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1882178.45   | 0.41%             | 2029-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.4 10/15/30                                                               | CUSIP: 42824CCA5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    600000 | PA      | $601001.58    | 0.13%             | 2030-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust 2016-C32                          | MSBAM 2016-C32 ASB                                                             | CUSIP: 61691GAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96267 | PA      | $95984.35     | 0.02%             | 2049-12-17      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB4421                                                                      | CUSIP: 3140QP4F1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1527277 | PA      | $1571809.84   | 0.35%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.615 03/15/28                                                             | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1830000 | PA      | $1821856.26   | 0.40%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ARI FLEET LEASE TRUST 2025-B                                                         | ARIFL 2025-B A2                                                                | CUSIP: 00193GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2230000 | PA      | $2243452.48   | 0.49%             | 2034-03-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.85 04/01/30                                                             | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    220000 | PA      | $225318.78    | 0.05%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| eBay Inc.                                                                            | EBAY 1.4 05/10/26                                                              | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    950000 | PA      | $945321.99    | 0.21%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.505 10/22/28                                                            | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201802.36    | 0.04%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC          | BWCAP 2023-1A A1R                                                              | CUSIP: 108928AQ5<br>LEI: 254900KA4G802DSTDW29 | Long             | ABS-CBDO         | CORP              | JE        |    710000 | PA      | $712131.92    | 0.16%             | 2035-10-15      | Floating      | 5.35%                 | No            |                  2 | 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        |        83 | NC      | $30775.21     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Harborview Mtg Loan Trust                                                            | HVMLT 2005-9 2A1C                                                              | CUSIP: 41161PSM6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    142908 | PA      | $135517.10    | 0.03%             | 2035-06-20      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| BX 2021-PAC MORTGAGE TRUST                                                           | BX 2021-PAC A                                                                  | CUSIP: 05609PAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1347963.53   | 0.30%             | 2036-10-15      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                            | MARS 4.6 03/01/28 144A                                                         | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   4230000 | PA      | $4293054.79   | 0.95%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 5.55 05/15/29                                                              | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1154225.03   | 0.25%             | 2029-05-15      | Fixed         | 5.55%                 | 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        |    380000 | PA      | $366225.00    | 0.08%             | 2031-01-22      | Floating      | 7.92%                 | 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        |    887286 | PA      | $932336.33    | 0.21%             | 2041-10-15      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                                | AMRZ 4.7 04/07/28                                                              | CUSIP: 43475RAQ9<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1117278.68   | 0.25%             | 2028-04-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                                           | AER 4.125 02/28/29                                                             | CUSIP: 00774MBT1<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    350000 | PA      | $350243.60    | 0.08%             | 2029-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 1.6 08/12/28                                                              | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1741260.28   | 0.38%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Indymac Indx Mortgage Loan Trust 2004-Ar14                                           | RAST 2003-A11 A2                                                               | CUSIP: 45660NUU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15726 | PA      | $15510.31     | 0.00%             | 2033-11-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | Options on Three-Month SOFR Futures                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |      -164 | NC      | $-1025.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| athenahealth                                                                         | athenahealth Term Loan B 300 2029-02-01                                        | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    130000 | PA      | $126966.45    | 0.03%             | 2029-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-West                                                                       | CSMC 2021-AFC1 A1                                                              | CUSIP: 12657LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    288458 | PA      | $248953.42    | 0.05%             | 2056-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                            | XYZ 6 08/15/33 144A                                                            | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193214.99    | 0.04%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.375 04/15/29                                                            | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    970000 | PA      | $952618.73    | 0.21%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 7 02/01/33 144A                                                           | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $194408.19    | 0.04%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                              | MIK 8.5 03/15/33 144A                                                          | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    390000 | PA      | $379702.00    | 0.08%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | AAPL 1.4 08/05/28                                                              | CUSIP: 037833EH9<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2711322.82   | 0.60%             | 2028-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| MEGlobal BV                                                                          | EQPTRC 4.25 11/03/26 144A                                                      | CUSIP: 29441WAC9<br>LEI: 549300WBVLU2FILR7W19 | Long             | DBT              | CORP              | NL        |   1620000 | PA      | $1619835.57   | 0.36%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Legg Mason Partners Institutional Trust                                              | Legg Mason Partners Institutional Trust GVT RSEVS PRM                          | CUSIP: 52470G494<br>LEI: 54930003LJE4ZPPMRV82 | Long             | STIV             | RF                | US        |  24303459 | PA      | $24303458.98  | 5.36%             | 2099-12-01      | Floating      | 0.00%                 | No            |                  1 | On Loan: No      |
| Basswood Park Clo Ltd / Llc                                                          | BARK 2021-1A AR                                                                | CUSIP: 070252AJ0<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $800924.72    | 0.18%             | 2034-04-20      | Floating      | 4.70%                 | 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        |      -716 | NC      | $-264145.29   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                            | IRS USD                                                                        | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-94296.24    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA5                                              | STACR 2022-DNA5 M1B                                                            | CUSIP: 35564KYP8<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-O            | USGSE             | US        |    810000 | PA      | $846764.60    | 0.19%             | 2042-06-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS2947                                                                      | CUSIP: 3140XJHZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    746853 | PA      | $727062.16    | 0.16%             | 2035-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                                             | SPIRIT AVIA HOL RESTRICT                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        60 | NS      | $28.80        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 1.5 06/10/26                                                                | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1390617.28   | 0.31%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-H16 FG                                                                | CUSIP: 38382YGG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1543545 | PA      | $1536073.32   | 0.34%             | 2071-09-20      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                                                       | MVWOT 2020-1A A                                                                | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240193 | PA      | $237443.38    | 0.05%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.55 02/15/28                                                               | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $2028498.50   | 0.45%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CoreLogic Inc                                                                        | CoreLogic Term Loan B 350 2028-03-28                                           | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |     50000 | PA      | $47625.00     | 0.01%             | 2028-06-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| HALSEYPOINT CLO 3 LTD                                                                | HLSY 2020-3A A1R                                                               | CUSIP: 40638UAS8<br>LEI: 549300RT6H1EOIYTDV62 | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $431316.02    | 0.10%             | 2037-07-30      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7.25 06/15/33 144A                                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $74040.19     | 0.02%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-115983.16   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AN2555                                                                      | CUSIP: 3138LEZV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1156868 | PA      | $1142379.31   | 0.25%             | 2026-09-01      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| Transcontinental Gas Pipe Line Company, LLC                                          | WMB 4 03/15/28                                                                 | CUSIP: 893574AK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $832119.64    | 0.18%             | 2028-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.643 05/07/28                                                              | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   4780000 | PA      | $4813981.40   | 1.06%             | 2028-05-07      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 3.7 02/15/29                                                             | CUSIP: 02079KBJ5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    900000 | PA      | $900992.69    | 0.20%             | 2029-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Centerpoint Energy Houston Electric LLC                                              | CNP 5.2 10/01/28                                                               | CUSIP: 15189XBD9<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1385191.06   | 0.31%             | 2028-10-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Comm 2017-Panw Mortgage Trust                                                        | CGCMT 2017-B1 A4                                                               | CUSIP: 17326CAZ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $327249.71    | 0.07%             | 2050-08-17      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp                                                                     | NTT 4.62 07/16/28 144A                                                         | CUSIP: 62954WAQ8<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1000000 | PA      | $1015310.10   | 0.22%             | 2028-07-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS V1.494 08/10/27 144A                                                       | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1550000 | PA      | $1532773.64   | 0.34%             | 2027-08-10      | Fixed         | 1.49%                 | No            |                  2 | On Loan: No      |
| FEDEX FREIGHT HOLDING COMPANY INC                                                    | FDX 4.3 03/15/29 144A                                                          | CUSIP: 314352AA3<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1072619.12   | 0.24%             | 2029-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 4 03/15/31                                                                 | CUSIP: 002824BS8<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    790000 | PA      | $789558.63    | 0.17%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-90949.77    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                     | PR 6.25 02/01/33 144A                                                          | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31080.05     | 0.01%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.8 04/15/28                                                              | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1398333.46   | 0.31%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                 | VIKCRU 9.125 07/15/31 144A                                                     | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    390000 | PA      | $415137.45    | 0.09%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2023-V3 MORTGAGE TRUST                                                     | BMARK 2023-V3 A3                                                               | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $890254.81    | 0.20%             | 2056-07-17      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| M&T BANK RV TRUST 2026-1                                                             | MTBRV 2026-1A A                                                                | CUSIP: 551923AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1364502.78   | 0.30%             | 2046-01-16      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MTG TR 2022-1                                                  | DRMT 2022-1 A1                                                                 | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1098027 | PA      | $1042612.31   | 0.23%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2013-H08 BF                                                                | CUSIP: 38375BN99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     72177 | PA      | $71926.19     | 0.02%             | 2063-03-20      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN RESIDENTIAL MTG TR 2024-1                                                  | DRMT 2024-1 A1                                                                 | CUSIP: 24380QAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150604 | PA      | $152431.45    | 0.03%             | 2069-07-25      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-West                                                                       | CSMC 2021-AFC1 A3                                                              | CUSIP: 12657LAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    288458 | PA      | $250909.97    | 0.06%             | 2056-03-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 1.2 06/03/26 MTN                                                            | CUSIP: 89114TZD7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   3620000 | PA      | $3594723.68   | 0.79%             | 2026-06-03      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $12255.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture 38 Clo Ltd.                                                                  | VENTR 2019-38A ARR                                                             | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    201291 | PA      | $201815.07    | 0.04%             | 2032-07-30      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO XXX Ltd/Bluemountain CLO XXX LLC                                    | BLUEM 2020-30A AR2                                                             | CUSIP: 09630QAU5<br>LEI: 5493002GUQ80FGGGNP40 | Long             | ABS-CBDO         | CORP              | KY        |    660000 | PA      | $661457.94    | 0.15%             | 2035-04-16      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                     | SANLTD 2.3 03/08/27                                                            | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    530000 | PA      | $520544.22    | 0.11%             | 2027-03-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                              | BECN 6.75 04/30/32 144A                                                        | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217687.26    | 0.05%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 2.625 09/16/26                                                              | CUSIP: 02209SAU7<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1538944.83   | 0.34%             | 2026-09-16      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| B.A.T. International Finance PLC                                                     | BATSLN 1.668 03/25/26                                                          | CUSIP: 05530QAN0<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |   1460000 | PA      | $1457777.03   | 0.32%             | 2026-03-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Ascensus Group Holdings Inc (f/k/a Mercury Borrower Inc)                             | Ascensus Term Loan B 300 2028-08-01                                            | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    210000 | PA      | $205449.30    | 0.05%             | 2032-11-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Versant Media Group Inc                                                              | VERSANT MEDIA GROUP INC                                                        | CUSIP: 000000000<br>LEI: 254900D2Q5F5F229PU30 | Long             | LON              | CORP              | US        |    150000 | PA      | $150164.25    | 0.03%             | 2031-01-30      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| ABRY LIQUID CREDIT CLO 2025-2 LTD                                                    | ALC 2025-2A A1                                                                 | CUSIP: 003943AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    630000 | PA      | $631679.58    | 0.14%             | 2038-01-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.2 09/27/29 *                                                            | CUSIP: 68389XCS2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1284426.04   | 0.28%             | 2029-09-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 5.875 01/15/31 144A                                                       | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    120000 | PA      | $121321.20    | 0.03%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PRKCM 2021-AFC1 TRUST                                                                | PRKCM 2021-AFC1 A1                                                             | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    838493 | PA      | $736340.34    | 0.16%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 11/15/28                                                                 | CUSIP: 91282CPK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1420000 | PA      | $1424160.16   | 0.31%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 3 08/15/26                                                                 | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1264533.07   | 0.28%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNGT 2002-T19 A4                                                               | CUSIP: 31392GVT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    493619 | PA      | $494310.07    | 0.11%             | 2042-03-25      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                                                          | SRGIM 5 05/28/30 144A                                                          | CUSIP: 83304JAA5<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    620000 | PA      | $638552.29    | 0.14%             | 2030-05-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick CMS                                                                         | Sedgwick CMS Term Loan B 250 2031-07-01                                        | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |    140000 | PA      | $136010.00    | 0.03%             | 2031-07-31      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2021-7                                                      | AOMT 2021-7 A3                                                                 | CUSIP: 03464JAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    228310 | PA      | $204215.42    | 0.05%             | 2066-10-25      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| GALAXY 36 CLO LTD                                                                    | GALXY 2025-36A A1                                                              | CUSIP: 362937AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    760000 | PA      | $760987.70    | 0.17%             | 2038-10-15      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK32                                                                      | BANK 2021-BN32 A5                                                              | CUSIP: 06542BBH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    960000 | PA      | $891877.82    | 0.20%             | 2054-04-17      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 4.551 11/06/30                                                          | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1200000 | PA      | $1209859.14   | 0.27%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BMW US Capital, LLC                                                                  | BMW 4.65 08/13/29 144A                                                         | CUSIP: 05565ECR4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1436387.49   | 0.32%             | 2029-08-13      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 5 01/15/29                                                                 | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1193371.67   | 0.26%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | SOLV 5.45 02/25/27                                                             | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    694000 | PA      | $703452.55    | 0.16%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA3                                              | STACR 2021-DNA3 M2                                                             | CUSIP: 35564KEL9<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-O            | USGSE             | US        |    623201 | PA      | $634591.48    | 0.14%             | 2033-10-25      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                             | AESOP 2025-1A A                                                                | CUSIP: 05377RKL7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $397219.45    | 0.09%             | 2029-08-20      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Loan Trust 2018-2                                                 | MCMLT 2019-1 A1                                                                | CUSIP: 59981AAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292418 | PA      | $287599.37    | 0.06%             | 2069-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V2.215 01/27/28 mtn                                                        | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147781.25    | 0.03%             | 2028-01-27      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 1.75 03/01/26                                                             | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1150000.00   | 0.25%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                    | BMARK 2021-B29 XA                                                              | CUSIP: 08163JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12194045 | PA      | $409082.16    | 0.09%             | 2054-09-17      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS5955                                                                      | CUSIP: 3140XMTM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    674507 | PA      | $710086.70    | 0.16%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.8 01/15/30                                                               | CUSIP: 91324PFG2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1018548.12   | 0.22%             | 2030-01-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SYCAMORE TREE CLO 2025-6 LTD                                                         | STCP 2025-6A A1                                                                | CUSIP: 87122HAA0<br>LEI: 2138001M3BAXCUCAUG38 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $851211.68    | 0.19%             | 2038-04-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                                           | AER 2.45 10/29/26                                                              | CUSIP: 00774MAV7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   2110000 | PA      | $2089914.87   | 0.46%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                                             | Neuberger Berman Loan Advisers Clo 51 Ltd                                      | CUSIP: 64135BAW9<br>LEI: 549300E2R8NH2QE50368 | Long             | ABS-CBDO         | CORP              | JE        |    730000 | PA      | $730361.35    | 0.16%             | 2036-10-23      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.1 03/22/28                                                                | CUSIP: 92343VGH1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    820000 | PA      | $792539.94    | 0.17%             | 2028-03-22      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| AmWINS Group Inc                                                                     | AmWINS Group Term Loan B 200 2032-01-01                                        | CUSIP: 03234TBB3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |    440000 | PA      | $436150.00    | 0.10%             | 2032-01-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW RSDNTL MTG LN TR 2022-NQM2                                                       | NRZT 2022-NQM2 A1                                                              | CUSIP: 64831MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    733288 | PA      | $706242.30    | 0.16%             | 2062-03-25      | Variable      | 3.08%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7 06/15/30 144A                                                            | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73397.94     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-1                                            | EFMT 2021-2 A1                                                                 | CUSIP: 31572LAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    486897 | PA      | $422144.54    | 0.09%             | 2066-06-25      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 3.125 05/15/26 144A                                                        | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1954337.56   | 0.43%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                                      | SANUK V1.673 06/14/27                                                          | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1400000 | PA      | $1390364.98   | 0.31%             | 2027-06-14      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA F 12/11/26                                                                | CUSIP: 3135G1AB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $250150.11    | 0.06%             | 2026-12-11      | Floating      | 3.82%                 | No            |                  2 | On Loan: No      |
| STWD 2025-FL4 LLC                                                                    | STWD 2025-FL4 A                                                                | CUSIP: 863922AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1020000 | PA      | $1022104.77   | 0.23%             | 2042-11-19      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-18 FH                                                                 | CUSIP: 3136BVAP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1817831 | PA      | $1838508.84   | 0.41%             | 2054-08-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                              | HYNMTR 5.95 09/21/26 144A                                                      | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1395188.98   | 0.31%             | 2026-09-21      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Cim Trust                                                                            | CIM 2021-R6 A1                                                                 | CUSIP: 12567RAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    541365 | PA      | $505566.87    | 0.11%             | 2061-07-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA INC                                                            | ESA 2025-ESH A                                                                 | CUSIP: 30227TAA8<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $912338.88    | 0.20%             | 2042-10-15      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Swedbank Sparbanken Svenge Ab                                                        | Swedbank Sparbanken Svenge Ab 3.75% CP 22/07/2026                              | CUSIP: 87019W2J3<br>LEI: N/A                  | Long             | STIV             | CORP              | SE        |   6000000 | PA      | $6000541.80   | 1.32%             | 2026-07-22      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 5.2 04/18/27                                                              | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1124485.22   | 0.25%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG 9.5 02/01/29 144A                                                       | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    420000 | PA      | $450711.66    | 0.10%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Engie SA                                                                             | ENGIFP 5.25 04/10/29 144A                                                      | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    890000 | PA      | $924260.99    | 0.20%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA2                                              | STACR 2022-DNA2 M1B                                                            | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-O            | USGSE             | US        |    880000 | PA      | $890813.44    | 0.20%             | 2042-02-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| MLTI TRUST 2026-SF75                                                                 | MLTI 2026-SF75 A                                                               | CUSIP: 55318JAA7<br>LEI: ANGGYXNX0JLX3X63JN86 | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $911417.51    | 0.20%             | 2031-03-17      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE CLO 2021-1 LTD                                                         | PLMRS 2021-1A A1AR                                                             | CUSIP: 69701WAJ5<br>LEI: 549300O6Q3S8TEDA9I81 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500483.00    | 0.11%             | 2038-04-20      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Wendys Funding Llc                                                                   | WEN 2019-1A A2II                                                               | CUSIP: 95058XAH1<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |    818303 | PA      | $808334.67    | 0.18%             | 2049-06-15      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2 LTD                                                           | APEXC 2021-2A A1AR                                                             | CUSIP: 03755QAA1<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-CBDO         | CORP              | KY        |    910000 | PA      | $911328.78    | 0.20%             | 2034-10-20      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Columbia Cent CLO 32 Ltd.                                                            | CECLO 2022-32A A1R2                                                            | CUSIP: 19737TBG0<br>LEI: 549300NBGVSLUALOY827 | Long             | ABS-CBDO         | CORP              | KY        |   1070000 | PA      | $1071464.08   | 0.24%             | 2034-07-24      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP V4.792 05/09/29 144A                                                       | CUSIP: 09659W3C6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1230000 | PA      | $1245735.89   | 0.27%             | 2029-05-09      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                                               | Spirit Contingent TL                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     74009 | PA      | $12026.50     | 0.00%             | 2026-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Millrose Properties Inc.                                                             | MRP 6.25 09/15/32 144A                                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50668.15     | 0.01%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Obx 2021-Nqm2 Trust                                                                  | OBX 2021-NQM2 A3                                                               | CUSIP: 670857AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    558105 | PA      | $478042.34    | 0.11%             | 2061-05-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| MF1 2021-FL7 LTD                                                                     | MF1 2021-FL7 A                                                                 | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    198327 | PA      | $198457.34    | 0.04%             | 2036-10-21      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| Bravo Residential Funding Trust 2021-NMQ2                                            | BRAVO 2021-NQM2 A1                                                             | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67734 | PA      | $66719.07     | 0.01%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                                                    | Magnetite XXXI Ltd                                                             | CUSIP: 55952FAL2<br>LEI: 549300J3BCFSIZAJJW77 | Long             | ABS-CBDO         | CORP              | KY        |    730000 | PA      | $730903.74    | 0.16%             | 2034-07-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-28L                                               | NYC 2025-28L F                                                                 | CUSIP: 67123JAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1028517.00   | 0.23%             | 2038-11-05      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| GREYSTONE CRE NOTES 2021-FL3 LTD                                                     | GSTNE 2021-FL3 A                                                               | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    101082 | PA      | $101280.51    | 0.02%             | 2039-07-15      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-1                                            | EFMT 2022-1 A1                                                                 | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    257516 | PA      | $234061.08    | 0.05%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Agilent Technologies Inc.                                                            | A 4.2 09/09/27                                                                 | CUSIP: 00846UAQ4<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |    880000 | PA      | $884130.48    | 0.19%             | 2027-09-09      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                                           | AER 4.875 04/01/28                                                             | CUSIP: 00774MBN4<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    550000 | PA      | $559337.12    | 0.12%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2017-H15 FN                                                                | CUSIP: 38376R5Y8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    163036 | PA      | $163135.75    | 0.04%             | 2067-07-20      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| PARALLEL 2015-1 LTD                                                                  | PARL 2023-1A A1R                                                               | CUSIP: 69915NAJ7<br>LEI: 549300IVH7GEF68EFD31 | Long             | ABS-CBDO         | CORP              | KY        |    880000 | PA      | $881654.49    | 0.19%             | 2036-07-21      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2011-H07 FA                                                                | CUSIP: 38375BKP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     13592 | PA      | $13600.65     | 0.00%             | 2061-02-20      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2023-R05                                         | CAS 2023-R05 1M2                                                               | CUSIP: 207942AB9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    300000 | PA      | $311833.56    | 0.07%             | 2043-06-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.6 01/11/27                                                               | CUSIP: 29379VCE1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    490000 | PA      | $493282.39    | 0.11%             | 2027-01-11      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.75 02/12/27                                                               | CUSIP: 718172DF3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1090106.10   | 0.24%             | 2027-02-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Three-Month SOFR Futures, Sep-2027,ETH                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        42 | NC      | $24586.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, N.A.                                                                       | C 4.929 08/06/26                                                               | CUSIP: 17325FBJ6<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1555964.80   | 0.34%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-NQM3 TRUST                                                                 | CSMC 2021-NQM3 A3                                                              | CUSIP: 12660LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343129 | PA      | $308417.62    | 0.07%             | 2066-04-25      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                                                   | TAISEM 1.75 10/25/26                                                           | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1076062.31   | 0.24%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                                                                  | 522 Funding CLO 2019-5 Ltd                                                     | CUSIP: 33829WAL3<br>LEI: 549300HKB0UTKU91DG08 | Long             | ABS-CBDO         | CORP              | KY        |    670000 | PA      | $670829.73    | 0.15%             | 2035-04-15      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                                 | BMP 2024-MF23 A                                                                | CUSIP: 05593JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1182500 | PA      | $1184094.13   | 0.26%             | 2041-06-17      | Floating      | 5.03%                 | 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        |    160000 | PA      | $164240.00    | 0.04%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 5.004 02/23/27                                                              | CUSIP: 373334KV2<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1122587.83   | 0.25%             | 2027-02-23      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST 2023-1                                                  | HGVT 2023-1A A                                                                 | CUSIP: 432917AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332944 | PA      | $341645.63    | 0.08%             | 2038-01-25      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND XXVI LTD                                                      | ATCLO 2025-26A AY                                                              | CUSIP: 04942WAE2<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $220645.28    | 0.05%             | 2038-10-22      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                           | LHX 4.4 06/15/28                                                               | CUSIP: 413875AW5<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221728.24    | 0.05%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.05 02/15/28                                                             | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1159702.91   | 0.26%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 LLC                                                                    | MF1 2025-FL19 A                                                                | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    590000 | PA      | $592565.44    | 0.13%             | 2042-05-18      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Trust                                                                | PRK 2017-280P A                                                                | CUSIP: 90205FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $498249.30    | 0.11%             | 2034-09-15      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Indymac ABS, Inc.                                                                    | INABS 2005-C M2                                                                | CUSIP: 456606HV7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168899 | PA      | $168562.88    | 0.04%             | 2035-10-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| Fifth Third Auto Trust 2023-1                                                        | FITAT 2023-1 A3                                                                | CUSIP: 31680EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1059727 | PA      | $1068002.63   | 0.24%             | 2028-08-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2024-DNA1                                              | STACR 2024-DNA1 M2                                                             | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-O            | USGSE             | US        |    510000 | PA      | $515714.30    | 0.11%             | 2044-02-25      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.994 04/12/29 .                                                           | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018325.56   | 0.22%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| SCMS 2025-BNC1 MORTGAGE TRUST                                                        | SCMS 2025-BNC1 A2                                                              | CUSIP: 78398LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1020000 | PA      | $1024281.55   | 0.23%             | 2057-12-17      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real Estate Notes 2016-FL1 Ltd.                              | ARCREN 2025-FL1 A                                                              | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    520000 | PA      | $520370.92    | 0.11%             | 2043-01-21      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust 2022-NQM3                                            | BRAVO 2024-NQM1 A1                                                             | CUSIP: 10570FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    486879 | PA      | $490584.68    | 0.11%             | 2063-12-01      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 3.9 01/08/28                                                               | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    420000 | PA      | $420330.52    | 0.09%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V6.047 06/08/27 MTN                                                        | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    890000 | PA      | $894479.34    | 0.20%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                 | GLENLN 1.625 04/27/26 144A                                                     | CUSIP: 378272BD9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1554073.68   | 0.34%             | 2026-04-27      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 5.3 02/01/28                                                                | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1654321.24   | 0.36%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                       | NSANY 2 03/09/26 144A                                                          | CUSIP: 654740BS7<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1498067.25   | 0.33%             | 2026-03-09      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.95 02/04/31                                                             | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    480000 | PA      | $479156.53    | 0.11%             | 2031-02-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AstraZeneca Finance LLC                                                              | AZN 1.2 05/28/26                                                               | CUSIP: 04636NAA1<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1361299.72   | 0.30%             | 2026-05-28      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                          | CLR 2.268 11/15/26 144A                                                        | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1350663.67   | 0.30%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR ZA2383                                                                      | CUSIP: 31329KUG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1348130 | PA      | $1306575.36   | 0.29%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLLEGE AVE STUDENT LOANS 2023-A LL                                                  | CASL 2023-A C                                                                  | CUSIP: 193938AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    491512 | PA      | $507595.21    | 0.11%             | 2055-05-25      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding Llc                                                            | HONK 2025-1A A2                                                                | CUSIP: 26209XAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199500 | PA      | $201668.45    | 0.04%             | 2055-10-20      | Fixed         | 5.30%                 | 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        |    330000 | PA      | $309031.80    | 0.07%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UKG                                                                                  | UKG Term Loan B 350 2031-01-20                                                 | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    140000 | PA      | $132895.00    | 0.03%             | 2031-02-10      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| SMRT MINI                                                                            | SMRT 2022-MINI A                                                               | CUSIP: 78457JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1560000 | PA      | $1560330.10   | 0.34%             | 2039-01-18      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 3 02/15/27                                                                 | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248039.13    | 0.05%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND XXVI LTD                                                      | ATCLO 2025-26A AN                                                              | CUSIP: 04942WAC6<br>LEI: 2138002FK7N1KZ7PEF33 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $601743.48    | 0.13%             | 2038-10-22      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| MAPS TRUST 2026-1                                                                    | MAPSL 2026-1A A                                                                | CUSIP: 55293WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1252363 | PA      | $1271881.74   | 0.28%             | 2051-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHMS KS12 A                                                                    | CUSIP: 3137FNXD7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1180933 | PA      | $1184062.31   | 0.26%             | 2029-08-25      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.55 02/04/29                                                             | CUSIP: 68389XDW2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    800000 | PA      | $801697.85    | 0.18%             | 2029-02-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| LADDER CAPITAL FINANCE HOLDINGS LLLP                                                 | LADR 5.5 08/01/30                                                              | CUSIP: 505742AS5<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |    440000 | PA      | $452136.96    | 0.10%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                 | GLENLN 3.875 10/27/27 144A                                                     | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    990000 | PA      | $988877.11    | 0.22%             | 2027-10-27      | Fixed         | 3.88%                 | 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        |     20000 | PA      | $19680.00     | 0.00%             | 2031-05-06      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Loan Trust 2015-2                                                 | MCMLT 2015-2 M3                                                                | CUSIP: 599808BG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    292753 | PA      | $291354.04    | 0.06%             | 2057-09-25      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 1.15 07/14/26 GMTN                                                          | CUSIP: 78016EZT7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2660000 | PA      | $2633597.85   | 0.58%             | 2026-07-14      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 5.5 04/01/28 144A                                                          | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1460000 | PA      | $1492472.34   | 0.33%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS6242                                                                      | CUSIP: 3140XM5C6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1030366 | PA      | $1075731.37   | 0.24%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM8017                                                                      | CUSIP: 3140XB4B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    414790 | PA      | $403304.23    | 0.09%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                               | GFLCN 4 08/01/28 144A                                                          | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |    240000 | PA      | $236437.02    | 0.05%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 3.2 08/15/26                                                               | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    940000 | PA      | $937433.80    | 0.21%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 6.75 06/15/33 144A                                                      | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $94949.37     | 0.02%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA Inc                                                 | Grifols Worldwide Term Loan B 200 2027-10-26                                   | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    284934 | PA      | $284934.34    | 0.06%             | 2027-11-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                 | DISH 5.25 12/01/26 144A                                                        | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $126396.57    | 0.03%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE FUNDING LLC MORTGAGE-BACKED CERTIFICATES SERIES 2004-4                   | CCMFC 2004-4A A2                                                               | CUSIP: 16678RCD7<br>LEI: 549300BO65N44G8TZI31 | Long             | ABS-O            | CORP              | US        |      3436 | PA      | $3356.90      | 0.00%             | 2035-10-25      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                          | CRGYFN 7.375 01/15/33 144A                                                     | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119299.15    | 0.03%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 5.875 06/15/31 144A                                                        | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    290000 | PA      | $303253.58    | 0.07%             | 2031-06-15      | Fixed         | 5.88%                 | 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        |     60000 | PA      | $63948.36     | 0.01%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank U.A.                                                           | RABOBK V3.649 04/06/28 144A                                                    | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $797727.46    | 0.18%             | 2028-04-06      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                                         | UAL 5.375 03/01/31                                                             | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122497.15    | 0.03%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2020 LTD                                                             | APEXC 2020-1A A1R3                                                             | CUSIP: 03756ABN6<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | KY        |    900000 | PA      | $901939.68    | 0.20%             | 2035-04-20      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                               | FANG 3.25 12/01/26                                                             | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1563426.72   | 0.34%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC F 09/15/26                                                                 | CUSIP: 59022CAA1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200477.25    | 0.04%             | 2026-09-15      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust 2011-C2                                               | MSC 2017-ASHF A                                                                | CUSIP: 61691KAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67084 | PA      | $66548.35     | 0.01%             | 2034-11-15      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP                                                          | GSMS 2000-1A A                                                                 | CUSIP: 36228FCU8<br>LEI: CU46ESEFJB81SUVBJO28 | Long             | ABS-O            | CORP              | US        |     53522 | PA      | $5438.16      | 0.00%             | 2023-03-20      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| BXMT 2026-FL6 LTD                                                                    | BXMT 2026-FL6 A                                                                | CUSIP: 05620AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    760000 | PA      | $761186.74    | 0.17%             | 2043-08-19      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 4.35 01/15/29                                                             | CUSIP: 87612GAR2<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    730000 | PA      | $736151.49    | 0.16%             | 2029-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                                  | LNG 4.625 10/15/28                                                             | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1199971.20   | 0.26%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                 | URI 3.75 01/15/32                                                              | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    210000 | PA      | $198457.55    | 0.04%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC Second DIP New Money Delayed TL                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     14821 | PA      | $14450.75     | 0.00%             | 2026-07-14      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD2549                                                                      | CUSIP: 3132DPZN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    272634 | PA      | $269196.20    | 0.06%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 3.9 10/01/27                                                               | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    788000 | PA      | $786981.88    | 0.17%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 07/31/27                                                               | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $955584.96    | 0.21%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.482 08/23/28                                                             | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    730000 | PA      | $735127.02    | 0.16%             | 2028-08-23      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                                           | FORDF 2023-1 A1                                                                | CUSIP: 34528QHV9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |   1955000 | PA      | $1959086.73   | 0.43%             | 2028-05-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corp.                                                                   | VRT 4.125 11/15/28 144A                                                        | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109628.34    | 0.02%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                                                          | PAYX 5.1 04/15/30                                                              | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    530000 | PA      | $541390.70    | 0.12%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.65 04/01/28                                                             | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    970000 | PA      | $982533.13    | 0.22%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                                                | Jane Street Group Term Loan B 200 2031-12-01                                   | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    140000 | PA      | $135975.00    | 0.03%             | 2031-12-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Trust And Banking Corp New York Branch                                | Mitsubishi UFJ Trust And Banking Corp New York Branch 0% CP 19/10/2026         | CUSIP: 62479MKK8<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |   1725000 | PA      | $1684315.70   | 0.37%             | 2026-10-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAN CAPITAL 2021-2R                                                                  | MUCLO 2021-2RA A1R                                                             | CUSIP: 56164SAA0<br>LEI: 549300MBY3B6FX1O8T44 | Long             | ABS-CBDO         | CORP              | KY        |    910000 | PA      | $910272.09    | 0.20%             | 2039-04-18      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2025-1 LLC                                                    | SE 2025-1A A                                                                   | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    541789 | PA      | $549084.84    | 0.12%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CTR PARTNERSHIP LP                                                                   | CTREV 3.875 06/30/28 144A                                                      | CUSIP: 126458AE8<br>LEI: 254900L7G64R08G6RJ22 | Long             | DBT              | CORP              | US        |    590000 | PA      | $578020.99    | 0.13%             | 2028-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GCAT 2020-NQM1 TRUST                                                                 | GCAT 2020-NQM1 A3                                                              | CUSIP: 36167FAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    397858 | PA      | $394746.83    | 0.09%             | 2060-01-25      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| NAVIGATOR 2025-1 AVIATION LTD                                                        | NAVTR 2025-1 A                                                                 | CUSIP: 63943GAA0<br>LEI: 984500AWDV89795F0342 | Long             | ABS-O            | CORP              | KY        |    401773 | PA      | $406977.95    | 0.09%             | 2050-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Obx 2021-Nqm2 Trust                                                                  | OBX 2021-NQM2 A1                                                               | CUSIP: 670857AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    553233 | PA      | $466779.58    | 0.10%             | 2061-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| SFO COMMERCIAL MORTGAGE TRUST                                                        | SFO 2021-555 A                                                                 | CUSIP: 78432WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    920000 | PA      | $918520.36    | 0.20%             | 2038-05-17      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 5.1 02/22/31                                                               | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    210000 | PA      | $219693.29    | 0.05%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 6.125 02/15/33 144A                                                        | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    810000 | PA      | $839051.46    | 0.18%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AUTONATION FINANCE TRUST 2026-1                                                      | DRVPNK 2026-1A A4                                                              | CUSIP: 05330WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    430000 | PA      | $435000.21    | 0.10%             | 2031-06-11      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.25 02/01/28                                                               | CUSIP: 097023DB8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    460000 | PA      | $454778.89    | 0.10%             | 2028-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 3.557 08/15/27                                                          | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    710000 | PA      | $706670.83    | 0.16%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| TESLA AUTO LEASE TRUST 2023-B                                                        | TESLA 2023-B B                                                                 | CUSIP: 88167QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    534192 | PA      | $534840.01    | 0.12%             | 2027-08-20      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| NAVIENT REFINANCE LOAN TRUST 2026-A                                                  | NAVRL 2026-A A                                                                 | CUSIP: 63943HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1357951.37   | 0.30%             | 2056-01-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                                               | GS V5.283 03/18/27 BKNT                                                        | CUSIP: 38151LAF7<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    930000 | PA      | $930533.85    | 0.21%             | 2027-03-18      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| CASCADE MH ASSET TRUST                                                               | CMHAT 2021-MH1 A1                                                              | CUSIP: 14731QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    164879 | PA      | $151772.59    | 0.03%             | 2046-02-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                                                        | NRZT 2015-1A A3                                                                | CUSIP: 64829CAD0<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-O            | CORP              | US        |    223299 | PA      | $218411.04    | 0.05%             | 2052-05-28      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Corp.                                                    | SARM 2004-2 1A1                                                                | CUSIP: 86359BKY6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53332 | PA      | $52627.97     | 0.01%             | 2034-03-25      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 07/31/32                                                                   | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15750000 | PA      | $16044697.31  | 3.54%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 7.25 07/01/31 144A                                                      | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $53258.15     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.05 07/12/27                                                             | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152534.48    | 0.03%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                                        | Spirit Aviation Holdings Inc. WT EXP                                           | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7278 | NS      | $3493.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 1.35 02/03/27                                                              | CUSIP: 444859BQ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2712138.89   | 0.60%             | 2027-02-03      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.21 04/20/28                                                              | CUSIP: 61747YER2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2990000 | PA      | $2996221.17   | 0.66%             | 2028-04-20      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDU LN TR 2024-C                                                         | SMB 2024-C A1B                                                                 | CUSIP: 83206EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    636862 | PA      | $636598.22    | 0.14%             | 2052-06-17      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Company                                                   | EIX 5.65 10/01/28                                                              | CUSIP: 842400HY2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |   2390000 | PA      | $2479960.56   | 0.55%             | 2028-10-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                      | HERTZ 2023-4A A                                                                | CUSIP: 42806MCE7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $105523.86    | 0.02%             | 2030-03-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LN TR 2021-CA                                                         | NSLT 2021-CA AFL                                                               | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    577166 | PA      | $576080.27    | 0.13%             | 2062-04-20      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| OCCU AUTO RECEIVABLES TRUST 2023-1                                                   | OCCU 2025-1A D                                                                 | CUSIP: 67098SAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $766665.08    | 0.17%             | 2034-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-H09 QF                                                                | CUSIP: 38380Q5Q1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2772101 | PA      | $2848515.11   | 0.63%             | 2071-06-20      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 5.75 11/08/26                                                              | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   2720000 | PA      | $2751180.50   | 0.61%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 5.9 06/01/27                                                               | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2289765.08   | 0.50%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | Options on Three-Month SOFR Futures                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       180 | NC      | $24750.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinitas Clo XVI Ltd.                                                                | TRNTS 2021-16A A1R                                                             | CUSIP: 89642DAQ1<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |    660000 | PA      | $660924.53    | 0.15%             | 2034-07-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| AUTONATION FINANCE TRUST 2026-1                                                      | DRVPNK 2026-1A C                                                               | CUSIP: 05330WAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $537531.51    | 0.12%             | 2031-10-14      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO VI LTD                                                                  | GWOLF 2018-1A A2                                                               | CUSIP: 39809GAC9<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |    425144 | PA      | $426160.12    | 0.09%             | 2031-04-26      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| KREF 2021-Fl2 Ltd.                                                                   | KREF 2021-FL2 A                                                                | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |    321942 | PA      | $322251.60    | 0.07%             | 2039-02-17      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.376 04/27/28                                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2079803.69   | 0.46%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SUNRUN ATLAS ISSUER LLC 2019-2                                                       | SUNRN 2019-2 A                                                                 | CUSIP: 86772FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    476373 | PA      | $461205.84    | 0.10%             | 2055-01-30      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FH 841075                                                                      | CUSIP: 31288QFQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3290859 | PA      | $3264439.74   | 0.72%             | 2049-01-01      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| Aegis Asset Backed Securities Trust Mortgage Pass Through Certificates Series 2003 3 | AABST 2005-4 M2                                                                | CUSIP: 00764MGH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    339823 | PA      | $331610.01    | 0.07%             | 2035-10-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.775 06/12/29                                                            | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    260000 | PA      | $270427.76    | 0.06%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Smb Private Education Loan Trust 2021-C                                              | SMB 2021-C A2                                                                  | CUSIP: 83208AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1468954 | PA      | $1459616.72   | 0.32%             | 2053-01-15      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4540                                                                      | CUSIP: 31418EBJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    638697 | PA      | $564908.72    | 0.12%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO XII Ltd / LLC                                                       | OCTR 2022-12A A1R                                                              | CUSIP: 67515DAS7<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |    870000 | PA      | $872392.33    | 0.19%             | 2035-07-20      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITEBOX CLO III LTD                                                                 | WBOX 2021-3A A1R                                                               | CUSIP: 96467HAL0<br>LEI: 549300JXCQSPB1A61C68 | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1103089.46   | 0.24%             | 2035-10-15      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Woodmont 2023-12 LP                                                                  | WDMNT 2023-12A A1R                                                             | CUSIP: 979926AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    762952 | PA      | $763698.96    | 0.17%             | 2032-10-25      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.1 02/15/28                                                                 | CUSIP: 00206RGL0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1093773.82   | 0.24%             | 2028-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.7 08/15/30                                                                 | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    820000 | PA      | $840949.43    | 0.19%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 5.625 06/15/28                                                             | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2479732.33   | 0.55%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST 2021-                                                  | CBSLT 2021-AGS A                                                               | CUSIP: 20268WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    286666 | PA      | $250093.17    | 0.06%             | 2052-03-25      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Swch Commercial Mortgage Trust 2025-Data                                             | SWCH 2025-DATA A                                                               | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1120000 | PA      | $1111848.98   | 0.25%             | 2042-02-18      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 6.375 03/01/29 144A                                                        | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    230000 | PA      | $236539.13    | 0.05%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ares XLIV CLO Ltd.                                                                   | ARES 2021-60A AR2                                                              | CUSIP: 04018FAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    560000 | PA      | $560063.95    | 0.12%             | 2034-07-18      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS2866                                                                      | CUSIP: 3140XJFG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364769 | PA      | $368470.29    | 0.08%             | 2038-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Battery Park CLO Ltd.                                                                | BATPK 2019-1A AR                                                               | CUSIP: 07133YAL4<br>LEI: 549300HAR0K520KW1A03 | Long             | ABS-CBDO         | CORP              | KY        |    320000 | PA      | $320256.19    | 0.07%             | 2036-07-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN                                                  | NAVSL 2024-A A                                                                 | CUSIP: 63943CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1210528 | PA      | $1249032.27   | 0.28%             | 2072-10-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                                             | Virgin Media Term Loan Y (Incremental) 325 2031-02-26                          | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    295000 | PA      | $276481.38    | 0.06%             | 2031-03-31      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Contingent                                                           | SPIRIT FUNDED ROLL UP TL                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194257 | PA      | $169974.51    | 0.04%             | 2030-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 4.3 03/25/28                                                               | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    790000 | PA      | $795014.94    | 0.18%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                     | TEVA 4.75 05/09/27                                                             | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1865000 | PA      | $1867739.69   | 0.41%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 4945 KF                                                                    | CUSIP: 3137FQX57<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    532485 | PA      | $525710.99    | 0.12%             | 2049-09-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                | WOOF 8.25 02/01/31 144A                                                        | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97732.94     | 0.02%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Blue Racer Midstream, LLC / Blue Racer Finance Corp                                  | BLURAC 7.25 07/15/32 144A                                                      | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $264589.00    | 0.06%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 29 LTD                                                                   | ELM29 2024-5A AR1                                                              | CUSIP: 289913AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250943.08    | 0.06%             | 2037-04-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FNGT 2000-T6 A3                                                                | CUSIP: 31358SR78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     69613 | PA      | $69534.83     | 0.02%             | 2040-11-25      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC Third DIP New Money TL                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     29272 | PA      | $28540.67     | 0.01%             | 2026-07-14      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 787115                                                                      | CUSIP: 3622ACYL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    921225 | PA      | $953016.18    | 0.21%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.707 04/22/28 MTN                                                        | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2340000 | PA      | $2383171.53   | 0.53%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 1.75 12/02/26                                                               | CUSIP: 13645RBE3<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |   1380000 | PA      | $1358991.29   | 0.30%             | 2026-12-02      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.656 04/18/30                                                             | CUSIP: 61747YFQ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2277328.74   | 0.50%             | 2030-04-18      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                     | TEVA 5.125 05/09/29                                                            | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    210000 | PA      | $212452.80    | 0.05%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                                          | COR 4.625 12/15/27                                                             | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    770000 | PA      | $780014.39    | 0.17%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAPITAL DAC                                                           | AER 6.1 01/15/27                                                               | CUSIP: 00774MBD6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1890000 | PA      | $1922304.60   | 0.42%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                                                  | BNS 1.35 06/24/26                                                              | CUSIP: 0641594A1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    780000 | PA      | $773877.43    | 0.17%             | 2026-06-24      | Fixed         | 1.35%                 | 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        |   1050000 | PA      | $1047397.08   | 0.23%             | 2029-04-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2016-H07 FK                                                                | CUSIP: 38376RRL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    467029 | PA      | $470182.67    | 0.10%             | 2066-03-20      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                                                    | Nexstar Broadcasting Term Loan B 250 2032-06-14                                | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    338300 | PA      | $338572.33    | 0.07%             | 2032-06-28      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                            | TPMT 2019-HY1 B1                                                               | CUSIP: 89177EAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1460000 | PA      | $1526826.83   | 0.34%             | 2048-10-26      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| New Century Home Equity Loan Trust 2005-1                                            | NCHET 2004-2 M2                                                                | CUSIP: 64352VGB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11782 | PA      | $28387.34     | 0.01%             | 2034-08-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| HILDENE COM 2015-R FDG CDO LTD                                                       | HCOMF 2015-1A ARR                                                              | CUSIP: 43133KAC9<br>LEI: 549300845E8YWIPN4S43 | Long             | ABS-CBDO         | CORP              | KY        |    244611 | PA      | $220067.05    | 0.05%             | 2035-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 3.875 11/15/28                                                           | CUSIP: 02079KAV9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    850000 | PA      | $856361.83    | 0.19%             | 2028-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                                                  | DAL 2 06/10/28 AA                                                              | CUSIP: 247361ZV3<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | ABS-O            | CORP              | US        |    335567 | PA      | $321913.83    | 0.07%             | 2028-06-10      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Trust 2018-Rpl5                                                      | LMAT 2021-GS5 A1                                                               | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    943659 | PA      | $945357.55    | 0.21%             | 2067-07-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2026-2                                                    | VERUS 2026-2 A2                                                                | CUSIP: 92490GAL2<br>LEI: 213800OKSLL73WD2H386 | Long             | ABS-O            | CORP              | US        |    790000 | PA      | $789618.98    | 0.17%             | 2071-02-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2025-B                                                  | BOCA 2025-BOCA A                                                               | CUSIP: 05619RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1040000 | PA      | $1045900.54   | 0.23%             | 2042-12-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.7 04/15/29                                                               | CUSIP: 91324PEZ1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2099170.30   | 0.46%             | 2029-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Setanta Aircraft Leasing DAC                                                         | AerCap/Setanta Term Loan B 175 2028-11-01                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | IE        |    192500 | PA      | $193462.50    | 0.04%             | 2028-11-06      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNW 2003-W6 6A                                                                 | CUSIP: 31393BW76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    155503 | PA      | $156893.23    | 0.03%             | 2042-08-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.04 01/23/28                                                             | CUSIP: 46647PEA0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1200791.50   | 0.26%             | 2028-01-23      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK36                                                                      | BANK 2021-BN36 A5                                                              | CUSIP: 06540DBH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $354931.79    | 0.08%             | 2064-09-17      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                          | TRACTC 5.875 03/01/31 144A                                                     | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $251296.19    | 0.06%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2026-NQM3                                        | NRZT 2026-NQM3 A3                                                              | CUSIP: 64832PAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    440000 | PA      | $441174.71    | 0.10%             | 2066-02-25      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.1 11/20/30                                                              | CUSIP: 023135CT1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    630000 | PA      | $634762.05    | 0.14%             | 2030-11-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| SLM PRIVATE CREDIT STUDENT LOAN TRUST 2006-B                                         | SLMA 2006-B A5                                                                 | CUSIP: 78443CCU6<br>LEI: 549300MJYMBTZU2FTV38 | Long             | ABS-O            | CORP              | US        |   1317548 | PA      | $1294026.00   | 0.29%             | 2039-12-15      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.9 11/20/28                                                              | CUSIP: 023135CS3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573261.14    | 0.13%             | 2028-11-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Aon North America Inc.                                                               | AON 5.15 03/01/29                                                              | CUSIP: 03740MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1309975.05   | 0.29%             | 2029-03-01      | Fixed         | 5.15%                 | 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        |   1050000 | PA      | $1056500.99   | 0.23%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Trust 2018-Rpl5                                                      | LMAT 2021-GS2 A1                                                               | CUSIP: 52476DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452882 | PA      | $454625.32    | 0.10%             | 2061-04-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| PRKCM 2024-HOME1 TRUST                                                               | PRKCM 2024-HOME1 A1                                                            | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490998 | PA      | $498191.16    | 0.11%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNGT 2004-T3 2A                                                                | CUSIP: 31393YV77<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    226790 | PA      | $228659.19    | 0.05%             | 2043-08-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| ONSLOW BAY FINANCIAL LLC                                                             | OBX 2026-NQM1 A3                                                               | CUSIP: 67123HAK9<br>LEI: 549300JK5TDDSAIKZ665 | Long             | ABS-O            | CORP              | US        |    825611 | PA      | $827443.40    | 0.18%             | 2065-11-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC DIP New Money Term Loan 10/25                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     59762 | PA      | $58267.46     | 0.01%             | 2040-01-02      | None          | 11.66%                | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 1.68 10/30/30                                                               | CUSIP: 92343VFX7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1008000 | PA      | $904679.83    | 0.20%             | 2030-10-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobile Receivables Trust 2019-3                            | GMCAR 2022-4 A4                                                                | CUSIP: 36265QAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2150000 | PA      | $2159521.06   | 0.48%             | 2028-08-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 22 LTD / LLC                                                               | AIMCO 2024-22A A                                                               | CUSIP: 00901UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    323000 | PA      | $323419.90    | 0.07%             | 2037-04-20      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2019-H16 CF                                                                | CUSIP: 38380LF65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    865945 | PA      | $867141.08    | 0.19%             | 2069-10-20      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CARVAL CLO XI-C LTD /LLC                                                             | CARVL 2024-3A A1                                                               | CUSIP: 14688RAA8<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |    830000 | PA      | $832232.95    | 0.18%             | 2037-10-20      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON BRANCH                                                                 | UBS 1.25 06/01/26                                                              | CUSIP: 902674ZZ6<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1192014.44   | 0.26%             | 2026-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| 1261229 Bc Ltd.                                                                      | BHCCN 10 04/15/32 144A                                                         | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    570000 | PA      | $589954.36    | 0.13%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Mckesson Corp.                                                                       | MCK 4.25 09/15/29                                                              | CUSIP: 581557BV6<br>LEI: 549300WZWOM80UCFSF54 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1395718.78   | 0.31%             | 2029-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 5.375 07/15/27 144A                                                        | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    660000 | PA      | $665145.29    | 0.15%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust 2014-4                                                    | NAVSL 2021-1A A1B                                                              | CUSIP: 63942NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    395968 | PA      | $391195.19    | 0.09%             | 2069-12-26      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| The Connecticut Light and Power Company                                              | ES 4.65 01/01/29                                                               | CUSIP: 207597ER2<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |    650000 | PA      | $664573.42    | 0.15%             | 2029-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Rent-A-Center Inc                                                                    | UPBOUND GROUP INC                                                              | CUSIP: 000000000<br>LEI: 529900QUHE15UQNCCJ63 | Long             | LON              | CORP              | US        |    502955 | PA      | $502954.93    | 0.11%             | 2032-08-13      | Floating      | 6.42%                 | No            |                  3 | On Loan: No      |
| Csmc 2019-Afc1 Trust                                                                 | CSMC 2019-AFC1 A2                                                              | CUSIP: 12596XAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    124264 | PA      | $121399.98    | 0.03%             | 2049-07-25      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                                   | CPGX 6.055 08/15/26 144A                                                       | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1707000 | PA      | $1718580.94   | 0.38%             | 2026-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                                                    | JAPTOB 4.85 05/15/28 144A                                                      | CUSIP: 471105AC0<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |   1120000 | PA      | $1142976.60   | 0.25%             | 2028-05-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.15 06/15/29                                                              | CUSIP: 341081GT8<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    680000 | PA      | $708317.12    | 0.16%             | 2029-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux Sarl                                                              | Jazz Pharmaceuticals Term Loan B 225 2028-05-01                                | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    308145 | PA      | $309601.15    | 0.07%             | 2028-05-05      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings Inc.                                                            | WBD 3.755 03/15/27 *                                                           | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    196000 | PA      | $195528.62    | 0.04%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.6 07/15/30                                                              | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1186297.14   | 0.26%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| John Deere Capital Corp.                                                             | DE 1.05 06/17/26 MTN                                                           | CUSIP: 24422EVR7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1031596.85   | 0.23%             | 2026-06-17      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FIN 2021-1                                                          | EFF 2023-1 A3                                                                  | CUSIP: 29375CAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2519648.25   | 0.56%             | 2029-10-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                                                          | ASUCOR 8 12/31/32 144A                                                         | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210233.60    | 0.05%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RIDE TRUST 2025-SHRE                                                                 | RIDE 2025-SHRE A                                                               | CUSIP: 765692AA6<br>LEI: 5493000HCHF3YP6AGZ15 | Long             | ABS-O            | CORP              | US        |    960000 | PA      | $993071.52    | 0.22%             | 2047-02-14      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.07 02/24/28 VAR                                                           | CUSIP: 172967NG2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1416380.31   | 0.31%             | 2028-02-24      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHS 19 F                                                                       | CUSIP: 31351DCS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        11 | PA      | $11.48        | 0.00%             | 2028-06-01      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AL3421                                                                      | CUSIP: 3138EKYT6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186888 | PA      | $188988.36    | 0.04%             | 2037-09-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 4.125 11/16/28                                                             | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    900000 | PA      | $905729.15    | 0.20%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2025-1                                                     | NSLT 2025-1A A1                                                                | CUSIP: 64035EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1789037 | PA      | $1789556.91   | 0.39%             | 2033-10-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Inversiones CMPC SA                                                                  | CMPCCI 4.375 04/04/27 144A                                                     | CUSIP: 46128MAJ0<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |   1500000 | PA      | $1500869.25   | 0.33%             | 2027-04-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2023-R08 1M2                                                               | CUSIP: 20755CAB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    870000 | PA      | $886816.49    | 0.20%             | 2043-10-26      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Csmc 2019-Afc1 Trust                                                                 | CSMC 2019-AFC1 A1                                                              | CUSIP: 12596XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56515 | PA      | $55138.31     | 0.01%             | 2049-07-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| Perusahaan Listrik Negara PT                                                         | PLNIJ 5.45 05/21/28 144A                                                       | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |   1560000 | PA      | $1595238.84   | 0.35%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Prosus NV                                                                            | PRXNA 3.257 01/19/27 144A                                                      | CUSIP: 74365PAG3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |   1630000 | PA      | $1616468.26   | 0.36%             | 2027-01-19      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                                   | CPGX 6.042 08/15/28 144A                                                       | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1882160.77   | 0.41%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN POINT CLO 1 LTD                                                             | MTNPT 2026-1A A1                                                               | CUSIP: 624257AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    390000 | PA      | $390193.05    | 0.09%             | 2039-04-20      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                               | SLMA 2013-1 A3                                                                 | CUSIP: 78447MAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    513680 | PA      | $511098.55    | 0.11%             | 2055-05-25      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                                                                            | ARTFI 2026-1A A1                                                               | CUSIP: 83589DAA4<br>LEI: 549300P5BAAMQQ7VL735 | Long             | ABS-O            | CORP              | US        |   1270000 | PA      | $1278935.97   | 0.28%             | 2033-06-20      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                                  | GP 0.95 05/15/26 144A                                                          | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1192831.25   | 0.26%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| OBX 2021-NQM3 TR                                                                     | OBX 2021-NQM3 A1                                                               | CUSIP: 67114JAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    658572 | PA      | $564683.49    | 0.12%             | 2061-07-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 BS8546                                                                      | CUSIP: 3617MKP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     57640 | PA      | $50453.82     | 0.01%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                          | Options on Three-Month SOFR Futures                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -85 | NC      | $-11687.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SESAC FINANCE LLC                                                                    | SESAC 2024-1 A2                                                                | CUSIP: 78396YAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1166200 | PA      | $1196188.37   | 0.26%             | 2054-01-25      | Fixed         | 6.42%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 5.75 12/01/28                                                              | CUSIP: 444859BZ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    350000 | PA      | $362821.51    | 0.08%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                                               | SLMA 2013-6 A3                                                                 | CUSIP: 78448CAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    521605 | PA      | $521794.65    | 0.11%             | 2055-06-26      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-B                                                  | BX 2024-BIO2 D                                                                 | CUSIP: 05613GAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $383302.69    | 0.08%             | 2041-08-15      | Variable      | 7.71%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                                              | MBGGR 5.1 11/15/29 144A                                                        | CUSIP: 58769JBA4<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1209300.79   | 0.27%             | 2029-11-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                  | Medline Industries Term Loan B 200 2028-10-01                                  | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     70000 | PA      | $70178.85     | 0.02%             | 2028-10-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.419 12/20/28                                                            | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1782016.65   | 0.39%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust 2023-1                                      | COPAR 2022-2 A3                                                                | CUSIP: 14043GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25658 | PA      | $25654.14     | 0.01%             | 2027-05-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-A                                                  | BX 2022-AHP A                                                                  | CUSIP: 05610FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1570000 | PA      | $1570220.43   | 0.35%             | 2039-01-18      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 4.65 07/01/26                                                              | CUSIP: 958254AF1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1860563.78   | 0.41%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| American Airlines Pass Through Trust 2015-1A                                         | AAL 3.375 05/01/27                                                             | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1251587 | PA      | $1238293.63   | 0.27%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 2.1 08/01/27                                                               | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2271808.09   | 0.50%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 784985                                                                      | CUSIP: 3622AANA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18751 | PA      | $17992.40     | 0.00%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bayswater Park CLO Ltd. / Bayswater Park CLO LLC                                     | BAYPK 2023-1A AR                                                               | CUSIP: 072929AQ5<br>LEI: 254900BXH0PMWI87VS84 | Long             | ABS-CBDO         | CORP              | JE        |    650000 | PA      | $649675.07    | 0.14%             | 2039-01-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| Phantom 2026-1 Aviation Ltd. / Phantom 2026-1 Aviation LLC                           | PHNTOM 2026-1A A                                                               | CUSIP: 71711GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    490000 | PA      | $499852.33    | 0.11%             | 2051-01-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc                                                  | Asurion First-lien Term Loan B-14 375 2033-02-09                               | CUSIP: 04649VBF6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    396788 | PA      | $390671.33    | 0.09%             | 2033-02-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                          | CLR 4.375 01/15/28                                                             | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    830000 | PA      | $831925.12    | 0.18%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 4.3 07/22/27 GMTN                                                          | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2007714.74   | 0.44%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SYMPHONY CLO 52 LTD                                                                  | SYMP 2025-52A AR                                                               | CUSIP: 87170MAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    790000 | PA      | $791216.84    | 0.17%             | 2036-01-22      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| MAD COMMERCIAL MORTGAGE TRUST 2025-11MD                                              | MAD 2025-11MD A                                                                | CUSIP: 55616AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1340000 | PA      | $1361403.02   | 0.30%             | 2042-10-17      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| MF1 2026-FL21 LLC                                                                    | MF1 2026-FL21 A                                                                | CUSIP: 55287NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    210000 | PA      | $210134.46    | 0.05%             | 2041-02-19      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc.                                                                    | LPLA 4.9 04/03/28                                                              | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1214623.84   | 0.27%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                                  | NRZT 2021-NQM3 A1                                                              | CUSIP: 64831TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    544010 | PA      | $503904.17    | 0.11%             | 2056-11-25      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Holdings (US) Inc.                                                 | GFLCN 5.5 02/01/34 144A                                                        | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $221066.34    | 0.05%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO X                                                                   | OCTR 2020-10A AR2                                                              | CUSIP: 67516CAW9<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |    570000 | PA      | $571067.50    | 0.13%             | 2034-10-16      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| BLACK DIAMOND CLO 2024-1 LTD                                                         | BLACK 2024-1A A1                                                               | CUSIP: 09204UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1130000 | PA      | $1134547.35   | 0.25%             | 2037-10-26      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-A                                     | NAVSL 2019-A A2B                                                               | CUSIP: 63941BAC9<br>LEI: 549300JSCKIU587G1R13 | Long             | ABS-O            | CORP              | US        |     20603 | PA      | $20605.40     | 0.00%             | 2043-01-15      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated                                                       | DGX 4.6 12/15/27                                                               | CUSIP: 74834LBE9<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    570000 | PA      | $577212.57    | 0.13%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                            | VNOM 4.9 08/01/30                                                              | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306241.50    | 0.07%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                      | GEV 4.25 02/04/31                                                              | CUSIP: 36828AAA9<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |    730000 | PA      | $735304.98    | 0.16%             | 2031-02-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LN TR 2021-A                                                          | NSLT 2021-A A2                                                                 | CUSIP: 64035DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1550000 | PA      | $1552341.74   | 0.34%             | 2062-04-20      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FIN 2021-1                                                          | EFF 2023-1 A2                                                                  | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11216 | PA      | $11228.22     | 0.00%             | 2029-01-20      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| APIDOS CLO XXX LTD                                                                   | APID XXXA A2R                                                                  | CUSIP: 03768CAS8<br>LEI: 2549001XBZ4DU4T7EC48 | Long             | ABS-CBDO         | CORP              | KY        |   1230000 | PA      | $1234744.11   | 0.27%             | 2031-10-20      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Vontier Corporation                                                                  | VNT 1.8 04/01/26                                                               | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1686212.17   | 0.37%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                                        | Spirit Aviation Holdings Inc. COM                                              | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10243 | NS      | $4916.64      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AIMCO CLO 15 LTD                                                                     | AIMCO 2021-15A AR                                                              | CUSIP: 00889BAE1<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    890000 | PA      | $891703.99    | 0.20%             | 2038-04-17      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                | QUIKHO 6.375 03/01/32 144A                                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    210000 | PA      | $218389.08    | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 6.125 12/15/30 144A                                                     | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83143.44     | 0.02%             | 2030-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bayfront Iabs VII Pte Ltd.                                                           | BAYFRT 7A A                                                                    | CUSIP: 000000000<br>LEI: 213800DAFLLBYWNXMG91 | Long             | ABS-O            | CORP              | SG        |    660000 | PA      | $660717.42    | 0.15%             | 2048-04-11      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 787074                                                                      | CUSIP: 3622ACXB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    933424 | PA      | $950735.20    | 0.21%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BX CML MTG TR 2021-CIP                                                               | BX 2021-CIP A                                                                  | CUSIP: 12434FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     96361 | PA      | $96350.57     | 0.02%             | 2038-12-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 4.875 02/04/28                                                              | CUSIP: 02209SBS1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1079468.08   | 0.24%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-H03 FA                                                                | CUSIP: 38380QYC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1130458 | PA      | $1127800.46   | 0.25%             | 2070-04-20      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Three-Month SOFR Futures, Sep-2026,ETH                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -42 | NC      | $7786.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecu Auto Receivables Trust 2023-1                                                   | GECU 2023-1A A3                                                                | CUSIP: 36169EAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    562199 | PA      | $564486.78    | 0.12%             | 2028-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2023-V3 MORTGAGE TRUST                                                     | BMARK 2023-V3 XA                                                               | CUSIP: 08163VAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20884908 | PA      | $351618.31    | 0.08%             | 2056-07-17      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                     | SANLTD 2.85 03/08/29                                                           | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    220000 | PA      | $210685.35    | 0.05%             | 2029-03-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING 2026-1 LLC                                                | EFF 2026-1 A4                                                                  | CUSIP: 29376JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $711271.26    | 0.16%             | 2032-09-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.727 04/25/30                                                             | CUSIP: 38141GA87<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1640556.24   | 0.36%             | 2030-04-25      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Cardinal Health, Inc.                                                                | CAH 4.7 11/15/26                                                               | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1056396.03   | 0.23%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                 | URI 6.125 03/15/34 144A                                                        | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    640000 | PA      | $671252.48    | 0.15%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CIFC FDG 2024-II LTD /LLC                                                            | CIFC 2024-2A A1                                                                | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200673.36    | 0.04%             | 2037-04-22      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | SCRT 2016-1 M2                                                                 | CUSIP: 35563PAE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    675435 | PA      | $635620.47    | 0.14%             | 2055-09-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                             | Cloud Software Group (Citrix/TIBCO) Term Loan B 325 2031-03-01                 | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    160000 | PA      | $149120.00    | 0.03%             | 2031-03-21      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                               | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -8 | NC      | $-9491.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HERITAGE AUTO RECEIVABLES                                                   | AHART 2025-1A A3                                                               | CUSIP: 02650VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $917215.03    | 0.20%             | 2030-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Firstenergy Transmission Llc                                                         | FE 4.55 01/15/30                                                               | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1208156.20   | 0.27%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.8 03/15/27                                                              | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2453200.69   | 0.54%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Qazaqgaz National Co JSC                                                             | KZTGKZ 4.375 09/26/27 144A                                                     | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |   1550000 | PA      | $1548025.72   | 0.34%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust 2015-1                                                    | NAVSL 2015-1 A2                                                                | CUSIP: 63939FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530750 | PA      | $518301.31    | 0.11%             | 2040-04-25      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| DnB Bank ASA                                                                         | DNBNO V1.535 05/25/27 144A                                                     | CUSIP: 23329PAG5<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   1230000 | PA      | $1222936.21   | 0.27%             | 2027-05-25      | Fixed         | 1.53%                 | No            |                  2 | On Loan: No      |
| KINETIC ABS ISSUER LLC                                                               | UNITK 2026-1A A2                                                               | CUSIP: 49459AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1260000 | PA      | $1283488.42   | 0.28%             | 2056-02-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                                | Hub International Term Loan B 250 2030-06-01                                   | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |     50000 | PA      | $49533.50     | 0.01%             | 2030-06-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786835                                                                      | CUSIP: 3622ACPU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    806151 | PA      | $825029.80    | 0.18%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                              | HYNMTR 5.275 06/24/27 144A                                                     | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1251077.96   | 0.28%             | 2027-06-24      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                              | SWOP IRS USD                                                                   | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DIR              | CORP              | US        |    640000 | NC      | $2266.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.103 04/22/31                                                            | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1514400.01   | 0.33%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Roche Holdings, Inc.                                                                 | ROSW 4.79 03/08/29 144A                                                        | CUSIP: 771196CJ9<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    980000 | PA      | $1009488.03   | 0.22%             | 2029-03-08      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 6.2 11/01/28                                                                | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $2006000.51   | 0.44%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST 2021-NQM5                                                                 | CSMC 2021-NQM5 A1                                                              | CUSIP: 22946DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    652231 | PA      | $560090.38    | 0.12%             | 2066-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO I Ltd.                                                                   | Elmwood CLO I Ltd                                                              | CUSIP: 290015BJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    830000 | PA      | $830999.40    | 0.18%             | 2037-04-20      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Residential Asset Mortgage Products, Inc.                                            | RAMP 2004-SL4 A5                                                               | CUSIP: 76112BGP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5523 | PA      | $1491.65      | 0.00%             | 2032-07-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN V4.175 03/24/28                                                         | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   2600000 | PA      | $2601281.44   | 0.57%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.933 09/15/27                                                            | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    960000 | PA      | $970384.29    | 0.21%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                    | BMARK 2021-B31 A5                                                              | CUSIP: 08163MAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    620000 | PA      | $565991.55    | 0.12%             | 2054-12-17      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP V5.645 04/23/27                                                            | CUSIP: 025816DT3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    690000 | PA      | $691541.31    | 0.15%             | 2027-04-23      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF TRADE                                                               | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -2 | NC      | $-3784.70     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 4.15 08/15/28                                                              | CUSIP: 539830CK3<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    720000 | PA      | $727510.37    | 0.16%             | 2028-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CROSS MORTGAGE TR 2024-H2                                                            | CROSS 2024-H2 A1                                                               | CUSIP: 22757BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208470 | PA      | $210636.58    | 0.05%             | 2069-04-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP V5.125 01/13/29 144A                                                       | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    850000 | PA      | $867804.64    | 0.19%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Lightning Power LLC                                                                  | LIGPLL 7.25 08/15/32 144A                                                      | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    110000 | PA      | $116854.32    | 0.03%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RB5145                                                                      | CUSIP: 3133KYWE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1951185 | PA      | $1720933.31   | 0.38%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA F 06/18/26                                                                | CUSIP: 3135G07G2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   1210000 | PA      | $1210367.45   | 0.27%             | 2026-06-18      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                              | BLKPRL 6.125 02/15/31 144A                                                     | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $204940.37    | 0.05%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SLM STUDENT LOAN TRUST 2005-4                                                        | SLMA 2005-4 B                                                                  | CUSIP: 78442GPL4<br>LEI: 549300L7X3DWAOC00Z83 | Long             | ABS-O            | CORP              | US        |    106606 | PA      | $102578.85    | 0.02%             | 2055-07-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| PALMER SQ LN FDG 24-1 LTD /LLC                                                       | PSTAT 2024-1A A1R                                                              | CUSIP: 69703NAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    920000 | PA      | $920369.84    | 0.20%             | 2032-10-15      | Variable      | 4.48%                 | 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        |    400000 | PA      | $399111.63    | 0.09%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer