# EDGAR Filing Document

**Accession Number:** 0001819559
**File Stem:** 0000940400-26-021657
**Filing Date:** 2026-5
**Character Count:** 418942
**Document Hash:** fff7afc9f1fe070241ec179a4724c474
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021657.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021657

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Asset Diversified Income Fund (WDI)
- **CENTRAL INDEX KEY:** 0001819559

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23598
- **FILM NUMBER:** 261031922

**BUSINESS ADDRESS:**
- **STREET 1:** FRANKLIN TEMPLETON C/O MITCHELL O'BRIEN
- **STREET 2:** 280 PARK AVENUE, 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 12128056026

**MAIL ADDRESS:**
- **STREET 1:** FRANKLIN TEMPLETON C/O MITCHELL O'BRIEN
- **STREET 2:** 280 PARK AVENUE, 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Asset Diversified Income Fund
- **DATE OF NAME CHANGE:** 20200729

## Nport-Ex

Schedule of Investments (unaudited)

March 31, 2026

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

 **Western Asset Diversified 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 | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 72.4%** | **Corporate Bonds & Notes — 72.4%** | **Corporate Bonds & Notes — 72.4%** | **Corporate Bonds & Notes — 72.4%** | **Corporate Bonds & Notes — 72.4%** |
| **Communication Services — 13.4%** | **Communication Services — 13.4%** | **Communication Services — 13.4%** | **Communication Services — 13.4%** | **Communication Services — 13.4%** |
| *Diversified Telecommunication Services — 2.2%* | *Diversified Telecommunication Services — 2.2%* | *Diversified Telecommunication Services — 2.2%* | *Diversified Telecommunication Services — 2.2%* | *Diversified Telecommunication Services — 2.2%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 5890000<br>| &nbsp;&nbsp;&nbsp; $4142332<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 659138<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1, Senior Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1091985<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1316349<br>| &nbsp;&nbsp;&nbsp; 1331107<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 762196<br>| &nbsp;&nbsp;&nbsp; 722862<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 762196<br>| &nbsp;&nbsp;&nbsp; 722892<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance Inc., Senior <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 2530000<br>| &nbsp;&nbsp;&nbsp; 2504327<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 2840000<br>| &nbsp;&nbsp;&nbsp; 2965987<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp;&nbsp; 1808009<br> <sup>(a)(b)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *15948639* |
| *Entertainment — 1.0%* | *Entertainment — 1.0%* | *Entertainment — 1.0%* | *Entertainment — 1.0%* | *Entertainment — 1.0%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 7160000<br>| &nbsp;&nbsp;&nbsp; 2935672<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 4780000<br>| &nbsp;&nbsp;&nbsp; 3405520<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 529044<br>|
| &nbsp;&nbsp;&nbsp; OAK-Eagle Acquireco Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 785660<br> <sup>(a)(c)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *7655896* |
| *Media — 9.1%* | *Media — 9.1%* | *Media — 9.1%* | *Media — 9.1%* | *Media — 9.1%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 3843000<br>| &nbsp;&nbsp;&nbsp; 3796650<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4524810<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 2910000<br>| &nbsp;&nbsp;&nbsp; 2900518<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.834% | &nbsp;&nbsp; 10/23/55 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4712209<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3590000<br>| &nbsp;&nbsp;&nbsp; 3607214<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 7230000<br>| &nbsp;&nbsp;&nbsp; 7386307<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/37 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 3621325<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4463993<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1030790<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 6198500<br>| &nbsp;&nbsp;&nbsp; 6699746<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% <br> PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 3183257<br>| &nbsp;&nbsp;&nbsp; 3218298<br> <sup>(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2253862<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1633959<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; 2452123<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Televisa SAB, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/13/45 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp;&nbsp; 1187846<br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1727300<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mcclatchy Media Co. LLC, Senior Secured Notes (11.000% Cash <br> or 12.500% PIK) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 8253622<br>| &nbsp;&nbsp;&nbsp; 9336910<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1095916<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 745364<br> <sup>(a)(b)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *66395140* |
| *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* | *Wireless Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 2757195<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 7780000<br>| &nbsp;&nbsp;&nbsp; $5630931<br> <sup>(a)(b)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *8388126* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **98387801** |
| **Consumer Discretionary — 11.8%** | **Consumer Discretionary — 11.8%** | **Consumer Discretionary — 11.8%** | **Consumer Discretionary — 11.8%** | **Consumer Discretionary — 11.8%** |
| *Automobile Components — 2.9%* | *Automobile Components — 2.9%* | *Automobile Components — 2.9%* | *Automobile Components — 2.9%* | *Automobile Components — 2.9%* |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 5810000<br>| &nbsp;&nbsp;&nbsp; 5659597<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carbon Revolution Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 3350252<br>| &nbsp;&nbsp;&nbsp; 3320937<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2485000<br>| &nbsp;&nbsp;&nbsp; 2521828<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/14/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2029816<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 8455000<br>| &nbsp;&nbsp;&nbsp; 8040984<br> <sup>(a)(b)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *21573162* |
| *Automobiles — 1.8%* | *Automobiles — 1.8%* | *Automobiles — 1.8%* | *Automobiles — 1.8%* | *Automobiles — 1.8%* |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1506710<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1008812<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 11000000<br>| &nbsp;&nbsp;&nbsp; 10431960<br> <sup>(a)(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *12947482* |
| *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; QVC Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 6670000<br>| &nbsp;&nbsp;&nbsp; *2901450*<br>|
| *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* |
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 7059000<br>| &nbsp;&nbsp;&nbsp; 6441337<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kingpin Intermediate Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3544300<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco PLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/11/28 | &nbsp;&nbsp; 2500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 3435843<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./<br> Millennium Operations LLC, Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 831908<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2972533<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *17225921* |
| *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* | *Household Durables — 0.8%* |
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2581875<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 3616117<br> <sup>(b)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *6197992* |
| *Specialty Retail — 3.6%* | *Specialty Retail — 3.6%* | *Specialty Retail — 3.6%* | *Specialty Retail — 3.6%* | *Specialty Retail — 3.6%* |
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp;&nbsp; 3120264<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 7.600% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 4275000<br>| &nbsp;&nbsp;&nbsp; 4166198<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gee Automotive Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1877035<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 8500000<br>| &nbsp;&nbsp;&nbsp; 8464028<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 4060000<br>| &nbsp;&nbsp;&nbsp; 3785269<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; 1930000<br>| &nbsp;&nbsp;&nbsp; 1928677<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Staples Inc., Secured Notes | &nbsp;&nbsp; 12.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1315228<br>| &nbsp;&nbsp;&nbsp; 890068<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1939937<br> <sup>(a)(b)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *26171476* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **87017483** |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Boots Group Finco LP, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 8/31/32 | &nbsp;&nbsp; 640000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *845568*<br> <sup>(a)</sup><br>|
| *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; TKC Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2926231*<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* |
| &nbsp;&nbsp;&nbsp; Turning Point Brands Inc., Senior Secured Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; $*2051800*<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5823599** |
| **Energy — 12.2%** | **Energy — 12.2%** | **Energy — 12.2%** | **Energy — 12.2%** | **Energy — 12.2%** |
| *Energy Equipment & Services — 1.0%* | *Energy Equipment & Services — 1.0%* | *Energy Equipment & Services — 1.0%* | *Energy Equipment & Services — 1.0%* | *Energy Equipment & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 3329269<br>| &nbsp;&nbsp;&nbsp; 3416849<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 3770000<br>| &nbsp;&nbsp;&nbsp; 3929893<br> <sup>(a)(b)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *7346742* |
| *Oil, Gas & Consumable Fuels — 11.2%* | *Oil, Gas & Consumable Fuels — 11.2%* | *Oil, Gas & Consumable Fuels — 11.2%* | *Oil, Gas & Consumable Fuels — 11.2%* | *Oil, Gas & Consumable Fuels — 11.2%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1039448<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3046137<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 3790000<br>| &nbsp;&nbsp;&nbsp; 3965363<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to <br> 2/15/28 then 3 mo. Term SOFR + 4.417%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 6645000<br>| &nbsp;&nbsp;&nbsp; 6650934<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/15/48 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3015765<br>|
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/5/29 | &nbsp;&nbsp; 6790000<br>| &nbsp;&nbsp;&nbsp; 6531131<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. <br> Term SOFR + 5.750%) | &nbsp;&nbsp; 9.410% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 4474324<br>| &nbsp;&nbsp;&nbsp; 4653374<br> <sup>(a)(f)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2588270<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/1/96 | &nbsp;&nbsp; 8610000<br>| &nbsp;&nbsp;&nbsp; 9214172<br>|
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1992125<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1294000<br>| &nbsp;&nbsp;&nbsp; 1374162<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP, Junior Subordinated Notes (3 mo. <br> Term SOFR + 4.372%) | &nbsp;&nbsp; 8.024% | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6987189<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp;&nbsp; 7832797<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30 then 5 <br> year Treasury Constant Maturity Rate + 4.230%) | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5108930<br> <sup>(a)(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to <br> 9/30/29 then 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1993662<br> <sup>(a)(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5202477<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 4510000<br>| &nbsp;&nbsp;&nbsp; 4845896<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; 2551876<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp;&nbsp; 2382981<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1250566<br> <sup>(a)(b)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *82227255* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **89573997** |
| **Financials — 5.7%** | **Financials — 5.7%** | **Financials — 5.7%** | **Financials — 5.7%** | **Financials — 5.7%** |
| *Banks — 0.5%* | *Banks — 0.5%* | *Banks — 0.5%* | *Banks — 0.5%* | *Banks — 0.5%* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 <br> then 5 year Treasury Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp;&nbsp; 1922746<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ueno Bank SA, Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 3/6/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1486695<br> <sup>(a)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *3409441* |
| *Capital Markets — 0.4%* | *Capital Markets — 0.4%* | *Capital Markets — 0.4%* | *Capital Markets — 0.4%* | *Capital Markets — 0.4%* |
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2722866*<br> <sup>(a)(b)</sup><br>|
| *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* |
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. <br> Term SOFR + 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 1775692<br> <sup>(a)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* |
| &nbsp;&nbsp;&nbsp; Navient Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 8900000<br>| &nbsp;&nbsp;&nbsp; $8166303<br> <sup>(b)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *9941995* |
| *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; LD Holdings Group LLC, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp;&nbsp; 3443106<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior <br> Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 897127<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., <br> Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; 6421814<br> <sup>(a)(b)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *10762047* |
| *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* | *Insurance — 0.9%* |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/<br> APH3 Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; 1964230<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 4790000<br>| &nbsp;&nbsp;&nbsp; 4973399<br> <sup>(a)(b)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *6937629* |
| *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.1%* |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 2970000<br>| &nbsp;&nbsp;&nbsp; 2920038<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4849161<br> <sup>(a)(b)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *7769199* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **41543177** |
| **Health Care — 7.6%** | **Health Care — 7.6%** | **Health Care — 7.6%** | **Health Care — 7.6%** | **Health Care — 7.6%** |
| *Health Care Providers & Services — 5.0%* | *Health Care Providers & Services — 5.0%* | *Health Care Providers & Services — 5.0%* | *Health Care Providers & Services — 5.0%* | *Health Care Providers & Services — 5.0%* |
| &nbsp;&nbsp;&nbsp; Akumin Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 8/31/31 | &nbsp;&nbsp; 6982000<br>| &nbsp;&nbsp;&nbsp; 6423440<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 13930000<br>| &nbsp;&nbsp;&nbsp; 13409962<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 522345<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2767421<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 2424000<br>| &nbsp;&nbsp;&nbsp; 2603645<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1610633<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3176286<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2585558<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1760000<br>| &nbsp;&nbsp;&nbsp; 1727079<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 1883000<br>| &nbsp;&nbsp;&nbsp; 1572305<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *36398674* |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; Claritev Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 1947887<br>| &nbsp;&nbsp;&nbsp; 1266127<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 223925<br>| &nbsp;&nbsp;&nbsp; 171550<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Senior Secured Notes (6.500% <br> Cash and 5.000% PIK) | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 360064<br>| &nbsp;&nbsp;&nbsp; 325834<br> <sup>(a)(b)(d)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *1763511* |
| *Pharmaceuticals — 2.4%* | *Pharmaceuticals — 2.4%* | *Pharmaceuticals — 2.4%* | *Pharmaceuticals — 2.4%* | *Pharmaceuticals — 2.4%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2920000<br>| &nbsp;&nbsp;&nbsp; 2992092<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4374750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 7616000<br>| &nbsp;&nbsp;&nbsp; 5721520<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2063068<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; $2227488<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *17378918* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **55541103** |
| **Industrials — 12.0%** | **Industrials — 12.0%** | **Industrials — 12.0%** | **Industrials — 12.0%** | **Industrials — 12.0%** |
| *Commercial Services & Supplies — 2.3%* | *Commercial Services & Supplies — 2.3%* | *Commercial Services & Supplies — 2.3%* | *Commercial Services & Supplies — 2.3%* | *Commercial Services & Supplies — 2.3%* |
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3359000<br>| &nbsp;&nbsp;&nbsp; 3508956<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2241779<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 2280000<br>| &nbsp;&nbsp;&nbsp; 2302602<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1262936<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 3830000<br>| &nbsp;&nbsp;&nbsp; 3866300<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3545549<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vortex Opco LLC, Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 4075500<br>| &nbsp;&nbsp;&nbsp; 59,767<br> \*<sup>(a)(i)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *16787889* |
| *Construction & Engineering — 2.2%* | *Construction & Engineering — 2.2%* | *Construction & Engineering — 2.2%* | *Construction & Engineering — 2.2%* | *Construction & Engineering — 2.2%* |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean <br> Tower Partners Colombia SAS, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/3/30 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1927965<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Empire Communities Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3016032<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 9921000<br>| &nbsp;&nbsp;&nbsp; 10874398<br> <sup>(a)(b)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *15818395* |
| *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* |
| &nbsp;&nbsp;&nbsp; Babcock & Wilcox Enterprises Inc., Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5025000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GrafTech Global Enterprises Inc., Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 12/23/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 965544<br> <sup>(a)</sup><br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *5990544* |
| *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 8250000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *7885438*<br> <sup>(a)(b)</sup><br>|
| *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* |
| &nbsp;&nbsp;&nbsp; Chart Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3120471<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 7690000<br>| &nbsp;&nbsp;&nbsp; 7888441<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 5230000<br>| &nbsp;&nbsp;&nbsp; 5222684<br> <sup>(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *16231596* |
| *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Stena International SA, Senior Secured Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 3690000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3783626*<br> <sup>(a)(b)</sup><br>|
| *Passenger Airlines — 1.7%* | *Passenger Airlines — 1.7%* | *Passenger Airlines — 1.7%* | *Passenger Airlines — 1.7%* | *Passenger Airlines — 1.7%* |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 7620000<br>| &nbsp;&nbsp;&nbsp; 7211708<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1011250<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RJET 2023-1 A | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 4312500<br>| &nbsp;&nbsp;&nbsp; 4506637<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *12729595* |
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 430955<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 430749<br> <sup>(a)(b)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *861704* |
| *Transportation Infrastructure — 1.1%* | *Transportation Infrastructure — 1.1%* | *Transportation Infrastructure — 1.1%* | *Transportation Infrastructure — 1.1%* | *Transportation Infrastructure — 1.1%* |
| &nbsp;&nbsp;&nbsp; Railworks Holdings LP/Railworks Rally Inc., Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 8000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *8022406*<br> <sup>(a)(b)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **88111193** |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Information Technology — 4.1%** | **Information Technology — 4.1%** | **Information Technology — 4.1%** | **Information Technology — 4.1%** | **Information Technology — 4.1%** |
| *Communications Equipment — 0.6%* | *Communications Equipment — 0.6%* | *Communications Equipment — 0.6%* | *Communications Equipment — 0.6%* | *Communications Equipment — 0.6%* |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; $2103580<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1988050<br> <sup>(a)(b)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *4091630* |
| *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 3890000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4022964*<br> <sup>(a)(b)</sup><br>|
| *IT Services — 1.5%* | *IT Services — 1.5%* | *IT Services — 1.5%* | *IT Services — 1.5%* | *IT Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo 2 LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 705271<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp;&nbsp; 2113964<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 6380000<br>| &nbsp;&nbsp;&nbsp; 6205280<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sabre GLBL Inc., Senior Secured Notes | &nbsp;&nbsp; 11.125% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1700020<br> <sup>(a)(b)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *10724535* |
| *Software — 1.4%* | *Software — 1.4%* | *Software — 1.4%* | *Software — 1.4%* | *Software — 1.4%* |
| &nbsp;&nbsp;&nbsp; Citrix Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 8164000<br>| &nbsp;&nbsp;&nbsp; 7744294<br>|
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2872312<br> <sup>(a)(b)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *10616606* |
| *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Vericast Corp./Harland Clarke/Checks in the Mail/Valassis <br> Comm/Valassis Direct, Secured Notes (13.000% Cash) | &nbsp;&nbsp; 13.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 676658<br>| &nbsp;&nbsp;&nbsp;&nbsp; *833980*<br> <sup>(a)(b)(d)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **30289715** |
| **Materials — 2.2%** | **Materials — 2.2%** | **Materials — 2.2%** | **Materials — 2.2%** | **Materials — 2.2%** |
| *Chemicals — 1.1%* | *Chemicals — 1.1%* | *Chemicals — 1.1%* | *Chemicals — 1.1%* | *Chemicals — 1.1%* |
| &nbsp;&nbsp;&nbsp; ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding Corp., <br> Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 3990000<br>| &nbsp;&nbsp;&nbsp; 3845043<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 3620000<br>| &nbsp;&nbsp;&nbsp; 3603819<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV, Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/11/31 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 878526<br> <sup>(b)(j)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *8327388* |
| *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2070000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2136188*<br> <sup>(a)(b)</sup><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; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2076188<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 2420000<br>| &nbsp;&nbsp;&nbsp; 2525519<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1406016<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *6007723* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **16471299** |
| **Real Estate — 2.1%** | **Real Estate — 2.1%** | **Real Estate — 2.1%** | **Real Estate — 2.1%** | **Real Estate — 2.1%** |
| *Diversified REITs — 1.4%* | *Diversified REITs — 1.4%* | *Diversified REITs — 1.4%* | *Diversified REITs — 1.4%* | *Diversified REITs — 1.4%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 5610000<br>| &nbsp;&nbsp;&nbsp; 5226837<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 3890000<br>| &nbsp;&nbsp;&nbsp; 3029337<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 913142<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior <br> Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1447265<br> <sup>(a)(b)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *10616581* |
| *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1181516*<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or <br> 8.500% PIK) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 557668<br>| &nbsp;&nbsp;&nbsp; $29166<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or <br> 9.000% PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 454176<br>| &nbsp;&nbsp;&nbsp; 6812<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or <br> 9.800% PIK) | &nbsp;&nbsp; 9.800% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 599523<br>| &nbsp;&nbsp;&nbsp; 8243<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to <br> 9/30/31 then 1.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/30/2173 | &nbsp;&nbsp; 786962<br>| &nbsp;&nbsp;&nbsp; 5902<br> <sup>(e)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 219291<br>| &nbsp;&nbsp;&nbsp; 1645<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., Senior Secured Notes (2.500% <br> Cash or 5.000% PIK) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 1268733<br>| &nbsp;&nbsp;&nbsp; 177623<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1059880<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; 2166261<br> <sup>(a)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *3455532* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **15253629** |
| **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** |
| *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 9/10/31 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1262817*<br> <sup>(a)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* |
| &nbsp;&nbsp;&nbsp; AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 308082<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/10/35 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1891170<br> <sup>(a)(b)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *2199252* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3462069** |
| **Total Corporate Bonds & Notes (Cost — $529,045,545)** | **Total Corporate Bonds & Notes (Cost — $529,045,545)** | **Total Corporate Bonds & Notes (Cost — $529,045,545)** | **Total Corporate Bonds & Notes (Cost — $529,045,545)** | &nbsp;&nbsp; **531475065** |
| **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 25.9%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 25.9%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 25.9%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 25.9%** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— 25.9%** |
| &nbsp;&nbsp;&nbsp; Atrium Hotel Portfolio Trust, 2017-ATRM E (1 mo. Term SOFR + <br> 3.347%) | &nbsp;&nbsp; 7.020% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2556697<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 H | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 9451000<br>| &nbsp;&nbsp;&nbsp; 3815988<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 K | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 21846154<br>| &nbsp;&nbsp;&nbsp; 8291159<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B27 F | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/15/54 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 2969992<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B27 G | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/15/54 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 2413220<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRES Commercial Mortgage Trust, 2025-ATCAP F (1 mo. Term <br> SOFR + 5.189%) | &nbsp;&nbsp; 8.861% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1997159<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BSREP Commercial Mortgage Trust, 2021-DC HRR (1 mo. Term <br> SOFR + 5.614%) | &nbsp;&nbsp; 9.287% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 15903970<br>| &nbsp;&nbsp;&nbsp; 3197891<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, 2013-1515 F | &nbsp;&nbsp; 3.928% | &nbsp;&nbsp; 3/10/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2553928<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2019-IMC G (1 mo. Term SOFR + <br> 3.646%) | &nbsp;&nbsp; 7.319% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3903382<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2026-VLT9 E (1 mo. Term SOFR + <br> 4.250%) | &nbsp;&nbsp; 7.923% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp;&nbsp; 2132448<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CAFL Issuer LLC, 2024-RTL1 A2 | &nbsp;&nbsp; 8.680% | &nbsp;&nbsp; 11/28/31 | &nbsp;&nbsp; 4570000<br>| &nbsp;&nbsp;&nbsp; 4645935<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIM Trust, 2021-INV1 AXS, IO | &nbsp;&nbsp; 0.190% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 169865082<br>| &nbsp;&nbsp;&nbsp; 1503442<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 D | &nbsp;&nbsp; 3.225% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 15319<br>| &nbsp;&nbsp;&nbsp; 15021<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-ADV G (1 mo. Term SOFR + 6.364%) | &nbsp;&nbsp; 10.037% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 7860000<br>| &nbsp;&nbsp;&nbsp; 574<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Easy Street Mortgage Loan Trust, 2025-RTL1 A2 | &nbsp;&nbsp; 8.299% | &nbsp;&nbsp; 5/25/40 | &nbsp;&nbsp; 2990000<br>| &nbsp;&nbsp;&nbsp; 3022070<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>|
| **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily <br> Structured Credit Risk Trust, 2021-MN2 B1 (30 Day Average SOFR <br> + 5.500%) | &nbsp;&nbsp; 9.162% | &nbsp;&nbsp; 7/25/41 | &nbsp;&nbsp; 2500000<br>&nbsp;&nbsp;&nbsp; $2520032<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily <br> Structured Credit Risk Trust, 2023-MN7 B1 (30 Day Average SOFR <br> + 8.850%) | &nbsp;&nbsp; 12.512% | &nbsp;&nbsp; 9/25/43 | &nbsp;&nbsp; 1960000<br>&nbsp;&nbsp;&nbsp; 2280126<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2020-DNA1 B2 (30 Day Average SOFR + <br> 5.364%) | &nbsp;&nbsp; 9.026% | &nbsp;&nbsp; 1/25/50 | &nbsp;&nbsp; 2225000<br>&nbsp;&nbsp;&nbsp; 2474452<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2020-DNA2 B2 (30 Day Average SOFR + <br> 4.914%) | &nbsp;&nbsp; 8.576% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 5437500<br>&nbsp;&nbsp;&nbsp; 5979071<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2020-DNA6 B2 (30 Day Average SOFR + <br> 5.650%) | &nbsp;&nbsp; 9.312% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 5000000<br>&nbsp;&nbsp;&nbsp; 5827886<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2021-DNA1 B2 (30 Day Average SOFR + <br> 4.750%) | &nbsp;&nbsp; 8.412% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 6000000<br>&nbsp;&nbsp;&nbsp; 6712638<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2021-DNA2 B2 (30 Day Average SOFR + <br> 6.000%) | &nbsp;&nbsp; 9.662% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 4500000<br>&nbsp;&nbsp;&nbsp; 5607781<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR + <br> 6.250%) | &nbsp;&nbsp; 9.912% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 5000000<br>&nbsp;&nbsp;&nbsp; 6309421<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2021-DNA5 B2 (30 Day Average SOFR + <br> 5.500%) | &nbsp;&nbsp; 9.162% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 5025000<br>&nbsp;&nbsp;&nbsp; 6135173<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit <br> Risk Transfer Trust, 2018-3 BX  | &nbsp;&nbsp; 2.205% | &nbsp;&nbsp; 8/25/57 | &nbsp;&nbsp; 9332186<br>&nbsp;&nbsp;&nbsp; 2730023<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit <br> Risk Transfer Trust, 2022-1 M | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/25/61 | &nbsp;&nbsp; 5000000<br>&nbsp;&nbsp;&nbsp; 4662750<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency <br> Credit Risk Trust, 2018-HRP1 B2 (30 Day Average SOFR + <br> 11.864%) | &nbsp;&nbsp; 15.526% | &nbsp;&nbsp; 5/25/43 | &nbsp;&nbsp; 4663554<br>&nbsp;&nbsp;&nbsp; 5472029<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency <br> Credit Risk Trust, 2019-FTR1 B2 (30 Day Average SOFR + 8.464%) | &nbsp;&nbsp; 12.126% | &nbsp;&nbsp; 1/25/48 | &nbsp;&nbsp; 3460000<br>&nbsp;&nbsp;&nbsp; 4087730<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, 2021-F117 CS (30 Day Average SOFR + <br> 6.400%) | &nbsp;&nbsp; 10.069% | &nbsp;&nbsp; 7/25/31 | &nbsp;&nbsp; 3293585<br>&nbsp;&nbsp;&nbsp; 3041048<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-HC4 D (1 mo. Term SOFR + <br> 3.940%) | &nbsp;&nbsp; 7.613% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 3500000<br>&nbsp;&nbsp;&nbsp; 3487859<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp., 2024-70P HRR | &nbsp;&nbsp; 9.333% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 17680000<br>&nbsp;&nbsp;&nbsp; 17722595<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2018-LUAU G (1 mo. Term <br> SOFR + 4.747%) | &nbsp;&nbsp; 8.420% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 5000000<br>&nbsp;&nbsp;&nbsp; 4982690<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HIH Trust, 2024-61P F (1 mo. Term SOFR + 5.437%) | &nbsp;&nbsp; 9.110% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 3611150<br>&nbsp;&nbsp;&nbsp; 3625200<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2018-<br> WPT GFX | &nbsp;&nbsp; 5.364% | &nbsp;&nbsp; 7/5/33 | &nbsp;&nbsp; 4000000<br>&nbsp;&nbsp;&nbsp; 400386<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; KIND Trust, 2021-KIND F (1 mo. Term SOFR + 4.064%) | &nbsp;&nbsp; 7.740% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 5951129<br>&nbsp;&nbsp;&nbsp; 5880121<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIRA Trust, 2023-MILE HRR | &nbsp;&nbsp; 9.300% | &nbsp;&nbsp; 6/10/38 | &nbsp;&nbsp; 13750000<br>&nbsp;&nbsp;&nbsp; 13827229<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2021-L6 F | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 7195000<br>&nbsp;&nbsp;&nbsp; 4415938<br> <sup>(a)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(k)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Multifamily CAS Trust, 2019-1 CE (30 Day Average SOFR + <br> 8.864%) | &nbsp;&nbsp; 12.526% | &nbsp;&nbsp; 10/25/49 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; $2043708<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Multifamily CAS Trust, 2020-1 CE (30 Day Average SOFR + <br> 7.614%) | &nbsp;&nbsp; 11.276% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2592025<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-JERI G (1 <br> mo. Term SOFR + 7.608%) | &nbsp;&nbsp; 11.280% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 1695460<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-RRI E (1 mo. <br> Term SOFR + 5.193%) | &nbsp;&nbsp; 8.866% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 1240552<br>| &nbsp;&nbsp;&nbsp; 1243205<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-2A B5 | &nbsp;&nbsp; 5.165% | &nbsp;&nbsp; 3/25/57 | &nbsp;&nbsp; 2819937<br>| &nbsp;&nbsp;&nbsp; 2543547<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2018-1A B6 | &nbsp;&nbsp; 5.590% | &nbsp;&nbsp; 12/25/57 | &nbsp;&nbsp; 5732901<br>| &nbsp;&nbsp;&nbsp; 4916855<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 2025-28L F | &nbsp;&nbsp; 8.130% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1515122<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, 2025-28L G | &nbsp;&nbsp; 9.321% | &nbsp;&nbsp; 11/5/38 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3509325<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Redwood Funding Trust, 2025-3 A | &nbsp;&nbsp; 6.231% | &nbsp;&nbsp; 12/27/56 | &nbsp;&nbsp; 3827337<br>| &nbsp;&nbsp;&nbsp; 3863701<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SFO Commercial Mortgage Trust, 2021-555 E (1 mo. Term SOFR + <br> 3.014%) | &nbsp;&nbsp; 6.687% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1632421<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Soho Trust, 2021-SOHO D | &nbsp;&nbsp; 2.697% | &nbsp;&nbsp; 8/10/38 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp;&nbsp; 2967025<br> <sup>(a)(f)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $210,785,384)** | **Total Collateralized Mortgage Obligations (Cost — $210,785,384)** | **Total Collateralized Mortgage Obligations (Cost — $210,785,384)** | **Total Collateralized Mortgage Obligations (Cost — $210,785,384)** | &nbsp;&nbsp; **189723478** |
|  |  |  | &nbsp;&nbsp; Face <br>Amount†/ <br>Units<br>|  |
| **Asset-Backed Securities — 23.4%** | **Asset-Backed Securities — 23.4%** | **Asset-Backed Securities — 23.4%** | **Asset-Backed Securities — 23.4%** | **Asset-Backed Securities — 23.4%** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2529086<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., 2025-2A E (3 mo. Term SOFR + <br> 5.850%) | &nbsp;&nbsp; 9.535% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 2810000<br>| &nbsp;&nbsp;&nbsp; 2784580<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2022-17A ER (3 mo. Term SOFR + 4.650%) | &nbsp;&nbsp; 8.320% | &nbsp;&nbsp; 1/21/35 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1391607<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2025-44A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.581% | &nbsp;&nbsp; 10/22/37 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3539618<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%) | &nbsp;&nbsp; 6.068% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 367626<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2020-23A D2R3 (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 8.568% | &nbsp;&nbsp; 7/17/38 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1496361<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%) | &nbsp;&nbsp; 10.168% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 1738263<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMSR Trust, 2026-SFR1 F1 | &nbsp;&nbsp; 3.775% | &nbsp;&nbsp; 4/17/31 | &nbsp;&nbsp; 5100000<br>| &nbsp;&nbsp;&nbsp; 4374971<br>|
| &nbsp;&nbsp;&nbsp; AMSR Trust, 2026-SFR1 F2 | &nbsp;&nbsp; 3.775% | &nbsp;&nbsp; 4/17/31 | &nbsp;&nbsp; 1258000<br>| &nbsp;&nbsp;&nbsp; 1015144<br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 934939<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2023-46A SUB | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/24/36 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 2493786<br> <sup>(a)(f)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 2024-1A ER (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1712759<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arini US CLO Ltd., 3A E (3 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 9.170% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; 1433811<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2023-6A D | &nbsp;&nbsp; 7.370% | &nbsp;&nbsp; 12/20/29 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1341674<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2024-2A D | &nbsp;&nbsp; 7.430% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 853411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 mo. Term SOFR + <br> 7.150%) | &nbsp;&nbsp; 10.818% | &nbsp;&nbsp; 10/20/35 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp;&nbsp; 2527910<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2023-1A D2RR (3 mo. Term SOFR + <br> 4.250%) | &nbsp;&nbsp; 7.918% | &nbsp;&nbsp; 4/20/36 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2216191<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2024-2A F (3 mo. Term SOFR + <br> 7.800%) | &nbsp;&nbsp; 11.468% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 192601<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2024-2A E (3 mo. Term SOFR + <br> 5.750%) | &nbsp;&nbsp; 9.418% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1591064<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayfront Iabs Pte. Ltd., 7A C (SOFR + 2.950%) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4/11/48 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2,990,817<br> \*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†/<br> Units<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund LLC, 2025-EDU1 D (30 Day <br> Average SOFR + 2.250%) | &nbsp;&nbsp; 5.912% | &nbsp;&nbsp; 7/27/48 | &nbsp;&nbsp; 1612397<br>&nbsp;&nbsp;&nbsp; $1610731<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + <br> 3.900%) | &nbsp;&nbsp; 7.569% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 2270000<br>&nbsp;&nbsp;&nbsp; 2251131<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-29A ER (3 mo. Term SOFR + <br> 7.122%) | &nbsp;&nbsp; 10.790% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 7000000<br>&nbsp;&nbsp;&nbsp; 6269186<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain Fuji US CLO Ltd., 2017-2A D (3 mo. Term SOFR + <br> 6.412%) | &nbsp;&nbsp; 10.079% | &nbsp;&nbsp; 10/20/30 | &nbsp;&nbsp; 5350000<br>&nbsp;&nbsp;&nbsp; 4354786<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Four US CLO Ltd., 2025-4A E (3 mo. Term SOFR + 6.130%) | &nbsp;&nbsp; 9.888% | &nbsp;&nbsp; 10/18/38 | &nbsp;&nbsp; 2660000<br>&nbsp;&nbsp;&nbsp; 2646514<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A E (3 mo. Term SOFR + 6.350%) | &nbsp;&nbsp; 10.018% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 2070000<br>&nbsp;&nbsp;&nbsp; 2006811<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Davis Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 6.000%) | &nbsp;&nbsp; 9.668% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 2500000<br>&nbsp;&nbsp;&nbsp; 2288058<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., 2021-95A SUB | &nbsp;&nbsp; — | &nbsp;&nbsp; 8/20/34 | &nbsp;&nbsp; 6870000<br>&nbsp;&nbsp;&nbsp; 1923812<br> <sup>(a)(f)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., 2022-113A D1R3 (3 mo. Term SOFR + 3.000%) | &nbsp;&nbsp; 6.672% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 1970000<br>&nbsp;&nbsp;&nbsp; 1965075<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2021-14A ER (3 mo. Term SOFR + 6.450%) | &nbsp;&nbsp; 10.118% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 4400000<br>&nbsp;&nbsp;&nbsp; 3848796<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2019-2A SUB | &nbsp;&nbsp; — | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 4600000<br>&nbsp;&nbsp;&nbsp; 1544591<br> <sup>(a)(f)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortress Credit BSL Ltd., 2021-4A E (3 mo. Term SOFR + 7.392%) | &nbsp;&nbsp; 11.064% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 3000000<br>&nbsp;&nbsp;&nbsp; 2672726<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GGAM Master Trust International Ltd., 2025-1A A | &nbsp;&nbsp; 5.923% | &nbsp;&nbsp; 9/30/60 | &nbsp;&nbsp; 1814467<br>&nbsp;&nbsp;&nbsp; 1813694<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2020-8A FR (3 mo. <br> Term SOFR + 8.312%) | &nbsp;&nbsp; 11.979% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 7000000<br>&nbsp;&nbsp;&nbsp; 6247380<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2015-1A DR (3 mo. Term SOFR + 6.112%) | &nbsp;&nbsp; 9.780% | &nbsp;&nbsp; 1/27/31 | &nbsp;&nbsp; 6250000<br>&nbsp;&nbsp;&nbsp; 6277926<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2018-1A D (3 mo. Term SOFR + 6.012%) | &nbsp;&nbsp; 9.680% | &nbsp;&nbsp; 4/26/31 | &nbsp;&nbsp; 3000000<br>&nbsp;&nbsp;&nbsp; 3014962<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term SOFR + 10.730%) | &nbsp;&nbsp; 14.398% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 2930000<br>&nbsp;&nbsp;&nbsp; 2577612<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%) | &nbsp;&nbsp; 8.518% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 525000<br>&nbsp;&nbsp;&nbsp; 486606<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hildene Community Funding CDO Ltd., 2015-1A ARR | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 428069<br>&nbsp;&nbsp;&nbsp; 381962<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, 2025-1 D (30 Day <br> Average SOFR + 3.500%) | &nbsp;&nbsp; 7.173% | &nbsp;&nbsp; 3/21/33 | &nbsp;&nbsp; 761335<br>&nbsp;&nbsp;&nbsp; 753774<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, 2025-2 D (30 Day <br> Average SOFR + 3.250%) | &nbsp;&nbsp; 6.923% | &nbsp;&nbsp; 9/20/33 | &nbsp;&nbsp; 679047<br>&nbsp;&nbsp;&nbsp; 664173<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lakeside Park CLO Ltd., 2025-1A E (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.272% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 2000000<br>&nbsp;&nbsp;&nbsp; 1902382<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; LCM Ltd., 33A E (3 mo. Term SOFR + 6.612%) | &nbsp;&nbsp; 10.279% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 3000000<br>&nbsp;&nbsp;&nbsp; 1309251<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lighthouse Park CLO Ltd., 2025-1A E (3 mo. Term SOFR + 4.650%) | &nbsp;&nbsp; 8.571% | &nbsp;&nbsp; 10/24/37 | &nbsp;&nbsp; 1140000<br>&nbsp;&nbsp;&nbsp; 1106949<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, 2021-1 C | &nbsp;&nbsp; 5.682% | &nbsp;&nbsp; 10/15/46 | &nbsp;&nbsp; 2742561<br>&nbsp;&nbsp;&nbsp; 2672470<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 8.368% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 2750000<br>&nbsp;&nbsp;&nbsp; 2619030<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.272% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 2420000<br>&nbsp;&nbsp;&nbsp; 2347934<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO LLC, 2025-18A E (3 mo. Term SOFR + <br> 5.400%) | &nbsp;&nbsp; 9.070% | &nbsp;&nbsp; 10/18/35 | &nbsp;&nbsp; 2680000<br>&nbsp;&nbsp;&nbsp; 2662437<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Collegiate Class A-3L Commutation Trust, 2007-4VI O (1 <br> mo. USD LIBOR + 0.850%) | &nbsp;&nbsp; 5.819% | &nbsp;&nbsp; 3/29/38 | &nbsp;&nbsp; 27730208<br>&nbsp;&nbsp;&nbsp; 2062961<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navesink CLO Ltd., 2024-2A ER (3 mo. Term SOFR + 7.040%) | &nbsp;&nbsp; 10.712% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1750000<br>&nbsp;&nbsp;&nbsp; 1726881<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2025-DA D | &nbsp;&nbsp; 5.860% | &nbsp;&nbsp; 8/20/54 | &nbsp;&nbsp; 1500000<br>&nbsp;&nbsp;&nbsp; 1477631<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NMEF Funding LLC, 2025-A D | &nbsp;&nbsp; 8.070% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 3420000<br>&nbsp;&nbsp;&nbsp; 3528430<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2025-3A E (3 mo. Term SOFR + 5.900%) | &nbsp;&nbsp; 9.559% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 2750000<br>&nbsp;&nbsp;&nbsp; 2708589<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%) | &nbsp;&nbsp; 11.504% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 3750000<br>&nbsp;&nbsp;&nbsp; 3455438<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%) | &nbsp;&nbsp; 10.358% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1020000<br>&nbsp;&nbsp;&nbsp; 975261<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., 2023-26A ER (3 mo. Term SOFR + 4.450%) | &nbsp;&nbsp; 8.118% | &nbsp;&nbsp; 4/17/37 | &nbsp;&nbsp; 1780000<br>&nbsp;&nbsp;&nbsp; 1721804<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Broadband Funding LLC, 2025-1A C | &nbsp;&nbsp; 8.156% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 2000000<br>&nbsp;&nbsp;&nbsp; 2041504<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†/<br> Units<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; Renew, 2024-1A B | &nbsp;&nbsp; 9.001% | &nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp; 615640<br>| &nbsp;&nbsp;&nbsp; $619500<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renew Financial, 2024-2A B | &nbsp;&nbsp; 8.223% | &nbsp;&nbsp; 11/20/60 | &nbsp;&nbsp; 1756712<br>| &nbsp;&nbsp;&nbsp; 1759892<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Riserva CLO Ltd., 2016-3A FRR (3 mo. Term SOFR + 8.772%) | &nbsp;&nbsp; 12.439% | &nbsp;&nbsp; 1/18/34 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 1552038<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 8.572% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 2370000<br>| &nbsp;&nbsp;&nbsp; 2301540<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saratoga Investment Corp. CLO Ltd., 2013-1A (3 mo. Term SOFR + <br> 10.262%) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 672334<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; SEB Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 7.386% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp;&nbsp; 2067927<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., 2026-16A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.405% | &nbsp;&nbsp; 4/18/39 | &nbsp;&nbsp; 3380000<br>| &nbsp;&nbsp;&nbsp; 3303373<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sixth Street CLO Ltd., 2021-19A FR (3 mo. Term SOFR + 7.910%) | &nbsp;&nbsp; 11.578% | &nbsp;&nbsp; 7/17/38 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 432693<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2015-C R | &nbsp;&nbsp; 11.247% | &nbsp;&nbsp; 9/18/46 | &nbsp;&nbsp; 7570<br>| &nbsp;&nbsp;&nbsp; 2134262<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sound Point CLO Ltd., 2020-1A ER (3 mo. Term SOFR + 7.122%) | &nbsp;&nbsp; 10.789% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp;&nbsp; 3760236<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunnova Hellios II Issuer LLC, 2018-1A B | &nbsp;&nbsp; 7.710% | &nbsp;&nbsp; 7/20/48 | &nbsp;&nbsp; 3252830<br>| &nbsp;&nbsp;&nbsp; 2910933<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2021-28I SBPF | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/23/50 | &nbsp;&nbsp; 249757<br>| &nbsp;&nbsp;&nbsp; 37<br> \*<sup>(f)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2019-21A ER (3 mo. Term SOFR + 6.862%) | &nbsp;&nbsp; 10.534% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2562695<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2021-28A SUB | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/23/50 | &nbsp;&nbsp; 10325000<br>| &nbsp;&nbsp;&nbsp; 2633605<br> <sup>(a)(f)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd., 2016-1A ER2 (3 mo. Term SOFR + <br> 7.012%) | &nbsp;&nbsp; 10.663% | &nbsp;&nbsp; 10/13/32 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3005731<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2021-43A D (3 mo. Term SOFR + 3.732%) | &nbsp;&nbsp; 7.404% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1429570<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2018-2A E (3 mo. Term SOFR + 5.512%) | &nbsp;&nbsp; 9.184% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 6750000<br>| &nbsp;&nbsp;&nbsp; 6112504<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 6.370% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1233225<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wave LLC, 2019-1 B | &nbsp;&nbsp; 4.581% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 250266<br>| &nbsp;&nbsp;&nbsp; 244843<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wellesley Park CLO Ltd., 2025-1A E (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.507% | &nbsp;&nbsp; 1/24/39 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1103901<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2020-2A E1R2 (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 9.418% | &nbsp;&nbsp; 10/24/37 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1384869<br> <sup>(a)(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wind River CLO Ltd., 2021-4A E3 (3 mo. Term SOFR + 8.512%) | &nbsp;&nbsp; 12.179% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2423985<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wind River CLO Ltd., 2021-4A F (3 mo. Term SOFR + 6.522%) | &nbsp;&nbsp; 10.189% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; 635383<br> <sup>(a)(f)</sup><br>|
| **Total Asset-Backed Securities (Cost — $211,122,498)** | **Total Asset-Backed Securities (Cost — $211,122,498)** | **Total Asset-Backed Securities (Cost — $211,122,498)** | **Total Asset-Backed Securities (Cost — $211,122,498)** | &nbsp;&nbsp; **171730553** |
|  |  |  | &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Senior Loans — 14.7%** | **Senior Loans — 14.7%** | **Senior Loans — 14.7%** | **Senior Loans — 14.7%** | **Senior Loans — 14.7%** |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** |
| *Entertainment — 0.5%* | *Entertainment — 0.5%* | *Entertainment — 0.5%* | *Entertainment — 0.5%* | *Entertainment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC, Term Loan B (3 mo. Term SOFR + 5.650%) | &nbsp;&nbsp; 9.350% | &nbsp;&nbsp; 2/10/27 | &nbsp;&nbsp; 4665583<br>| &nbsp;&nbsp;&nbsp; 2974310<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; OAK-Eagle Acquireco Inc., Term Loan B | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/24/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 746250<br> <sup>(o)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *3720560* |
| *Media — 1.7%* | *Media — 1.7%* | *Media — 1.7%* | *Media — 1.7%* | *Media — 1.7%* |
| &nbsp;&nbsp;&nbsp; CB Poly US Holdings Inc., Initial Term Loan (3 mo. Term SOFR + <br> 5.500%) | &nbsp;&nbsp; 9.200% | &nbsp;&nbsp; 5/18/29 | &nbsp;&nbsp; 4825000<br>| &nbsp;&nbsp;&nbsp; 4350534<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term <br> SOFR + 5.889%) | &nbsp;&nbsp; 9.557% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 5628750<br>| &nbsp;&nbsp;&nbsp; 4950654<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Inc., Term Loan B6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/18/33 | &nbsp;&nbsp; 2810000<br>| &nbsp;&nbsp;&nbsp; 2781900<br> <sup>(o)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *12083088* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **15803648** |
| **Consumer Discretionary — 3.2%** | **Consumer Discretionary — 3.2%** | **Consumer Discretionary — 3.2%** | **Consumer Discretionary — 3.2%** | **Consumer Discretionary — 3.2%** |
| *Automobile Components — 0.9%* | *Automobile Components — 0.9%* | *Automobile Components — 0.9%* | *Automobile Components — 0.9%* | *Automobile Components — 0.9%* |
| &nbsp;&nbsp;&nbsp; ABC Technologies Inc., Term Loan B | 11.918-11.950% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 4080370<br>| &nbsp;&nbsp;&nbsp; 3927576<br> <sup>(f)(h)(m)(n)</sup><br>|

---

See Notes to Schedule of Investments.

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Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; Autokiniton US Holdings Inc., 2024 Replacement Term Loan B (1 <br> mo. Term SOFR + 4.114%) | &nbsp;&nbsp; 7.782% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 2800425<br>| &nbsp;&nbsp;&nbsp; $2771721<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 First Lien Term Loan (1 mo. Term <br> SOFR + 7.114%) | &nbsp;&nbsp; 10.782% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 1805134<br>| &nbsp;&nbsp;&nbsp; 5271<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR <br> + 7.000%) | &nbsp;&nbsp; 10.671% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 2308524<br>| &nbsp;&nbsp;&nbsp; 8796<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR + <br> 10.000%) | &nbsp;&nbsp; 13.671% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 807808<br>| &nbsp;&nbsp;&nbsp; 196903<br> <sup>(f)(m)(n)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *6910267* |
| *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + <br> 6.800%)  | &nbsp;&nbsp; 10.506% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 8100710<br>| &nbsp;&nbsp;&nbsp;&nbsp; *5978324*<br> <sup>(f)(m)(n)</sup><br>|
| *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* |
| &nbsp;&nbsp;&nbsp; Catawba Nation Gaming Authority, Initial Term Loan B (3 mo. <br> Term SOFR + 4.750%)  | &nbsp;&nbsp; 8.417% | &nbsp;&nbsp; 3/29/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3054390*<br> <sup>(f)(m)(n)</sup><br>|
| *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* | *Specialty Retail — 1.1%* |
| &nbsp;&nbsp;&nbsp; Empire Today IP LLC, Second Out Term Loan (3 mo. Term SOFR + <br> 5.262%) | &nbsp;&nbsp; 8.928% | &nbsp;&nbsp; 8/3/29 | &nbsp;&nbsp; 1786155<br>| &nbsp;&nbsp;&nbsp; 35723<br> <sup>(f)(h)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan (1 mo. Term SOFR <br> + 2.250%) | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 1732412<br>| &nbsp;&nbsp;&nbsp; 1717019<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term <br> SOFR + 4.250%) | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 3610000<br>| &nbsp;&nbsp;&nbsp; 3536573<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; The Michaels Cos. Inc., Term Loan B (3 mo. Term SOFR + 5.000%) | &nbsp;&nbsp; 8.668% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2650000<br>| &nbsp;&nbsp;&nbsp; 2577284<br> <sup>(f)(m)(n)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *7866599* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **23809580** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2026 Refinancing Term Loan  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/19/31 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1123147*<br> <sup>(o)</sup><br>|
| *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* | *Household Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Knight Health Holdings LLC, Term Loan B (1 mo. Term SOFR + <br> 5.364%)  | &nbsp;&nbsp; 9.032% | &nbsp;&nbsp; 12/23/28 | &nbsp;&nbsp; 956496<br>| &nbsp;&nbsp;&nbsp;&nbsp; *680069*<br> <sup>(f)(m)(n)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1803216** |
| **Financials — 1.4%** | **Financials — 1.4%** | **Financials — 1.4%** | **Financials — 1.4%** | **Financials — 1.4%** |
| *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* | *Financial Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Greystone Select Holdings LLC, Term Loan B (3 mo. Term SOFR + <br> 5.262%) | &nbsp;&nbsp; 8.931% | &nbsp;&nbsp; 6/16/28 | &nbsp;&nbsp; 3294753<br>| &nbsp;&nbsp;&nbsp; 3249450<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 <br> mo. Term SOFR + 3.500%) | &nbsp;&nbsp; 7.168% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 3889016<br>| &nbsp;&nbsp;&nbsp; 3750470<br> <sup>(f)(m)(n)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *6999920* |
| *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B14 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/11/33 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 939086<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B4 (1 mo. Term SOFR + 5.364%) | &nbsp;&nbsp; 9.032% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 1962617<br>| &nbsp;&nbsp;&nbsp; 1952980<br> <sup>(f)(m)(n)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *2892066* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **9891986** |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Health Care — 1.5%** | **Health Care — 1.5%** | **Health Care — 1.5%** | **Health Care — 1.5%** | **Health Care — 1.5%** |
| *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; EyeCare Partners LLC, Term Loan B (4.730% Cash and 3.610% <br> PIK) | &nbsp;&nbsp; 8.340% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 1101113<br>| &nbsp;&nbsp;&nbsp; $462468<br> <sup>(d)(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Initial Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 3870000<br>| &nbsp;&nbsp;&nbsp; 3683756<br> <sup>(o)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *4146224* |
| *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term <br> SOFR + 3.750%) | &nbsp;&nbsp; 7.417% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 528768<br>| &nbsp;&nbsp;&nbsp; 528635<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. <br> Term SOFR + 4.862%) | &nbsp;&nbsp; 8.528% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 4383154<br>| &nbsp;&nbsp;&nbsp; 3902848<br> <sup>(f)(m)(n)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *4431483* |
| *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + <br> 4.100%)  | &nbsp;&nbsp; 7.800% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 2315561<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2252856*<br> <sup>(f)(m)(n)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **10830563** |
| **Industrials — 1.0%** | **Industrials — 1.0%** | **Industrials — 1.0%** | **Industrials — 1.0%** | **Industrials — 1.0%** |
| *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; DS Parent Inc., Term Loan B (3 mo. Term SOFR + 5.500%)  | &nbsp;&nbsp; 9.200% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 4465909<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3970930*<br> <sup>(f)(m)(n)</sup><br>|
| *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility | &nbsp;&nbsp; — | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 1215610<br>| &nbsp;&nbsp;&nbsp; 151,951<br> \*<sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | &nbsp;&nbsp; 11.678% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 513694<br>| &nbsp;&nbsp;&nbsp; 508557<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan | &nbsp;&nbsp; — | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 3190690<br>| &nbsp;&nbsp;&nbsp; 2233483<br> <sup>(h)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term <br> SOFR + 8.000%) | &nbsp;&nbsp; 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 127400<br>| &nbsp;&nbsp;&nbsp; 126126<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term <br> SOFR + 8.000%) | &nbsp;&nbsp; 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 251619<br>| &nbsp;&nbsp;&nbsp; 249103<br> <sup>(f)(m)(n)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *3269220* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7240150** |
| **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** |
| *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* | *Semiconductors & Semiconductor Equipment — 1.2%* |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 1 LLC, Term Loan | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 4060000<br>| &nbsp;&nbsp;&nbsp; 4359445<br> <sup>(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC, Initial Term Loan | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 4220000<br>| &nbsp;&nbsp;&nbsp; 4346600<br> <sup>(g)(m)(n)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *8706045* |
| *Software — 1.6%* | *Software — 1.6%* | *Software — 1.6%* | *Software — 1.6%* | *Software — 1.6%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR <br> + 7.000%) | &nbsp;&nbsp; 10.668% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 3862500<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magenta Security Holdings LLC, First Out Term Loan (3 mo. Term <br> SOFR + 7.010%) | &nbsp;&nbsp; 10.677% | &nbsp;&nbsp; 7/27/28 | &nbsp;&nbsp; 377438<br>| &nbsp;&nbsp;&nbsp; 271074<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Planview Parent Inc., 2024 Incremental Term Loan B (3 mo. Term <br> SOFR + 3.500%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; 4080031<br>| &nbsp;&nbsp;&nbsp; 3072794<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starlight Parent LLC, Term Loan (3 mo. Term SOFR + 4.000%) | &nbsp;&nbsp; 7.674% | &nbsp;&nbsp; 4/16/32 | &nbsp;&nbsp; 3482500<br>| &nbsp;&nbsp;&nbsp; 2968832<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B (3 mo. Term SOFR + 2.500%) | &nbsp;&nbsp; 6.167% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 1605965<br>| &nbsp;&nbsp;&nbsp; 1536812<br> <sup>(f)(m)(n)(o)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *11712012* |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR + <br> 7.750%)  | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 7168482<br>| &nbsp;&nbsp;&nbsp; $*6964646*<br> <sup>(f)(m)(n)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **27382703** |
| **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** |
| *Chemicals — 1.5%* | *Chemicals — 1.5%* | *Chemicals — 1.5%* | *Chemicals — 1.5%* | *Chemicals — 1.5%* |
| &nbsp;&nbsp;&nbsp; ARC Falcon I Inc., Term Loan B | &nbsp;&nbsp; — | &nbsp;&nbsp; 3/4/33 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1471000<br> <sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term <br> SOFR + 4.000%) | &nbsp;&nbsp; 7.675% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 2689492<br>| &nbsp;&nbsp;&nbsp; 2579115<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natgasoline LLC, Term Loan B (3 mo. Term SOFR + 5.500%) | &nbsp;&nbsp; 9.173% | &nbsp;&nbsp; 3/29/30 | &nbsp;&nbsp; 2437500<br>| &nbsp;&nbsp;&nbsp; 2460352<br> <sup>(f)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Plastics Management LLC, First Lien Initial Term Loan (3 mo. Term <br> SOFR + 5.000%) | &nbsp;&nbsp; 8.700% | &nbsp;&nbsp; 8/3/27 | &nbsp;&nbsp; 4780726<br>| &nbsp;&nbsp;&nbsp; 4763878<br> <sup>(f)(m)(n)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **11274345** |
| **Total Senior Loans (Cost — $120,739,039)** | **Total Senior Loans (Cost — $120,739,039)** | **Total Senior Loans (Cost — $120,739,039)** | **Total Senior Loans (Cost — $120,739,039)** | &nbsp;&nbsp; **108036191** |
| **Sovereign Bonds — 6.7%** | **Sovereign Bonds — 6.7%** | **Sovereign Bonds — 6.7%** | **Sovereign Bonds — 6.7%** | **Sovereign Bonds — 6.7%** |
| *Angola — 0.8%* | *Angola — 0.8%* | *Angola — 0.8%* | *Angola — 0.8%* | *Angola — 0.8%* |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/26/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1584299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 4/14/32 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3403113<br> <sup>(a)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 11/26/49 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 540690<br> <sup>(j)</sup><br>|
| *Total Angola* | *Total Angola* | *Total Angola* | *Total Angola* | &nbsp;&nbsp; *5528102* |
| *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* |
| &nbsp;&nbsp;&nbsp; Ciudad Autonoma De Buenos Aires, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3400170<br>| &nbsp;&nbsp;&nbsp; 3431230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ciudad Autonoma De Buenos Aires, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1333400<br>| &nbsp;&nbsp;&nbsp; 1345581<br> <sup>(j)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *4776811* |
| *Bahamas — 0.4%* | *Bahamas — 0.4%* | *Bahamas — 0.4%* | *Bahamas — 0.4%* | *Bahamas — 0.4%* |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/24/36 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3210240*<br> <sup>(a)</sup><br>|
| *Brazil — 0.5%* | *Brazil — 0.5%* | *Brazil — 0.5%* | *Brazil — 0.5%* | *Brazil — 0.5%* |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 21052000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; *3551358*<br>|
| *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 409704<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2540725<br> <sup>(j)(p)</sup><br>|
| *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | &nbsp;&nbsp; *2950429* |
| *Ecuador — 0.5%* | *Ecuador — 0.5%* | *Ecuador — 0.5%* | *Ecuador — 0.5%* | *Ecuador — 0.5%* |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/29/34 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 913725<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 7/31/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 883180<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes, Step bond <br> (5.000% to 7/31/26 then 5.500%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/31/40 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 1962500<br> <sup>(a)</sup><br>|
| *Total Ecuador* | *Total Ecuador* | *Total Ecuador* | *Total Ecuador* | &nbsp;&nbsp; *3759405* |
| *Egypt — 0.1%* | *Egypt — 0.1%* | *Egypt — 0.1%* | *Egypt — 0.1%* | *Egypt — 0.1%* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 7.053% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *662100*<br> <sup>(j)</sup><br>|
| *El Salvador — 0.2%* | *El Salvador — 0.2%* | *El Salvador — 0.2%* | *El Salvador — 0.2%* | *El Salvador — 0.2%* |
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bond, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/17/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 458234<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bond, Senior Notes | &nbsp;&nbsp; 9.650% | &nbsp;&nbsp; 11/21/54 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 956880<br> <sup>(a)</sup><br>|
| *Total El Salvador* | *Total El Salvador* | *Total El Salvador* | *Total El Salvador* | &nbsp;&nbsp; *1415114* |
| *Ethiopia — 0.1%* | *Ethiopia — 0.1%* | *Ethiopia — 0.1%* | *Ethiopia — 0.1%* | *Ethiopia — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ethiopia International Bond, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *573627*<br> <sup>(j)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Ghana — 0.1%* | *Ghana — 0.1%* | *Ghana — 0.1%* | *Ghana — 0.1%* | *Ghana — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/3/26 | &nbsp;&nbsp; 7760<br>| &nbsp;&nbsp;&nbsp; $7629<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, Senior Notes, Step bond <br> (5.000% to 7/3/28 then 6.000%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp; 205398<br>| &nbsp;&nbsp;&nbsp; 196350<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, Senior Notes, Step bond <br> (5.000% to 7/3/28 then 6.000%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp; 337560<br>| &nbsp;&nbsp;&nbsp; 288758<br> <sup>(a)</sup><br>|
| *Total Ghana* | *Total Ghana* | *Total Ghana* | *Total Ghana* | &nbsp;&nbsp; *492737* |
| *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/30/33 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp;&nbsp; 2078433<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1028575<br> <sup>(a)</sup><br>|
| *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | &nbsp;&nbsp; *3107008* |
| *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jamaica Government International Bond, Senior Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 11/3/30 | &nbsp;&nbsp; 82000000 <br><sup>JMD</sup><br>| &nbsp;&nbsp;&nbsp; *547155*<br>|
| *Kenya — 0.2%* | *Kenya — 0.2%* | *Kenya — 0.2%* | *Kenya — 0.2%* | *Kenya — 0.2%* |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/22/32 | &nbsp;&nbsp; 1006000<br>| &nbsp;&nbsp;&nbsp; 970111<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, Senior Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 1/23/34 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 458191<br> <sup>(j)</sup><br>|
| *Total Kenya* | *Total Kenya* | *Total Kenya* | *Total Kenya* | &nbsp;&nbsp; *1428302* |
| *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1157475<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/31/29 | &nbsp;&nbsp; 23320000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 1300223<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *2457698* |
| *Mozambique — 0.0%††* | *Mozambique — 0.0%††* | *Mozambique — 0.0%††* | *Mozambique — 0.0%††* | *Mozambique — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Mozambique International Bond, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *345876*<br> <sup>(j)</sup><br>|
| *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 7.143% | &nbsp;&nbsp; 2/23/30 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *948797*<br> <sup>(j)</sup><br>|
| *Romania — 0.1%* | *Romania — 0.1%* | *Romania — 0.1%* | *Romania — 0.1%* | *Romania — 0.1%* |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/10/37 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *899652*<br> <sup>(a)</sup><br>|
| *Senegal — 0.0%††* | *Senegal — 0.0%††* | *Senegal — 0.0%††* | *Senegal — 0.0%††* | *Senegal — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bond, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/23/33 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *294328*<br> <sup>(j)</sup><br>|
| *South Africa — 0.2%* | *South Africa — 0.2%* | *South Africa — 0.2%* | *South Africa — 0.2%* | *South Africa — 0.2%* |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/11/37 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1244860*<br> <sup>(a)</sup><br>|
| *Sri Lanka — 0.1%* | *Sri Lanka — 0.1%* | *Sri Lanka — 0.1%* | *Sri Lanka — 0.1%* | *Sri Lanka — 0.1%* |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 55179<br>| &nbsp;&nbsp;&nbsp; 52753<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step <br> bond (3.100% to 7/15/27 then 3.350%) | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 59046<br>| &nbsp;&nbsp;&nbsp; 54324<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step <br> bond (3.350% to 9/15/27 then 3.600%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 115818<br>| &nbsp;&nbsp;&nbsp; 96949<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step <br> bond (3.600% to 12/15/27 then 5.100%) | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 78204<br>| &nbsp;&nbsp;&nbsp; 59242<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step <br> bond (3.600% to 11/15/27 then 3.850%) | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 54275<br>| &nbsp;&nbsp;&nbsp; 48523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step <br> bond (3.600% to 8/15/27 then 3.850%) | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 108597<br>| &nbsp;&nbsp;&nbsp; 96215<br> <sup>(a)</sup><br>|
| *Total Sri Lanka* | *Total Sri Lanka* | *Total Sri Lanka* | *Total Sri Lanka* | &nbsp;&nbsp; *408006* |
| *Supranational — 0.8%* | *Supranational — 0.8%* | *Supranational — 0.8%* | *Supranational — 0.8%* | *Supranational — 0.8%* |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, Senior <br> Notes | &nbsp;&nbsp; 8.050% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; 227000000 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; *5627989*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Turkey — 0.4%* | *Turkey — 0.4%* | *Turkey — 0.4%* | *Turkey — 0.4%* | *Turkey — 0.4%* |
| &nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi AS, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; $*3207816*<br> <sup>(a)(p)</sup><br>|
| *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 59069<br>| &nbsp;&nbsp;&nbsp; 34740<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 220732<br>| &nbsp;&nbsp;&nbsp; 94908<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 216271<br>| &nbsp;&nbsp;&nbsp; 115801<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 186534<br>| &nbsp;&nbsp;&nbsp; 87067<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 378474<br>| &nbsp;&nbsp;&nbsp; 199378<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 155445<br>| &nbsp;&nbsp;&nbsp; 72569<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 486610<br>| &nbsp;&nbsp;&nbsp; 251559<br> <sup>(j)</sup><br>|
| *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | &nbsp;&nbsp; *856022* |
| *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/19/31 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *533960*<br> <sup>(j)</sup><br>|
| **Total Sovereign Bonds (Cost — $47,280,534)** | **Total Sovereign Bonds (Cost — $47,280,534)** | **Total Sovereign Bonds (Cost — $47,280,534)** | **Total Sovereign Bonds (Cost — $47,280,534)** | &nbsp;&nbsp; **48827392** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + <br> 5.005%) | &nbsp;&nbsp; 8.705% |  | &nbsp;&nbsp; 77758 | &nbsp;&nbsp;&nbsp; 1533388<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + <br> 5.607%) | &nbsp;&nbsp; 9.289% |  | &nbsp;&nbsp; 107413 | &nbsp;&nbsp;&nbsp; 2273933<br> <sup>(f)</sup><br>|
| **Total Preferred Stocks (Cost — $4,369,237)** | **Total Preferred Stocks (Cost — $4,369,237)** | **Total Preferred Stocks (Cost — $4,369,237)** | **Total Preferred Stocks (Cost — $4,369,237)** | &nbsp;&nbsp; **3807321** |
|  |  | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Convertible Bonds & Notes — 0.3%** | **Convertible Bonds & Notes — 0.3%** | **Convertible Bonds & Notes — 0.3%** | **Convertible Bonds & Notes — 0.3%** | **Convertible Bonds & Notes — 0.3%** |
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; **1990000**<br>|
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 70334<br>| &nbsp;&nbsp;&nbsp; 1673<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 2628484<br>| &nbsp;&nbsp;&nbsp; 294128<br> <sup>(j)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **295801** |
| **Total Convertible Bonds & Notes (Cost — $2,302,321)** | **Total Convertible Bonds & Notes (Cost — $2,302,321)** | **Total Convertible Bonds & Notes (Cost — $2,302,321)** | **Total Convertible Bonds & Notes (Cost — $2,302,321)** | &nbsp;&nbsp; **2285801** |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco | &nbsp;&nbsp;&nbsp; Altice France Luxco |  | &nbsp;&nbsp; 61743 | &nbsp;&nbsp;&nbsp; **$1,050,859**<br> \*<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp; 244<br> \*<sup>(g)(q)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 168247 | &nbsp;&nbsp;&nbsp; 42,062<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **42306** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC | &nbsp;&nbsp;&nbsp; VCI Asset Holdings 2 LLC |  | &nbsp;&nbsp; 785808 | &nbsp;&nbsp;&nbsp; **785,808**<br> \*<sup>(g)(h)</sup> <br>|
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. | &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. |  | &nbsp;&nbsp; 196741 | &nbsp;&nbsp;&nbsp; 1,502<br> \*<sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. |  | &nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp; 430<br> \*<sup>(g)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1932** |
| **Total Common Stocks (Cost — $3,153,390)** | **Total Common Stocks (Cost — $3,153,390)** | **Total Common Stocks (Cost — $3,153,390)** | **Total Common Stocks (Cost — $3,153,390)** | &nbsp;&nbsp;&nbsp; **1880905**<br>|
|  | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** |
| *Uruguay — 0.0%††* | *Uruguay — 0.0%††* | *Uruguay — 0.0%††* | *Uruguay — 0.0%††* | *Uruguay — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes <br> (Cost — $103,856) | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 5/16/45 | &nbsp;&nbsp; 4020055 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; **105878**<br>|
|  |  | &nbsp;&nbsp; Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco (Cost — $0) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 5018 | &nbsp;&nbsp;&nbsp; **73,951**<br> \*<br>|
|  |  |  | Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $1,455,203) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 119540<br>| &nbsp;&nbsp;&nbsp; **29,885**<br> \*<sup>(a)(g)(q)</sup><br>|
| **Total Investments — 144.2% (Cost — $1,130,357,007)** | **Total Investments — 144.2% (Cost — $1,130,357,007)** | **Total Investments — 144.2% (Cost — $1,130,357,007)** | **Total Investments — 144.2% (Cost — $1,130,357,007)** | &nbsp;&nbsp; **1057976420** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (44.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (44.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (44.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (44.2)% | &nbsp;&nbsp;&nbsp; (324392376)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$733584044** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | All or a portion of this security is pledged as collateral pursuant to the loan agreement.  |
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(e)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(f)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(j)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(k)</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>(l)</sup> | Rate shown is the current yield based on income received over the trailing twelve months. |
| <sup>(m)</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>(n)</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>(o)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(p)</sup> | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
| <sup>(q)</sup> | Restricted security (Note 3). |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| BRL |  | Brazilian Real |
| CAS |  | Connecticut Avenue Securities |
| CDO |  | Collateralized Debt Obligation |
| CLO |  | Collateralized Loan Obligation |
| DIP |  | Debtor-in-possession |
| GBP |  | British Pound |
| IO |  | Interest Only |
| JMD |  | Jamaican Dollar |
| LIBOR |  | London Interbank Offered Rate |
| MXN |  | Mexican Peso |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |
| UYU |  | Uruguayan Peso |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

 **Western Asset Diversified Income Fund**

At March 31, 2026, the Fund had the following open reverse repurchase agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty  | Rate | &nbsp;&nbsp;&nbsp; Effective <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp;&nbsp; Face Amount <br>of Reverse <br>Repurchase <br>Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Asset Class <br>of Collateral\*<br>| &nbsp;&nbsp;&nbsp; Collateral <br>Value\*\*<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | TBD<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $6612177 | &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds <br>Cash<br>| &nbsp;&nbsp;&nbsp; $9340143 <br>110000<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp; **$6612177** |  | &nbsp;&nbsp;&nbsp; **$9450143** |

---

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

\* Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements.

\*\* Including accrued interest.

\*\*\* TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are renewed daily and can be terminated by either the Fund or the counterparty in accordance with the terms of the agreements. The rates for these agreements are variable. The rate disclosed is the rate as of March 31, 2026. 

At March 31, 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 |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; $109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; $68 | &nbsp;&nbsp;&nbsp;&nbsp; $(12219) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;107.000 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; (9562) |
| **Total Exchange-Traded Written Options (Premiums received — $30,827)** | **Total Exchange-Traded Written Options (Premiums received — $30,827)** | **Total Exchange-Traded Written Options (Premiums received — $30,827)** | **Total Exchange-Traded Written Options (Premiums received — $30,827)** | **Total Exchange-Traded Written Options (Premiums received — $30,827)** | &nbsp;&nbsp;&nbsp; **$(21781)** |

---

At March 31, 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:** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $5022354 | &nbsp;&nbsp;&nbsp;&nbsp; $4927689 | &nbsp;&nbsp;&nbsp;&nbsp; $(94665) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19831998 | &nbsp;&nbsp;&nbsp;&nbsp; 19905063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73065 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 109952096 | &nbsp;&nbsp;&nbsp;&nbsp; 108048614 | &nbsp;&nbsp;&nbsp;&nbsp; (1903482) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 32842513 | &nbsp;&nbsp;&nbsp;&nbsp; 31885000 | &nbsp;&nbsp;&nbsp;&nbsp; (957513) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19723741 | &nbsp;&nbsp;&nbsp;&nbsp; 19297657 | &nbsp;&nbsp;&nbsp;&nbsp; (426084) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (3308679) |
| **Contracts to Sell:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 4116302 | &nbsp;&nbsp;&nbsp;&nbsp; 4095513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20789 |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 31360281 | &nbsp;&nbsp;&nbsp;&nbsp; 31116797 | &nbsp;&nbsp;&nbsp;&nbsp; 243484 |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20229536 | &nbsp;&nbsp;&nbsp;&nbsp; 19699062 | &nbsp;&nbsp;&nbsp;&nbsp; 530474 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 794747 |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(2513932)** |

---

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

---

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

---

At March 31, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 302777 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $739 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 440879 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 302940 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 608292 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5638 |
| EUR | &nbsp;&nbsp;&nbsp; 4273611 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5068075 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; (124498) |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| JPY | &nbsp;&nbsp; 73010000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 458010 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $2729 |
| MXN | &nbsp;&nbsp; 62417000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3504354 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (26510) |
| USD | &nbsp;&nbsp;&nbsp; 5397249 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 97912568 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (58390) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 353357 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (8453) |
| AUD | &nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 715859 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (19152) |
| AUD | &nbsp;&nbsp;&nbsp; 1510000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1072366 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (30754) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 476090 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (13383) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 781649 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (18182) |
| EUR | &nbsp;&nbsp;&nbsp; 1067403 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1253816 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (19078) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 943175 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 17760 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 943320 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 17905 |
| USD | &nbsp;&nbsp;&nbsp; 1383921 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1167447 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 33456 |
| USD | &nbsp;&nbsp;&nbsp; 4733024 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 3514416 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 81463 |
| CNH | &nbsp;&nbsp;&nbsp; 6622705 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 957068 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5692 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 605415 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (3896) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 896555 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (5844) |
| JPY | &nbsp;&nbsp; 50310000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 319892 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2404) |
| JPY | &nbsp;&nbsp; 50310000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 320002 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2514) |
| JPY | &nbsp;&nbsp; 50310000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 319887 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2399) |
| JPY | &nbsp;&nbsp; 60358000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 383655 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2758) |
| JPY | &nbsp;&nbsp; 125770000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 801770 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (8082) |
| JPY | &nbsp;&nbsp; 125770000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 802010 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (8322) |
| JPY | &nbsp;&nbsp; 125770000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 802098 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (8410) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 509562 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (897) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 774228 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 1065003 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8103 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 483363 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9088 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 533091 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 452790 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9318 |
| USD | &nbsp;&nbsp;&nbsp; 1072665 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20006 |
| USD | &nbsp;&nbsp;&nbsp; 1901361 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1620319 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 27028 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 220505 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 154397 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (2291) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 289476 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (6654) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 289068 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (6246) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 431398 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (10615) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 434265 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (6583) |
| AUD | &nbsp;&nbsp;&nbsp; 5697203 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3839419 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 90563 |
| CNH | &nbsp;&nbsp;&nbsp; 6590000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 952285 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5721 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 429255 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1251) |
| JPY | &nbsp;&nbsp; 73460000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 461264 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2315 |
| JPY | &nbsp;&nbsp; 91820000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 578058 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 170958 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1495) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 181426 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 265286 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (1570) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 340770 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (4135) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 504167 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (6292) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 806062 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 1200000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (21709) |
| USD | &nbsp;&nbsp;&nbsp; 1428007 | &nbsp;&nbsp; AUD | &nbsp;&nbsp; 2065410 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3269 |
| USD | &nbsp;&nbsp;&nbsp; 1906495 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 13212705 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (14270) |
| USD | &nbsp;&nbsp;&nbsp; 2569658 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 13578845 | JPMorgan Chase & Co. | &nbsp;&nbsp; 6/2/26 | &nbsp;&nbsp;&nbsp; (16229) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(119907)** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |

---

See Notes to Schedule of Investments.

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Western Asset Diversified Income Fund 2026 Quarterly Report

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 **Western Asset Diversified Income Fund**

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CNH | Chinese Offshore Yuan |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| USD | United States Dollar |

---

At March 31, 2026, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount\*<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| JPMorgan Chase & Co. | 63990000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/29 | &nbsp;&nbsp;&nbsp;&nbsp; BRL-CDI\*\* | &nbsp;&nbsp;&nbsp;&nbsp; 10.230%\*\* | &nbsp;&nbsp;&nbsp; **$(1381206)** | &nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp; **$(1381206)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>Amount\*<br>| &nbsp;&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;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173910000<sup>MXN</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11/10/34 | &nbsp;&nbsp;&nbsp;&nbsp; 28-Day MXN TIIE - Banxico <br>every 28 days<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.885% <br>every 28 days<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$276720** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$276720** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>March 31, <br>2026<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Caesars Entertainment Inc., <br> 4.625%, due 10/15/29<br>| $1123000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3.027% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $81682 | &nbsp;&nbsp;&nbsp;&nbsp; $104567 | &nbsp;&nbsp;&nbsp;&nbsp; $(22885) |
| Nabors Industries Inc., 9.125%, <br> due 1/31/30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 604000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1.889% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; (15918) | &nbsp;&nbsp;&nbsp;&nbsp; (70934) | &nbsp;&nbsp;&nbsp;&nbsp; 55016 |
| **Total** | **$1727000** |  |  |  | &nbsp;&nbsp;&nbsp; **$65764** | &nbsp;&nbsp;&nbsp; **$33633** | &nbsp;&nbsp;&nbsp; **$32131** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>March 31, <br>2026<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| MGM Resorts International, <br> 4.750%, due 10/15/28<br>| $1123000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.752% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $(138149) | &nbsp;&nbsp;&nbsp;&nbsp; $(127925) | &nbsp;&nbsp;&nbsp;&nbsp; $(10224) |
| Transocean Inc., 8.000%, due <br> 2/1/27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 604000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1.607% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 10946 | &nbsp;&nbsp;&nbsp;&nbsp; 44370 | &nbsp;&nbsp;&nbsp;&nbsp; (33424) |
| **Total** | **$1727000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(127203)** | &nbsp;&nbsp;&nbsp; **$(83555)** | &nbsp;&nbsp;&nbsp; **$(43648)** |

---

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

See Notes to Schedule of Investments.

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Western Asset Diversified Income Fund 2026 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Diversified Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>5</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.HY.46 Index | $3310100 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/31 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$(158589)** | &nbsp;&nbsp;&nbsp; **$(130283)** | &nbsp;&nbsp;&nbsp; **$(28306)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| JPMorgan Chase & Co. | $29841 | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$(181827)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(181827)** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve <br> as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied <br> credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter <br> into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or <br> other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for <br> the referenced entity or obligation.<br>|
| <sup>4</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive <br> from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or the underlying securities comprising the referenced index.<br>|
| <sup>5</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| ^ | Custom emerging markets debt basket is comprised of 41 bonds in the Sovereign Frontier sector. |
| \* | Notional amount denominated in U.S. dollars, unless otherwise noted. |
| \*\* | One time payment made at termination date. |

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; 28-Day MXN TIIE - Banxico | 7.057% |
| &nbsp;&nbsp;&nbsp; BRL-CDI | 14.650% |
| &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:** |
| BRL |  | Brazilian Real |
| BRL-CDI |  | Brazilian Cetip InterBank Deposit Rate |
| JPEIFNTR |  | Western Asset Management Emerging Markets Frontier Custom Basket |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2026 Quarterly Report

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 **Western Asset Diversified Income Fund**

MXN — Mexican Peso <br> SOFR — Secured Overnight Financing Rate <br> TIIE — Tasa de Intere's Interbancaria de Equilibrio (Equilibrium Interbanking Interest 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 Diversified Income Fund 2026 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Diversified Income Fund (the "Fund") was organized in Maryland on July 27, 2020 and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Board of Trustees (the "Board") has authorized the issuance of an unlimited number of common shares of beneficial interest, $0.001 par value per share (the "Common Shares"). The Fund's primary investment objective is to seek high current income. As a secondary investment objective, the Fund will seek capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, across fixed income sectors and securities in seeking to deliver a well-diversified portfolio. The Fund expects to dissolve on or about June 24, 2033 (the "Dissolution Date"); provided that the Board may, without shareholder approval, extend the Dissolution Date for up to two years. As of a date within the 6-18 months preceding the Dissolution Date, the Board may cause the Fund to conduct a tender offer to all shareholders to purchase 100% of the then outstanding Common Shares of the Fund at a price equal to the NAV per Common Share on the expiration date of the tender offer (the "Eligible Tender Offer"). The Board has established that the Fund must have at least $200 million of aggregate net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Fund (the "Dissolution Threshold"). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each Common Shareholder; provided that if the payment for properly tendered Common Shares would result in the Fund having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled, no Common Shares will be repurchased and the Fund will dissolve as scheduled. If an Eligible Tender Offer is conducted and the payment for properly tendered Common Shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, all Common Shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may eliminate the Dissolution Date without shareholder approval and provide for the Fund's perpetual existence. Upon its dissolution, it is anticipated that the Fund will have distributed substantially all of its net assets to shareholders, although securities for which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust.

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 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.

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Western Asset Diversified Income Fund 2026 Quarterly Report

------

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.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $84920623 | &nbsp;&nbsp; $4653374 | &nbsp;&nbsp; $89573997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 441901068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 441901068 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 189723478 | &nbsp;&nbsp; — | &nbsp;&nbsp; 189723478 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 171730516 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 171730553 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 19846281 | &nbsp;&nbsp; 3963299 | &nbsp;&nbsp; 23809580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 4854716 | &nbsp;&nbsp; 2385434 | &nbsp;&nbsp; 7240150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 76986461 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76986461 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 48827392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48827392 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $3807321 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3807321 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2285801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2285801 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 42062 | &nbsp;&nbsp; 244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 785808 | &nbsp;&nbsp; 785808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1052791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1052791 |
| &nbsp;&nbsp;&nbsp; Non-U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 105878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105878 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 73951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73951 |

---

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| 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 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; $29885 | &nbsp;&nbsp; — | &nbsp;&nbsp; $29885 |
| **Total Investments** | &nbsp;&nbsp; **$3849383** | &nbsp;&nbsp; **$1042339085** | &nbsp;&nbsp; **$11787952** | &nbsp;&nbsp; **$1057976420** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $867812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $867812 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $343359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 343359 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 276720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 276720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 55016 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55016 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$867812** | &nbsp;&nbsp; **$675095** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1542907** |
| **Total** | &nbsp;&nbsp; **$4717195** | &nbsp;&nbsp; **$1043014180** | &nbsp;&nbsp; **$11787952** | &nbsp;&nbsp; **$1059519327** |
| **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; $21781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $21781 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 3381744 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3381744 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $463266 | &nbsp;&nbsp; — | &nbsp;&nbsp; 463266 |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1381206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1381206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 22885 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 43648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Buy <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 28306 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28306 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 181827 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181827 |
| **Total** | &nbsp;&nbsp; **$3403525** | &nbsp;&nbsp; **$2121138** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$5524663** |

---

&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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>December 31, 2025<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | $4653297 | $3180 |  | $(3103)<br>|  |
| **Asset-Backed** <br> **Securities**<br>|  |  |  |  |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>| 4007797 | 6864 |  | (208947)<br>| $4010294 |
| &nbsp;&nbsp;&nbsp; Financials | 3280764 | (1301)<br>| $(42)<br>| (19169)<br>|  |
| &nbsp;&nbsp;&nbsp; Industrials | 1796449 | 890721 | (520897)<br>| 219161 | 1019196 |
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>|  |  |  |  | 785808 |
| **Total** | **$13738307** | **$899464** | **$(520939)**<br>| **$(12058)**<br>| **$5815298** |

---

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<sup>2</sup> <br>| Transfers <br>out of <br>Level 3<sup>3</sup> <br>| Balance <br>as of <br>March 31, 2026<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>in securities <br>still held at <br>March 31, 2026<sup>1</sup> <br>|
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  | $4653374 | $(3103)<br>|
| **Asset-Backed** <br> **Securities**<br>|  | $37 |  | 37 |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>| $(3852710)<br>|  |  | 3963299 | (70906)<br>|
| &nbsp;&nbsp;&nbsp; Financials | (10802)<br>|  | $(3249450)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Industrials | (1019196)<br>|  |  | 2385434 | 219161 |
| **Common Stocks:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>|  |  |  | 785808 |  |
| **Total** | **$(4882708)**<br>| **$37** | **$(3249450)**<br>| **$11787952** | **$145152** |

---

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

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

<sup>2</sup> Transferred into Level 3 as a result of the unavailability of a quoted price in an active market for an identical investment or the unavailability of other significant observable inputs in the valuation obtained from independent third party pricing services or broker/dealer quotations. 

<sup>3</sup> Transferred out of Level 3 as a result of the availability of a quoted price in an active market for an identical investment or the availability of other significant observable inputs. 

**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 March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>|  | $70528045 | 70528045 | $70528045 | 70528045 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $60278 |  |  |

---

------

Western Asset Diversified Income Fund 2026 Quarterly Report

------

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

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

**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 3/31/2026<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 977 | 3/25 | $11893 | $244 | &nbsp;&nbsp; $0.25<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 119540 | 3/25 | 1455203 | 29885 <br><sup>(b)</sup><br>| 0.25<br> 0.00 <br><sup>(a)</sup><br>|
| **Total** |  |  | **$1467096** | **$30129** | &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 Diversified 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:** Western Asset Diversified Income Fund

- **b. Investment Company Act file number:** 811-23598

- **c. CIK number of Registrant:** 0001819559

- **d. LEI of Registrant:** 549300M67UHXW4GHZ644

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

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

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

- **c. LEI of Series:** 549300M67UHXW4GHZ644

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1111161810.11

**Total Liabilities:** $377610764.86

**Net Assets:** $733551045.25

**Delayed Delivery Securities:** $750000.00

**Cash Not Reported:** $15309765.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -5896.85000000 | **1-Year:** 8018.33000000 | **5-Year:** 18702.55000000 | **10-Year:** 25030.60000000 | **30-Year:** 2860.07000000

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

- **3-Month:** 2237.83000000 | **1-Year:** 88503.58000000 | **5-Year:** 175121.92000000 | **10-Year:** 39857.52000000 | **30-Year:** 712.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 0.65%                | 1.64%                | -2.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2646442.33             | $4210792.94                                |
| Month 2  | $2154936.41              | $-10889204.16                              |
| Month 3  | $1985588.09              | $-22870091.65                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aag FH UK PLC / Global Auto Holdings PLC                                                                          | GLOBAU 11.5 08/15/29 144A                                                                               | CUSIP: 00033YAA4<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |   8500000 | PA      | $8464028.00   | 1.15%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                                                      | EUR/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-50642.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cerdia Finanz Gmbh                                                                                                | PLATIN 9.375 10/03/31 144A                                                                              | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   3620000 | PA      | $3603818.60   | 0.49%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Stena International SA                                                                                            | STENA 7.625 02/15/31 144A                                                                               | CUSIP: 85858EAE3<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |   5000000 | PA      | $5126865.00   | 0.70%             | 2031-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                                                     | GEO 10.25 04/15/31                                                                                      | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2241778.96   | 0.31%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Add Hero Holdings Ltd.                                                                                            | ADHERH 8.5 09/30/29 REGS                                                                                | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    557668 | PA      | $29166.05     | 0.00%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Issuer Trust                                                                                     | MIDCAP F 01/15/56 144a                                                                                  | CUSIP: 59590AAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1775691.67   | 0.24%             | 2056-01-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                                                                      | SRILAN 4 04/15/28 144A                                                                                  | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     55179 | PA      | $52753.05     | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                                                        | NOG 7.875 10/15/33 144A                                                                                 | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2588270.00   | 0.35%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                                             | ROMANI 7.5 02/10/37 144A                                                                                | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    850000 | PA      | $899651.81    | 0.12%             | 2037-02-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARC FALCON I INC                                                                                                  | NEWARC 9.75 03/01/33 144A                                                                               | CUSIP: 03881HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3990000 | PA      | $3845043.30   | 0.52%             | 2033-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                                                         | IRS BRL                                                                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-1381205.76  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                                                   | SCRT 2022-1 M                                                                                           | CUSIP: 35563PC80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   5000000 | PA      | $4662750.00   | 0.64%             | 2061-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                                              | Spirit Contingent TL                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215610 | PA      | $151951.24    | 0.02%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WHITEBOX CLO II LTD                                                                                               | WBOX 2020-2A E1R2                                                                                       | CUSIP: 96466EAJ3<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |   1430000 | PA      | $1384869.06   | 0.19%             | 2037-10-26      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| Renew 2024-2                                                                                                      | RENEW 2024-2A B                                                                                         | CUSIP: 75975DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1756712 | PA      | $1759892.40   | 0.24%             | 2060-11-20      | Fixed         | 8.22%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                                                         | IVYCST 8.25 01/30/37 144A                                                                               | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1000000 | PA      | $1028574.75   | 0.14%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ViaSat, Inc.                                                                                                      | VSAT 5.625 04/15/27 144A                                                                                | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1988049.80   | 0.27%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TEAM SERVICES HOLDING, INC                                                                                        | TEAM Services Term Loan B 525 2033-01-21                                                                | CUSIP: 87821RAB0<br>LEI: 254900SLCOEZGQJACP02 | Long             | LON              | CORP              | US        |   3870000 | PA      | $3683756.25   | 0.50%             | 2033-01-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Starlight Parent LLC                                                                                              | STARLIGHT PARENT LLC                                                                                    | CUSIP: 85554UAB0<br>LEI: 254900ZM34IBOK68V949 | Long             | LON              | CORP              | US        |   3482500 | PA      | $2968831.25   | 0.40%             | 2032-04-16      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Chimera Investment Corporation                                                                                    | Chimera Investment Corporation 7.75% SER C FIXED TO FLOAT CUM RED PFD STOCK                             | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     77758 | NS      | $1533387.76   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ABRY LIQUID CREDIT CLO 2025-2 LTD                                                                                 | ALC 2025-2A E                                                                                           | CUSIP: 003945AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2810000 | PA      | $2784579.90   | 0.38%             | 2039-01-15      | Variable      | 9.53%                 | No            |                  2 | On Loan: No      |
| CAFL 2024-RTL1 ISSUER LLC                                                                                         | CAFL 2024-RTL1 A2                                                                                       | CUSIP: 12770DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4570000 | PA      | $4645935.12   | 0.63%             | 2031-11-30      | Fixed         | 8.68%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                                   | CDS CAESARS ENTERTAINMENT INC                                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $83553.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                                                  | IRS MXN                                                                                                 | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $286420.77    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HALSEYPOINT CLO LTD 2019-1                                                                                        | HLSY 2019-1A FR                                                                                         | CUSIP: 40638CAN9<br>LEI: 549300POBLM5RW6LD816 | Long             | ABS-CBDO         | CORP              | KY        |   2930000 | PA      | $2577612.12   | 0.35%             | 2037-10-20      | Floating      | 14.40%                | No            |                  2 | On Loan: No      |
| Granite Ridge Resources Inc                                                                                       | GRNT 8.875 11/05/29                                                                                     | CUSIP: 387432AA5<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | DBT              | CORP              | US        |   6790000 | PA      | $6531131.25   | 0.89%             | 2029-11-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SARATOGA INVESTMENT CORP CLO 2013-1 LTD                                                                           | Saratoga Investment Corporation CLO 2013-1 Ltd. ABS 2033-04-20 USD                                      | CUSIP: 80349BCB1<br>LEI: 549300471O2DE0Y4L506 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $672333.60    | 0.09%             | 2033-04-20      | Floating      | 13.93%                | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                                             | UKRAIN 4.5 02/01/34 REGS                                                                                | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    216271 | PA      | $115800.88    | 0.02%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2020-DNA1                                                                           | STACR 2020-DNA1 B2                                                                                      | CUSIP: 35565HBE4<br>LEI: 5493003FQV7GR462GO02 | Long             | ABS-O            | USGSE             | US        |   2225000 | PA      | $2474451.87   | 0.34%             | 2050-01-25      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2020-DNA6                                                                           | STACR 2020-DNA6 B2                                                                                      | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-O            | USGSE             | US        |   5000000 | PA      | $5827886.50   | 0.79%             | 2050-12-27      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| Turning Point Brands Inc                                                                                          | TPB 7.625 03/15/32 144A                                                                                 | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2051800.00   | 0.28%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                                                   | EQT 6.5 07/15/48                                                                                        | CUSIP: 26884LBF5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3015764.55   | 0.41%             | 2048-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hartwick PK CLO Ltd. / Hartwick PK CLO LLC                                                                        | HWKPK 2023-1A ER                                                                                        | CUSIP: 417402AE4<br>LEI: 2549003E1ZAWJG55NM75 | Long             | ABS-CBDO         | CORP              | JE        |    525000 | PA      | $486605.65    | 0.07%             | 2037-01-21      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                                                          | ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      5018 | NS      | $73950.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                                                                                | New Generation Gas Gathering LLC                                                                        | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |   4474324 | PA      | $4653373.51   | 0.63%             | 2029-09-30      | Floating      | 9.41%                 | No            |                  3 | On Loan: No      |
| LCM 33 Ltd / LCM 33 LLC                                                                                           | LCM 33A E                                                                                               | CUSIP: 50202FAA5<br>LEI: 5493006LYYH2XWCWW153 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $1309251.30   | 0.18%             | 2034-07-20      | Floating      | 10.28%                | No            |                  2 | On Loan: No      |
| Buenos Aires (City Of)                                                                                            | BUEAIR 7.5 06/01/27 144A                                                                                | CUSIP: 11942GAD4<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |   3400170 | PA      | $3431230.55   | 0.47%             | 2027-06-01      | Fixed         | 7.50%                 | 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        |    428069 | PA      | $381962.47    | 0.05%             | 2035-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                                                    | JPY/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-34890.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING LLC                                                                                   | PR 9.875 07/15/31 144A                                                                                  | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1294000 | PA      | $1374162.01   | 0.19%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                                                                     | DISH 5.25 12/01/26 144A                                                                                 | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4463992.62   | 0.61%             | 2026-12-01      | Fixed         | 5.25%                 | 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        |    251619 | PA      | $249102.54    | 0.03%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| LAKESIDE PARK CLO LTD                                                                                             | LAKPK 2025-1A E                                                                                         | CUSIP: 51219AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1902382.20   | 0.26%             | 2038-04-15      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| VERICAST CORPORATION                                                                                              | VERICAST CORP                                                                                           | CUSIP: 92342KAD1<br>LEI: 549300J73P7FL8TVF308 | Long             | LON              | CORP              | US        |   7168482 | PA      | $6964646.00   | 0.95%             | 2030-06-14      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                                                           | Goldman Sachs & Co                                                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -2431618 | PA      | $-2431618.19  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| CLARITEV CORP                                                                                                     | CTEV 6.75 03/31/31 144A                                                                                 | CUSIP: 62548MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1947888 | PA      | $1266126.93   | 0.17%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APIDOS CLO XLVI LTD                                                                                               | APID 2023-46A SUB                                                                                       | CUSIP: 03769YAE0<br>LEI: 254900XSALC4GJ58ZP29 | Long             | ABS-CBDO         | CORP              | JE        |   3500000 | PA      | $2493786.05   | 0.34%             | 2036-10-24      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Kenya (Republic of)                                                                                               | KENINT 8 05/22/32 144A                                                                                  | CUSIP: 491798AK0<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   1006000 | PA      | $970111.23    | 0.13%             | 2032-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL                                                   | BNTNF 10 01/01/31 NTNF                                                                                  | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  21052000 | PA      | $3551357.81   | 0.48%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                                                                            | CAPG 5.5 09/30/31 REGS                                                                                  | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    219291 | PA      | $1644.68      | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | 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        |   1732412 | PA      | $1717019.59   | 0.23%             | 2031-06-11      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                                                                            | China Aoyuan Group Ltd HKD0.01                                                                          | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | EC               | CORP              | KY        |    196741 | NS      | $1502.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                                                 | CSCHLD 11.75 01/31/29 144A                                                                              | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7780000 | PA      | $5630930.60   | 0.77%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Aston Martin Capital Holdings Ltd.                                                                                | ASTONM 10 03/31/29 144A                                                                                 | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   2000000 | PA      | $1506710.00   | 0.21%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Natgasoline LLC                                                                                                   | Natgasoline Term Loan B 550 2030-03-09                                                                  | CUSIP: 63232EAD9<br>LEI: 549300OHXDYMQYZOWC24 | Long             | LON              | CORP              | US        |   2437500 | PA      | $2460351.56   | 0.34%             | 2030-03-29      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                                                      | USD/GBP FORWARD                                                                                         | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $81462.51     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                                        | USD/CNH FORWARD                                                                                         | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5720.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO XVI LTD                                                                                          | OCTR 2024-16A E                                                                                         | CUSIP: 674914AA4<br>LEI: 254900R3RT6TSDP3UQ20 | Long             | ABS-CBDO         | CORP              | KY        |   1020000 | PA      | $975261.07    | 0.13%             | 2038-01-20      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2020-DNA2                                                                           | STACR 2020-DNA2 B2                                                                                      | CUSIP: 35565KBE7<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-O            | USGSE             | US        |   5437500 | PA      | $5979070.65   | 0.82%             | 2050-02-25      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Apld Computeco LLC                                                                                                | APLD 9.25 12/15/30 144A                                                                                 | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $2113964.10   | 0.29%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                                                | BURLN 6.25 04/15/28 144A                                                                                | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3766880.00   | 0.51%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Aes Andes S.A                                                                                                     | AES 6.25 03/14/32 144A                                                                                  | CUSIP: 00111VAD9<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    300000 | PA      | $308082.30    | 0.04%             | 2032-03-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Borr IHC Ltd / Borr Finance LLC/ Borr Natt Inc/ Borr West Africa Assets Inc/ Prospector Rig 5 Contracting Co Ltd. | BORRNO 10 11/15/28 144A                                                                                 | CUSIP: 100018AA8<br>LEI: 254900WQF2MM46DNLY83 | Long             | DBT              | CORP              | BM        |   3329268 | PA      | $3416848.67   | 0.47%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                                                                          | SFRFP 9.5 11/01/29 144A                                                                                 | CUSIP: 02090DAA6<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   1316349 | PA      | $1331106.59   | 0.18%             | 2029-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                | ET V6.625 PERP B                                                                                        | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   6645000 | PA      | $6650933.99   | 0.91%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                                                | NWL 7.5 04/01/46                                                                                        | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3616117.20   | 0.49%             | 2046-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                                   | CDS TRANSOCEAN INC                                                                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $10744.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE                                                                                    | MCAS 2019-01 CE                                                                                         | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2043708.40   | 0.28%             | 2049-10-25      | Floating      | 12.53%                | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                                             | BBWI 7.6 07/15/37                                                                                       | CUSIP: 532716AN7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   4275000 | PA      | $4166197.83   | 0.57%             | 2037-07-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                                                | F 6.1 08/19/32                                                                                          | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008811.51   | 0.14%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                                                       | Asurion Second-lien Term Loan 525 2029-01-01                                                            | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1962617 | PA      | $1952980.37   | 0.27%             | 2029-01-20      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                                                 | PAA V0 PERP B                                                                                           | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6987188.60   | 0.95%             | N/A             | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                                                           | MIK 11 03/15/34 144A                                                                                    | CUSIP: 59408QAA4<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   4060000 | PA      | $3785269.54   | 0.52%             | 2034-03-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Export Credit Bank of Turkey, Inc.                                                                                | EXCRTU 5.75 07/06/26 144A                                                                               | CUSIP: 90016LAA4<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |   3200000 | PA      | $3207816.22   | 0.44%             | 2026-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OBRA CLO 3 LTD                                                                                                    | OBRAC 2025-3A E                                                                                         | CUSIP: 67443FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2708589.40   | 0.37%             | 2039-01-20      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Nexstar Broadcasting                                                                                              | Nexstar Broadcasting Term Loan B (Incremental) 275 2033-03-07                                           | CUSIP: 65336RBF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2810000 | PA      | $2781900.00   | 0.38%             | 2033-03-07      | Floating      | 6.41%                 | 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        |   2125000 | PA      | $2382981.38   | 0.32%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AGL CLO 16 Ltd.                                                                                                   | AGL 2021-16A DR                                                                                         | CUSIP: 00120LAL2<br>LEI: 2549009GL17CEZFCKZ48 | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $367626.17    | 0.05%             | 2035-01-22      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                                                            | MPW 5 10/15/27                                                                                          | CUSIP: 55342UAH7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |   5610000 | PA      | $5226837.22   | 0.71%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc.                                                                                                   | GTN 9.625 07/15/32 144A                                                                                 | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2452122.93   | 0.33%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.                              | CHTR 6.834 10/23/55                                                                                     | CUSIP: 161175BC7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4712208.95   | 0.64%             | 2055-10-23      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| Vericast Corporation                                                                                              | VERCST 13 12/15/30 144a                                                                                 | CUSIP: 92342NAL7<br>LEI: 549300J73P7FL8TVF308 | Long             | DBT              | CORP              | US        |    676657 | PA      | $833980.31    | 0.11%             | 2030-12-15      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                         | USD/AUD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-31931.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AGL CLO 44 LTD                                                                                                    | AGL 2025-44A E                                                                                          | CUSIP: 00122AAA8<br>LEI: 254900WK97J0UDI0DQ10 | Long             | ABS-CBDO         | CORP              | KY        |   3600000 | PA      | $3539617.92   | 0.48%             | 2037-10-22      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| BWAY 2013-1515 MORTGAGE TRUST                                                                                     | BWAY 2013-1515 F                                                                                        | CUSIP: 05604FAS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2553927.60   | 0.35%             | 2033-03-10      | Variable      | 3.93%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                                                         | RRD 10.875 08/01/29 144A                                                                                | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   3830000 | PA      | $3866300.40   | 0.53%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO 2021-2 LTD                                                                                        | APEXC 2021-2A CR                                                                                        | CUSIP: 03755QAJ2<br>LEI: 254900H6CNZLCIDMYC58 | Long             | ABS-CBDO         | CORP              | KY        |    970000 | PA      | $934939.06    | 0.13%             | 2034-10-20      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| NMEF FUNDING 2025-A LLC                                                                                           | NMEF 2025-A D                                                                                           | CUSIP: 62919VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3420000 | PA      | $3528430.42   | 0.48%             | 2032-07-15      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| DRYDEN 113 CLO LTD                                                                                                | DRSLF 2022-113A D1R3                                                                                    | CUSIP: 26253EBR8<br>LEI: 254900XN9Y85HJGYJ219 | Long             | ABS-CBDO         | CORP              | KY        |   1970000 | PA      | $1965075.00   | 0.27%             | 2037-10-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| NAVESINK CLO LIMITED 2024-2                                                                                       | NAVS 2024-2A ER                                                                                         | CUSIP: 63943AAE5<br>LEI: 254900HNRWNLGN0X1N35 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1726881.10   | 0.24%             | 2036-01-15      | Floating      | 10.71%                | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                                                           | EQMSRM 9 05/15/28 144A                                                                                  | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   3890000 | PA      | $4022964.09   | 0.55%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                                                  | TEVA 4.1 10/01/46                                                                                       | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   3000000 | PA      | $2227488.30   | 0.30%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (WORLD BANK)                                                | IBRD 8.05 05/10/28 EMTN                                                                                 | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | US        | 227000000 | PA      | $5627989.20   | 0.77%             | 2028-05-10      | Fixed         | 8.05%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                                                                           | UKG Term Loan B 350 2031-01-20                                                                          | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   1605965 | PA      | $1536812.06   | 0.21%             | 2031-02-10      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Allen Media LLC                                                                                                   | Allen Media Term Loan B (Add-on) 550 2027-02-01                                                         | CUSIP: 01771JAG8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | LON              | CORP              | US        |   4677994 | PA      | $2982221.21   | 0.41%             | 2027-02-10      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| KNDR TRUST 2021-KIND                                                                                              | KNDR 2021-KIND F                                                                                        | CUSIP: 482606AS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5951129 | PA      | $5880120.92   | 0.80%             | 2038-08-16      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| Empire Today Ip, LLC                                                                                              | EMPIRE TODAY LLC                                                                                        | CUSIP: 000000000<br>LEI: 254900NVZEWAL7SJT856 | Long             | LON              | CORP              | US        |   1786155 | PA      | $35723.10     | 0.00%             | 2029-08-03      | Floating      | 8.93%                 | No            |                  3 | On Loan: No      |
| Mcclatchy Media Co LLC                                                                                            | MCLTCH 11 12/01/31 144A                                                                                 | CUSIP: 00456LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8253622 | PA      | $9336909.60   | 1.27%             | 2031-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc.                                                              | RKT 4 10/15/33 144A                                                                                     | CUSIP: 77313LAB9<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $897127.00    | 0.12%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                                   | CDS CDX.NA.HY.46                                                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-164106.19   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                                  | CYH 4.75 02/15/31 144A                                                                                  | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2767421.31   | 0.38%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                       | 5-Year T-Note Options                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -68 | NC      | $-12218.75    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Oak-Eagle AcquireCo Inc.                                                                                          | EA 8.75 07/01/34 144A                                                                                   | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |    750000 | PA      | $785660.00    | 0.11%             | 2034-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2019-IMC                                                                                                 | BX 2019-IMC G                                                                                           | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3903382.00   | 0.53%             | 2034-04-17      | Floating      | 7.32%                 | 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        |   3610000 | PA      | $3536572.60   | 0.48%             | 2031-01-22      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2021-L6                                                                            | MSC 2021-L6 F                                                                                           | CUSIP: 61692CAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7195000 | PA      | $4415938.45   | 0.60%             | 2054-06-17      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SIXTH STREET CLO XIX LTD                                                                                          | SIXST 2021-19A FR                                                                                       | CUSIP: 83011MAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $432693.14    | 0.06%             | 2038-07-19      | Floating      | 11.58%                | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                                                                                      | BHCCN 7 01/15/28 144A                                                                                   | CUSIP: 071734AD9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $4374750.00   | 0.60%             | 2028-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Country Garden Holdings Co Ltd.                                                                                   | COGARD 0 12/31/31 REGS                                                                                  | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   2628484 | PA      | $294127.39    | 0.04%             | 2031-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Team Services Group LLC                                                                                           | TEAM Services First-lien Term Loan 500 2027-10-06                                                       | CUSIP: 87821EAB9<br>LEI: 254900SLCOEZGQJACP02 | Long             | LON              | CORP              | US        |    462713 | PA      | $462713.18    | 0.06%             | 2027-12-20      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                                                         | Primo Brands (BlueTriton Brands/Nestl Waters NA) Term Loan B 225 2028-03-01                             | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   1458552 | PA      | $1461710.27   | 0.20%             | 2028-03-31      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                                  | CHTR 4.75 02/01/32 144A                                                                                 | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4524810.00   | 0.62%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                                                      | MLTPLN L 12/31/30 2                                                                                     | CUSIP: 55328HAQ4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |   4383154 | PA      | $3902847.74   | 0.53%             | 2030-12-31      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                                                 | ABEGET 11.25 02/21/30 144A                                                                              | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2253862.50   | 0.31%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP                                                                                             | RWORKS 8.25 11/15/28 144A                                                                               | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8022405.60   | 1.09%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                                             | NLSN 9.5 02/15/33 144A                                                                                  | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1262935.70   | 0.17%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Senegal (Republic of)                                                                                             | SENEGL 6.25 05/23/33 REGS                                                                               | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    550000 | PA      | $294328.08    | 0.04%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Plastics Management LLC                                                                                           | PLAMGT L 08/17/27 1                                                                                     | CUSIP: 72759JAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4780726 | PA      | $4763878.33   | 0.65%             | 2027-08-03      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| SILVER POINT CLO 16 LTD                                                                                           | SPCLO 2026-16A E                                                                                        | CUSIP: 82810KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3380000 | PA      | $3303373.37   | 0.45%             | 2039-04-18      | Variable      | 8.41%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                                                             | USD/EUR FORWARD                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-124498.10   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AMSR 2026-SFR1 TRUST                                                                                              | AMSR 2026-SFR1 F2                                                                                       | CUSIP: 66982GAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1258000 | PA      | $1015143.85   | 0.14%             | 2043-04-09      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                                                      | MLTPLN L 12/31/30 1                                                                                     | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    528768 | PA      | $528635.73    | 0.07%             | 2030-12-31      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA3                                                                           | STACR 2021-DNA3 B2                                                                                      | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-O            | USGSE             | US        |   5000000 | PA      | $6309421.50   | 0.86%             | 2033-10-25      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                                                         | RRD 9.5 08/01/29 144A                                                                                   | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3545549.00   | 0.48%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JB Poindexter & Co Inc                                                                                            | JBPOIN 8.75 12/15/31 144A                                                                               | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   2955000 | PA      | $2998793.10   | 0.41%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle Acquireco, Inc.                                                                                         | Electronic Arts Term Loan B 350 2033-03-14                                                              | CUSIP: 67123SAB5<br>LEI: 6488ICS9P20290MA1H31 | Long             | LON              | CORP              | US        |    750000 | PA      | $746250.00    | 0.10%             | 2033-03-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| NCR Voyix Corporation                                                                                             | VYX 5.125 04/15/29 144A                                                                                 | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2872312.20   | 0.39%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                                                           | LVLT 8.5 01/15/36 144A                                                                                  | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2840000 | PA      | $2965987.26   | 0.40%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Venture 43 Limited                                                                                                | VENTR 2021-43A D                                                                                        | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1429569.75   | 0.19%             | 2034-04-17      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                                                                                   | NEXUS BUYER LLC                                                                                         | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   3898837 | PA      | $3759940.65   | 0.51%             | 2031-07-31      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                                             | BBWI 6.75 07/01/36                                                                                      | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3120264.55   | 0.43%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                                                                           | LTMCI 7.875 04/15/30 144A                                                                               | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   1000000 | PA      | $1011250.00   | 0.14%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                                                          | IHEARTCOMMUNICATIONS INC                                                                                | CUSIP: 45174UAJ7<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | N/A       |   5628750 | PA      | $4950654.49   | 0.67%             | 2029-05-01      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                       | 5-Year T-Note Options                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -68 | NC      | $-9562.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Companies Inc.                                                                                      | BHCCN 6.25 02/15/29 144A                                                                                | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   7616000 | PA      | $5721520.00   | 0.78%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Empire Communities Corp.                                                                                          | EMPRCC 9.75 05/01/29 144A                                                                               | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3016032.00   | 0.41%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                                   | CDS NABORS INDUSTRIES INC                                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-15717.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                                                       | CRGYFN 8.375 01/15/34 144A                                                                              | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   3790000 | PA      | $3965363.30   | 0.54%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3 SOMERSET INVESTOR 2 LLC / AQUARIAN INSURANCE HOLDINGS LLC                                           | AQUARI 7.875 11/01/29 144A                                                                              | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $1964229.75   | 0.27%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Magenta Security Holdings LLC                                                                                     | MAGBUY L 07/27/28 6                                                                                     | CUSIP: 55909UAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    377438 | PA      | $271074.23    | 0.04%             | 2028-07-27      | Floating      | 10.68%                | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-WPT                                                     | JPMCC 2018-WPT GFX                                                                                      | CUSIP: 46645WBL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $400386.00    | 0.05%             | 2033-07-08      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| BALBOA BAY LOAN FUNDING 2024-2 LTD                                                                                | BOBA 2024-2A F                                                                                          | CUSIP: 05765BAE9<br>LEI: 254900FG1DS8PNX30R63 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $192600.50    | 0.03%             | 2038-01-20      | Variable      | 11.47%                | No            |                  2 | On Loan: No      |
| FREMF 2021-KF117 MORTGAGE TRUST                                                                                   | FREMF 21K-F117 CS                                                                                       | CUSIP: 30320YAE5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   3293586 | PA      | $3041047.54   | 0.41%             | 2031-07-25      | Variable      | 10.07%                | No            |                  2 | On Loan: No      |
| UNITI GROUP LP                                                                                                    | UNIT 8.625 06/15/32 Feb                                                                                 | CUSIP: 91327CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1447265.09   | 0.20%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                                                                      | SRILAN 3.6 06/15/35 144A                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     78204 | PA      | $59242.11     | 0.01%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| LIGHTHOUSE PARK CLO LTD                                                                                           | LITPK 2025-1A E                                                                                         | CUSIP: 53229QAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1140000 | PA      | $1106949.46   | 0.15%             | 2037-10-26      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                                                                             | ECUA 8.75 01/29/34 144A                                                                                 | CUSIP: 27927WAQ5<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    930000 | PA      | $913725.00    | 0.12%             | 2034-01-29      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Apld Computeco 2 LLC                                                                                              | PFORGE 6.75 03/15/31 144A                                                                               | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $705270.76    | 0.10%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                                                          | EGYPT 7.0529 01/15/32 REGS                                                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    700000 | PA      | $662100.00    | 0.09%             | 2032-01-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| WIND RIVER 2021-4 CLO LTD                                                                                         | WINDR 2021-4A E3                                                                                        | CUSIP: 97316VAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2423985.30   | 0.33%             | 2035-01-22      | Floating      | 12.18%                | No            |                  2 | On Loan: No      |
| WAVE 2019-1 LLC                                                                                                   | WAAV 2019-1 B                                                                                           | CUSIP: 94354KAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250266 | PA      | $244842.72    | 0.03%             | 2044-09-15      | Fixed         | 4.58%                 | 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        |    127400 | PA      | $126125.78    | 0.02%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                                                                             | ECUA 5 07/31/40 144A                                                                                    | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   2500000 | PA      | $1962500.00   | 0.27%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Greystone CRE Notes 2025-HC4 LLC                                                                                  | GSTNE 2025-HC4 D                                                                                        | CUSIP: 39809NAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3500000 | PA      | $3487858.85   | 0.48%             | 2042-10-15      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| Columbus McKinnon Corp.                                                                                           | CMCO 7.125 02/01/33 144A                                                                                | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600285.00    | 0.08%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                                                                  | HACLN 2025-1 D                                                                                          | CUSIP: 446438TA1<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |    761335 | PA      | $753774.28    | 0.10%             | 2033-03-21      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 2022-JERI                                                            | NCMS 2022-JERI G                                                                                        | CUSIP: 63875LAS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $1695460.00   | 0.23%             | 2039-01-18      | Variable      | 11.28%                | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO 2016-1 Ltd.                                                                                      | TSYMP 2016-1A ER2                                                                                       | CUSIP: 87230XAD8<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3005730.70   | 0.41%             | 2032-10-13      | Floating      | 10.66%                | No            |                  2 | On Loan: No      |
| VOYA CLO 2020-3 LTD                                                                                               | VOYA 2020-3A D1RR                                                                                       | CUSIP: 92918NBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1233224.50   | 0.17%             | 2038-01-20      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Contingent                                                                                        | SPIRIT FUNDED ROLL UP TL                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3190690 | PA      | $2233483.11   | 0.30%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Bank of America, National Association                                                                             | USD/MXN FORWARD                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-26509.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                                                             | ALTICE 5.75 08/15/29 144a                                                                               | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    940000 | PA      | $659138.25    | 0.09%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hexion Holdings Corporation                                                                                       | Hexion Term Loan B 400 2029-03-01                                                                       | CUSIP: 00217XAE6<br>LEI: 549300LBB370MUHGLV84 | Long             | LON              | CORP              | US        |   2689492 | PA      | $2579115.25   | 0.35%             | 2029-03-15      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding 2021-1 Ltd / Llc                                                                          | BOBA 2020-1A ERR                                                                                        | CUSIP: 05766CAG1<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |   2620000 | PA      | $2527909.62   | 0.34%             | 2035-10-22      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                       | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH                                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       170 | NC      | $-426084.07   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-1                                                                        | NRZT 2018-1A B6                                                                                         | CUSIP: 64830GCC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5732901 | PA      | $4916855.17   | 0.67%             | 2057-12-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| POINT BROADBAND FUNDING LLC                                                                                       | POINTB 2025-1A C                                                                                        | CUSIP: 73052AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2041504.40   | 0.28%             | 2055-07-15      | Fixed         | 8.16%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                                                                                        | AKUCN 9.75 08/31/31 144A                                                                                | CUSIP: 01021XAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6982000 | PA      | $6423440.00   | 0.88%             | 2031-08-31      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| QVC, Inc.                                                                                                         | QVCN 4.375 09/01/28                                                                                     | CUSIP: 747262AZ6<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |   6670000 | PA      | $2901450.00   | 0.40%             | 2028-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Add Hero Holdings Ltd.                                                                                            | ADHERH 9 09/30/30 REGS                                                                                  | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    454176 | PA      | $6812.64      | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | 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        |       184 | NC      | $73064.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Falcon I Inc                                                                                                  | ARCLIN INC                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1600000 | PA      | $1471000.00   | 0.20%             | 2033-03-04      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                                                                                   | DigiCert Second-lien Term Loan 700 2029-02-02                                                           | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |   5000000 | PA      | $3862500.00   | 0.53%             | 2029-02-19      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                                  | CYH 6.125 04/01/30 144A                                                                                 | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    600000 | PA      | $522344.76    | 0.07%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| American Money Management Corp                                                                                    | AMMC CLO 24 Ltd                                                                                         | CUSIP: 00177MAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1890000 | PA      | $1738263.05   | 0.24%             | 2035-01-20      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                                                 | SFRFP 6.5 04/15/32 144A                                                                                 | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    762196 | PA      | $722862.11    | 0.10%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ABC TECHNOLOGIES INC                                                                                              | ABC TECHNOLOGIES INC/CANADA                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3980687 | PA      | $3831625.66   | 0.52%             | 2031-09-08      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRISES INC                                                                                   | EAF 9.875 12/23/29 144A                                                                                 | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $965544.45    | 0.13%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Ghana (Republic of)                                                                                               | GHANA 5 07/03/29 144A                                                                                   | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    205398 | PA      | $196349.91    | 0.03%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                                                 | Euro(FGBL) Bund Futures                                                                                 | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        34 | NC      | $-94665.04    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                                                    | C V6.625 PERP                                                                                           | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1922746.04   | 0.26%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST 2021-A                                                                                  | NSLT 2025-DA D                                                                                          | CUSIP: 639931AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1477630.80   | 0.20%             | 2054-08-20      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| Park-Ohio Industries, Inc.                                                                                        | PKOH 8.5 08/01/30 144A                                                                                  | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   7690000 | PA      | $7888440.45   | 1.08%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MIRA TRUST 2023-MILE                                                                                              | M1RA 2023-MILE HRR                                                                                      | CUSIP: 55318EAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13750000 | PA      | $13827228.94  | 1.88%             | 2038-06-11      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| Kingpin Intermediate Holdings Llc                                                                                 | LUCK 7.25 10/15/32 144A                                                                                 | CUSIP: 49579RAB4<br>LEI: 549300HRZOJTMNZCST05 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3544300.00   | 0.48%             | 2032-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO VI LTD                                                                                               | GWOLF 2018-1A D                                                                                         | CUSIP: 39809HAA1<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3014961.60   | 0.41%             | 2031-04-26      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                                       | FMCN 8 03/01/33 144A                                                                                    | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2420000 | PA      | $2525519.26   | 0.34%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                                                                             | Black Diamond CLO 2021-1 Ltd                                                                            | CUSIP: 09204WAM6<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |   2270000 | PA      | $2251131.08   | 0.31%             | 2034-11-22      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| HIH TRUST 2024-61P                                                                                                | HIH 2024-61P F                                                                                          | CUSIP: 40444VAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3611150 | PA      | $3625200.37   | 0.49%             | 2041-10-15      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                         | JPY/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3699.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                                             | NLSN 10.375 05/15/31 144A                                                                               | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2302601.64   | 0.31%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Legg Mason Partners Institutional Trust                                                                           | Legg Mason Partners Institutional Trust GVT RSEVS PRM                                                   | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   1896535 | NS      | $1896534.57   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-28L                                                                            | NYC 2025-28L G                                                                                          | CUSIP: 67123JAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3509325.40   | 0.48%             | 2038-11-05      | Variable      | 9.32%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                                                            | MPW 8.5 02/15/32 144a                                                                                   | CUSIP: 55342UAQ7<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |    900000 | PA      | $913141.80    | 0.12%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                                                       | CRGYFN 7.625 04/01/32 144A                                                                              | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3046137.00   | 0.42%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Discovery Communications, LLC                                                                                     | WBD 5 09/20/37 *                                                                                        | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3621325.00   | 0.49%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORP / JETBLUE LOYALTY LP                                                                         | JBLU 9.875 09/20/31 144A                                                                                | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7620000 | PA      | $7211707.75   | 0.98%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                                                    | SATS 10.75 11/30/29 .                                                                                   | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   6198500 | PA      | $6699746.48   | 0.91%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Chart Industries Inc                                                                                              | GTLS 7.5 01/01/30 144A                                                                                  | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3120471.00   | 0.43%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VCI Asset Holdings 1 LLC                                                                                          | VCI ASSET HOLDINGS 1 LLC                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4060000 | PA      | $4359445.30   | 0.59%             | 2030-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA5                                                                           | STACR 2021-DNA5 B2                                                                                      | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-O            | USGSE             | US        |   5025000 | PA      | $6135173.25   | 0.84%             | 2034-01-25      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc.                                                                                                   | SABHLD 11.125 07/15/30 144A                                                                             | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1700020.00   | 0.23%             | 2030-07-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| DAVIS PARK CLO LTD                                                                                                | DAVIS 2022-1A ER                                                                                        | CUSIP: 239088AJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   2500000 | PA      | $2288057.50   | 0.31%             | 2038-07-20      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| ETHIOPIA, REPUBLIC OF                                                                                             | ETHOPI 6.625 12/11/24 REGS                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    560000 | PA      | $573626.54    | 0.08%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                                                      | UZBEK 3.9 10/19/31 REGS                                                                                 | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    590000 | PA      | $533959.95    | 0.07%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EASY STREET MORTGAGE LOAN TRUST 2025-RTL1                                                                         | EASY 2025-RTL1 A2                                                                                       | CUSIP: 27786FAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2990000 | PA      | $3022069.54   | 0.41%             | 2040-05-25      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| DRYDEN 95 CLO LTD                                                                                                 | DRSLF 2021-95A SUB                                                                                      | CUSIP: 262485AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6870000 | PA      | $1923812.28   | 0.26%             | 2034-08-21      | Variable      | 0.01%                 | 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        |  11000000 | PA      | $10431960.00  | 1.42%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                                             | UKRAIN 4.5 02/01/35 REGS                                                                                | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    378474 | PA      | $199377.92    | 0.03%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SYMPHONY CLO XXI LTD/LLC                                                                                          | SYMP 2019-21A ER                                                                                        | CUSIP: 87167CAW9<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |   2800000 | PA      | $2562694.96   | 0.35%             | 2032-07-15      | Floating      | 10.53%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                                                           | Goldman Sachs & Co                                                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -2313890 | PA      | $-2313890.13  | -0.32%            |  |  |  | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                                                 | SFRFP 6.875 07/15/32 144A                                                                               | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    762196 | PA      | $722892.20    | 0.10%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                                         | SUN V7.875 PERP 144A                                                                                    | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5108930.00   | 0.70%             | N/A             | Fixed         | 7.88%                 | 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        |    513694 | PA      | $508557.42    | 0.07%             | 2040-01-02      | None          | 11.68%                | No            |                  2 | On Loan: No      |
| Ggam Master Trust Internationa Ltd. / Ggam Mastertrust Us LLC                                                     | GGAMMT 2025-1A A                                                                                        | CUSIP: 36173XAA0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | ABS-O            | CORP              | KY        |   1814467 | PA      | $1813693.73   | 0.25%             | 2060-09-30      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings Inc                                                                                    | AMC 7.5 02/15/29 144A                                                                                   | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   4780000 | PA      | $3405519.60   | 0.46%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                                             | UKRAIN 4.5 02/01/36 REGS                                                                                | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    486610 | PA      | $251558.61    | 0.03%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| BLUEMOUNTAIN FUJI US CLO II LLC                                                                                   | BLUEM 2017-2A D                                                                                         | CUSIP: 09629HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   5350000 | PA      | $4354785.51   | 0.59%             | 2030-10-21      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                                                           | NBR 8.875 08/15/31 144A                                                                                 | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   3770000 | PA      | $3929893.24   | 0.54%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| U.S. Renal Care Inc.                                                                                              | USRENA 10.625 06/28/28 144a                                                                             | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |   1883000 | PA      | $1572305.00   | 0.21%             | 2028-06-28      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                                                            | TRICGR L 06/29/26 1                                                                                     | CUSIP: 31935HAM9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |    807808 | PA      | $196903.25    | 0.03%             | 2026-06-29      | Floating      | 13.67%                | No            |                  2 | On Loan: No      |
| Riserva Clo Ltd / Riserva Clo Llc                                                                                 | RSRVA 2016-3A FRR                                                                                       | CUSIP: 76761TAJ4<br>LEI: 549300640C8OB2I8SN35 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $1552038.00   | 0.21%             | 2034-01-18      | Floating      | 12.44%                | No            |                  2 | On Loan: No      |
| SPIRIT AVIATION HOLDINGS INC                                                                                      | Spirit Aviation Holdings Inc. COM                                                                       | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168247 | NS      | $42061.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| China Aoyuan Group Ltd                                                                                            | CAPG 0 09/30/28 REGS                                                                                    | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     70334 | PA      | $1673.25      | 0.00%             | 2028-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cogent Communications Group LLC                                                                                   | CCOI 7 06/15/27 144A                                                                                    | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |   2530000 | PA      | $2504327.08   | 0.34%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                                                    | MBONO 8.5 05/31/29 M                                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  23320000 | PA      | $1300223.23   | 0.18%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                                                    | CAD/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $8103.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLUE RACER MIDSTREAM LLC                                                                                          | BLURAC 7.25 07/15/32 144A                                                                               | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1039448.00   | 0.14%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                       | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH                                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -169 | NC      | $530474.10    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corporation                                                                                               | NAVI 5.5 03/15/29                                                                                       | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9175622.00   | 1.25%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vortex Opco LLC                                                                                                   | UNSTSV 8 04/30/30 144A                                                                                  | CUSIP: 92905YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   4075500 | PA      | $59767.21     | 0.01%             | 2030-04-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                                                                  | HACLN 2025-2 D                                                                                          | CUSIP: 44644NAR0<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |    679047 | PA      | $664172.92    | 0.09%             | 2033-09-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                                                 | CSCHLD 7.5 04/01/28 144a                                                                                | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $2757195.35   | 0.38%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| El Salvador (Republic of)                                                                                         | ELSALV 9.25 04/17/30 144A                                                                               | CUSIP: 283875CE0<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    440000 | PA      | $458233.60    | 0.06%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Valor                                                                                                             | Valor                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    785808 | NS      | $785808.00    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| ATP Tower HoldingsLLC/Andean Telecom Partners Chile SpA                                                           | ATPTOW 7.875 02/03/30 144A                                                                              | CUSIP: 00193BAA0<br>LEI: 254900CIKL1FQZ45N873 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1927964.92   | 0.26%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Company LLC                                                                           | TEVA 6.15 02/01/36                                                                                      | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2063068.00   | 0.28%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Orbia Advance Corp S A B De Cv                                                                                    | ORBIA 2.875 05/11/31 REGS                                                                               | CUSIP: 000000000<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |   1080000 | PA      | $878526.00    | 0.12%             | 2031-05-11      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CAPITAL FOUR US CLO IV LTD                                                                                        | C4US 2025-4A E                                                                                          | CUSIP: 14016AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2660000 | PA      | $2646513.80   | 0.36%             | 2038-10-18      | Variable      | 9.89%                 | No            |                  2 | On Loan: No      |
| AMSR 2026-SFR1 TRUST                                                                                              | AMSR 2026-SFR1 F1                                                                                       | CUSIP: 66982GAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5100000 | PA      | $4374970.74   | 0.60%             | 2043-04-09      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2018-BIOA                                                                            | BX 2026-VLT9 E                                                                                          | CUSIP: 05618UAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2150000 | PA      | $2132447.83   | 0.29%             | 2045-03-15      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                                                    | USD/EUR FORWARD                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9739.40     | -0.00%            |  |  |  | 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        |   1930000 | PA      | $1928676.64   | 0.26%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES                                                                  | SCRT 2018-3 BX                                                                                          | CUSIP: 35563PGW3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   9332186 | PA      | $2730022.79   | 0.37%             | 2057-08-27      | Variable      | 2.21%                 | 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        |      -150 | NC      | $243483.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                                                    | USD/EUR FORWARD                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $65440.03     | 0.01%             |  |  |  | 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        |   1380000 | PA      | $1406015.76   | 0.19%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                                                   | CDS MGM RESORTS INTERNATIONAL                                                                           | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-140020.33   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                         | AUD/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $58173.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WW International Inc                                                                                              | WW INTERNATIONAL INC                                                                                    | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | N/A       |   8100710 | PA      | $5978324.14   | 0.81%             | 2030-06-24      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| FREDDIE MAC MSCR TRUST MN7                                                                                        | MSCR 2023-MN7 B1                                                                                        | CUSIP: 35563QAC1<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-O            | USGSE             | US        |   1960000 | PA      | $2280126.41   | 0.31%             | 2043-09-25      | Floating      | 12.51%                | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                                                             | DTV 10 02/15/31 144A                                                                                    | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7230000 | PA      | $7386307.18   | 1.01%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                                                        | OXY 7.5 11/01/96                                                                                        | CUSIP: 674599DX0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   8610000 | PA      | $9214172.31   | 1.26%             | 2096-11-01      | Fixed         | 7.50%                 | 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        |   1070000 | PA      | $1095916.47   | 0.15%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TEAM SERVICES HOLDING INC                                                                                         | TEAPUB 9 02/15/33 144A                                                                                  | CUSIP: 87821TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1760000 | PA      | $1727078.76   | 0.24%             | 2033-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc                                                                                             | RGCARE 9.875 08/15/30 144A                                                                              | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3176286.00   | 0.43%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| OCEAN TRAILS CLO X                                                                                                | OCTR 2020-10A ER                                                                                        | CUSIP: 67516BAE1<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3455437.88   | 0.47%             | 2034-10-16      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                                 | HRI 7 06/15/30 144A                                                                                     | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    420000 | PA      | $430955.28    | 0.06%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Buenos Aires (City Of)                                                                                            | BUEAIR 7.5 06/01/27 REGS                                                                                | CUSIP: 000000000<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |   1333400 | PA      | $1345580.61   | 0.18%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing BV                                                                                           | ZIGGO 7.5 01/15/33 144A                                                                                 | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    790000 | PA      | $745364.13    | 0.10%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                                                             | USD/JPY FORWARD                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2729.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                                                             | ALTICE 5 01/15/28 144A                                                                                  | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   5890000 | PA      | $4142331.57   | 0.56%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                                                 | ABEGET 10.5 11/15/30 144A                                                                               | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1633958.51   | 0.22%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                                                                      | SRILAN 3.1 01/15/30 144A                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     59046 | PA      | $54323.92     | 0.01%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                                                      | USD/AUD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-58358.78    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                                           | VENLNG 8.375 06/01/31 144A                                                                              | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5202476.70   | 0.71%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                                                      | MLTPLN 11.5 12/31/30 144A                                                                               | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    360064 | PA      | $325833.52    | 0.04%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                                                         | Primo Brands (BlueTriton Brands/Nestl Waters NA) Term Loan B 275 2031-03-15                             | CUSIP: 89678QAF3<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   1120000 | PA      | $1123147.20   | 0.15%             | 2031-03-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                                 | HRI 7.25 06/15/33 144A                                                                                  | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    420000 | PA      | $430748.64    | 0.06%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Goldentree Loan Management US CLO 8 Ltd.                                                                          | GLM 2020-8A FR                                                                                          | CUSIP: 38136QAJ8<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $6247379.60   | 0.85%             | 2034-10-20      | Floating      | 11.98%                | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                                                              | ANGOL 9.125 11/26/49 REGS                                                                               | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    620000 | PA      | $540690.34    | 0.07%             | 2049-11-26      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC MSCR TRUST MN2                                                                                        | MSCR 2021-MN2 B1                                                                                        | CUSIP: 35563JAC7<br>LEI: 549300OXOJE8K5OHDX86 | Long             | ABS-O            | USGSE             | US        |   2500000 | PA      | $2520032.00   | 0.34%             | 2041-07-25      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                                                                            | CAPG 0 PERP REGS                                                                                        | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    786962 | PA      | $5902.22      | 0.00%             | N/A             | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                                                                        | STENOR 7.375 06/01/31 144A                                                                              | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2585557.50   | 0.35%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Mozambique (Republic of)                                                                                          | MOZAM 9 09/15/31 REGS                                                                                   | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |    460000 | PA      | $345876.28    | 0.05%             | 2031-09-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                                                       | Asurion First-lien Term Loan B-14 375 2033-02-09                                                        | CUSIP: 04649VBF6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    970000 | PA      | $939086.10    | 0.13%             | 2033-03-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CSMC MORTGAGE-BACKED TRUST                                                                                        | CSMC 2021-ADV G                                                                                         | CUSIP: 12660WAS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7860000 | PA      | $573.78       | 0.00%             | 2038-07-15      | Floating      | 10.04%                | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                                                | DOMREP 4.875 09/23/32 REGS                                                                              | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   2750000 | PA      | $2540725.00   | 0.35%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                                                                     | SPLS 12.75 01/15/30 144A                                                                                | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   1315228 | PA      | $890067.85    | 0.12%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                                                                         | Gainwell Technologies (fka Milano Acqusition/DXC State & Local HHS) First-lien Term Loan 400 2027-08-03 | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2315561 | PA      | $2252855.96   | 0.31%             | 2027-10-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2024-70P                                                                        | GSMS 2024-70P HRR                                                                                       | CUSIP: 36269JAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17680000 | PA      | $17722594.66  | 2.42%             | 2041-03-12      | Variable      | 9.33%                 | No            |                  2 | On Loan: No      |
| Upbound Group Inc                                                                                                 | UPBD 6.375 02/15/29 144A                                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1939936.80   | 0.26%             | 2029-02-15      | Fixed         | 6.38%                 | 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        |   1180000 | PA      | $1250566.36   | 0.17%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                                                                              | WW International Inc COM NEW                                                                            | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |      4403 | NS      | $60497.22     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield U S Borrower LLC                                                                              | CWK 8.875 09/01/31 144A                                                                                 | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1059880.07   | 0.14%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Eagle Funding Luxco S.a.r.l.                                                                                      | MEXPCP 5.5 08/17/30 144A                                                                                | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |   1150000 | PA      | $1157475.00   | 0.16%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WIND RIVER 2021-4 CLO LTD                                                                                         | WINDR 2021-4A F                                                                                         | CUSIP: 97316VAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2450000 | PA      | $635383.25    | 0.09%             | 2035-01-22      | Floating      | 10.19%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                         | USD/EUR FORWARD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1251.06     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                                                  | Three-Month SOFR Futures, Dec-2026,ETH                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -17 | NC      | $20789.30     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ukraine (Republic of)                                                                                             | UKRAIN 0 02/01/34 REGS                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    220732 | PA      | $94908.03     | 0.01%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Sunnova Helios Ii Issuer Llc                                                                                      | SNVA 2018-1A B                                                                                          | CUSIP: 86745JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3252830 | PA      | $2910932.82   | 0.40%             | 2048-07-20      | Fixed         | 7.71%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2021-B27 MORTGAGE TRUST                                                                                 | BMARK 2021-B27 G                                                                                        | CUSIP: 08163HBA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $2413219.50   | 0.33%             | 2054-07-17      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Allen Media LLC / Allen Media Co-Issuer Inc                                                                       | ALNMED 10.5 02/15/28 144A                                                                               | CUSIP: 01771YAA8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | DBT              | CORP              | US        |   7160000 | PA      | $2935671.60   | 0.40%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| 1261229 B.C. LTD                                                                                                  | BHCCN 10 04/15/32 144A                                                                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2920000 | PA      | $2992091.88   | 0.41%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AGL CLO 17 LTD                                                                                                    | AGL 2022-17A ER                                                                                         | CUSIP: 00120EAE4<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |   1530000 | PA      | $1391607.37   | 0.19%             | 2035-01-22      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| RJET 2023-1 A                                                                                                     | RJET 2023-1 A                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4312500 | PA      | $4506637.54   | 0.61%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                                                         | TRS JPEIFNTR INDEX                                                                                      | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-241677.58   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| BALBOA BAY LOAN FUNDING 2023-1 LTD                                                                                | BOBA 2023-1A D2RR                                                                                       | CUSIP: 05765DAZ8<br>LEI: 549300M8J7UGFY6KJG66 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2216191.05   | 0.30%             | 2036-04-20      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 2020-01                                                           | MCAS 2020-01 CE                                                                                         | CUSIP: 62548QAF8<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2592025.50   | 0.35%             | 2050-03-25      | Floating      | 11.28%                | No            |                  2 | On Loan: No      |
| BAYVIEW OPPORTUNITY MASTER FUND VII 2025-EDU1, LLC                                                                | BVCLN 2025-EDU1 D                                                                                       | CUSIP: 07337GAD5<br>LEI: 2549001VJ64UFK8PZA41 | Long             | ABS-O            | CORP              | US        |   1612397 | PA      | $1610731.10   | 0.22%             | 2048-07-27      | Floating      | 5.91%                 | 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        |    119540 | NS      | $29885.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Autokiniton US Holdings Inc                                                                                       | Autokiniton Global Group Term Loan B 400 2028-04-01                                                     | CUSIP: 05278HAC0<br>LEI: 254900EHNKMJ1OSEZL85 | Long             | LON              | CORP              | US        |   2800426 | PA      | $2771721.22   | 0.38%             | 2028-04-06      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                                                                             | ECUA 6.9 07/31/35 REGS                                                                                  | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1000000 | PA      | $883180.00    | 0.12%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| Knight Health Holdings LLC                                                                                        | Knight Health Holdings LLC                                                                              | CUSIP: 49902TAB8<br>LEI: 2549008OACTDEJGJC870 | Long             | LON              | CORP              | US        |    956496 | PA      | $680068.54    | 0.09%             | 2028-12-23      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| Jamaica (Government of)                                                                                           | JAMAN 9.625 11/03/30                                                                                    | CUSIP: 470160CF7<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |  82000000 | PA      | $547155.10    | 0.07%             | 2030-11-03      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Team Services Group LLC                                                                                           | TEAM Services Term Loan B (Incremental) 525 2027-12-01                                                  | CUSIP: 87821EAG8<br>LEI: 254900SLCOEZGQJACP02 | Long             | LON              | CORP              | US        |   2970000 | PA      | $2970000.00   | 0.40%             | 2027-12-20      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| THE MICHAELS COMPANIES, INC.                                                                                      | Michaels Stores Term Loan B 500 2033-02-09                                                              | CUSIP: 59408UAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2650000 | PA      | $2577284.00   | 0.35%             | 2033-03-15      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                                                    | WBD 5.05 03/15/42 *                                                                                     | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    800000 | PA      | $529044.58    | 0.07%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BALBOA BAY LOAN FUNDING 2024-2 LTD                                                                                | BOBA 2024-2A E                                                                                          | CUSIP: 05765BAA7<br>LEI: 254900FG1DS8PNX30R63 | Long             | ABS-CBDO         | CORP              | KY        |   1630000 | PA      | $1591064.19   | 0.22%             | 2038-01-20      | Variable      | 9.42%                 | 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        |       280 | NC      | $-957512.62   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| VCI ASSET HOLDINGS 2 LLC                                                                                          | Valor                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4220000 | PA      | $4346600.00   | 0.59%             | 2031-02-06      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Citrix Systems Inc.                                                                                               | CTXS 4.5 12/01/27                                                                                       | CUSIP: 177376AE0<br>LEI: HCTKJGUQOPZ5NBK7NP58 | Long             | DBT              | CORP              | US        |   8164000 | PA      | $7744293.50   | 1.06%             | 2027-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pinnacle Bidco PLC                                                                                                | PURGYM 10 10/11/28 144A                                                                                 | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $3435843.14   | 0.47%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| STACR TRUST 2018-HRP1                                                                                             | STACR 2018-HRP1 B2                                                                                      | CUSIP: 3137G0VB2<br>LEI: 549300D2VO9JVX6KU482 | Long             | ABS-O            | USGSE             | US        |   4673149 | PA      | $5483288.36   | 0.75%             | 2043-05-25      | Floating      | 15.53%                | No            |                  2 | On Loan: No      |
| SEB FUNDING LLC                                                                                                   | SEB4P 2024-1A A2                                                                                        | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2030000 | PA      | $2067926.49   | 0.28%             | 2054-04-30      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                                  | CHTR 7.375 02/01/36 144A                                                                                | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2910000 | PA      | $2900518.26   | 0.40%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                                                      | EUR/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $69120.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd.                                                                                                   | WYNMAC 5.5 10/01/27 144A                                                                                | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $2972533.14   | 0.41%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                                                      | MLTPLN 5.75 12/31/30 144A                                                                               | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    223925 | PA      | $171550.18    | 0.02%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Add Hero Holdings Ltd.                                                                                            | ADHERH 9.8 09/30/31 REGS                                                                                | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    599523 | PA      | $8243.43      | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                                                      | DHC 7.25 10/15/30 144A                                                                                  | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1181516.31   | 0.16%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Catawba Nation Gaming Authority                                                                                   | CATAWBA NATION GAMING AUTHORITY                                                                         | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3054390.00   | 0.42%             | 2032-03-29      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Tutor Perini Corporation                                                                                          | TPC 11.875 04/30/29 144A                                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   9921000 | PA      | $10874398.18  | 1.48%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                                              | ASUCOR 8 12/31/32 144A                                                                                  | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |   4790000 | PA      | $4973399.47   | 0.68%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                                                                      | SRILAN 3.35 03/15/33 144A                                                                               | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    115818 | PA      | $96949.18     | 0.01%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| El Salvador (Republic of)                                                                                         | ELSALV 9.65 11/21/54 144A                                                                               | CUSIP: 283875CG5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    900000 | PA      | $956880.00    | 0.13%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING COMPANY LP                                                                                   | FPH 8 10/01/30 144A                                                                                     | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2166260.66   | 0.30%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SOLRR AIRCRAFT 2021-1 LTD                                                                                         | SOLRR 2021-1 C                                                                                          | CUSIP: 83438LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2742561 | PA      | $2672469.79   | 0.36%             | 2046-10-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                                                            | MPW 4.625 08/01/29                                                                                      | CUSIP: 55342UAJ3<br>LEI: 254900U6E39J1MQCCY14 | Long             | DBT              | CORP              | US        |   3890000 | PA      | $3029336.76   | 0.41%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CB Poly US Holdings Inc                                                                                           | Polyconcept Term Loan B 550 2029-04-25                                                                  | CUSIP: 12511PAB7<br>LEI: 549300WD5JEKCROPPM83 | Long             | LON              | CORP              | US        |   4825000 | PA      | $4350533.63   | 0.59%             | 2029-05-18      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| MFA Financial Inc.                                                                                                | MFA Financial Inc. 6.50% SERIES C FIXED-TO-FLOATING RATE CUMULATIVE REDEEMABLE PREFERRED STOCK          | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |    107413 | NS      | $2273933.21   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nigeria (Federal Republic of)                                                                                     | NGERIA 7.143 02/23/30 REGS                                                                              | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    940000 | PA      | $948796.70    | 0.13%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                                           | VENLNG 9.875 02/01/32 144A                                                                              | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $4845895.78   | 0.66%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| SFO COMMERCIAL MORTGAGE TRUST 2021-555                                                                            | SFO 2021-555 E                                                                                          | CUSIP: 78432WAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1650000 | PA      | $1632421.07   | 0.22%             | 2038-05-17      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                                                              | ANGOL 8.75 04/14/32 144A                                                                                | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   3500000 | PA      | $3403112.62   | 0.46%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                                                           | Goldman Sachs & Co                                                                                      | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -1866668 | PA      | $-1866668.49  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Corecivic Inc                                                                                                     | CXW 8.25 04/15/29                                                                                       | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   3359000 | PA      | $3508955.84   | 0.48%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Grupo Televisa S.A.B.                                                                                             | TELVIS 5 05/13/45                                                                                       | CUSIP: 40049JBA4<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |   1910000 | PA      | $1187846.23   | 0.16%             | 2045-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kenya (Republic of)                                                                                               | KENINT 6.3 01/23/34 REGS                                                                                | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    550000 | PA      | $458190.66    | 0.06%             | 2034-01-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2018-LUAU                                                                       | GSMS 2018-LUAU G                                                                                        | CUSIP: 36256AAS1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4982690.50   | 0.68%             | 2032-11-15      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp.                                                | LADR 4.75 06/15/29 144A                                                                                 | CUSIP: 505742AP1<br>LEI: 254900TBF2Z4GR7NSX02 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6788825.40   | 0.93%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                                                                      | ROCKIE 7.5 07/15/38 144A                                                                                | CUSIP: 77340RAD9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7832797.50   | 1.07%             | 2038-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AMMC CLO 23 LTD/LLC                                                                                               | AMMC 2020-23A D2R3                                                                                      | CUSIP: 00177JCE3<br>LEI: 549300ICO4ZE2FVC2Y46 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1496360.55   | 0.20%             | 2038-07-19      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Greystone Select Holdings LLC                                                                                     | Greystone Select Financial Term Loan B 500 2028-04-24                                                   | CUSIP: 39808KAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3294753 | PA      | $3249450.22   | 0.44%             | 2028-06-16      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                                                          | AESOP 2023-6A D                                                                                         | CUSIP: 05377RJU9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1341674.27   | 0.18%             | 2029-12-20      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA1                                                                           | STACR 2021-DNA1 B2                                                                                      | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-O            | USGSE             | US        |   6000000 | PA      | $6712638.00   | 0.92%             | 2051-01-25      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| WELLESLEY PARK CLO LTD                                                                                            | WELPK 2025-1A E                                                                                         | CUSIP: 94949BAA0<br>LEI: 254900LVLIQL8YP6PL27 | Long             | ABS-CBDO         | CORP              | KY        |   1130000 | PA      | $1103901.41   | 0.15%             | 2039-01-24      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                                                        | SOAF 6.125 12/11/37 144A                                                                                | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1340000 | PA      | $1244860.00   | 0.17%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                                                    | CNH/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5691.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MIDOCEAN CREDIT CLO XVIII LTD                                                                                     | MIDO 2025-18A E                                                                                         | CUSIP: 59803MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2680000 | PA      | $2662437.42   | 0.36%             | 2035-10-18      | Variable      | 9.07%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                                               | AXL 7.75 10/15/33 144A                                                                                  | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   5810000 | PA      | $5659596.53   | 0.77%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                                                                                              | EYEPAR L 11/30/28 2                                                                                     | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |   1101113 | PA      | $462467.38    | 0.06%             | 2028-11-30      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| SOUND POINT CLO XXVI LTD                                                                                          | SNDPT 2020-1A ER                                                                                        | CUSIP: 83615BAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4200000 | PA      | $3760235.64   | 0.51%             | 2034-07-20      | Floating      | 10.79%                | No            |                  2 | On Loan: No      |
| COMMUNITY HEALTH SYSTEMS INC                                                                                      | CYH 10.875 01/15/32 144A                                                                                | CUSIP: 12543DBN9<br>LEI: 549300BQWM4WENQ3YW73 | Long             | DBT              | CORP              | US        |   2424000 | PA      | $2603645.06   | 0.35%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                                                | VEGLPL 6.5 06/15/34 144A                                                                                | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2551875.90   | 0.35%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO II LLC                                                                                                | ELMW2 2019-2A SUB                                                                                       | CUSIP: 29001RAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4600000 | PA      | $1544591.22   | 0.21%             | 2034-04-20      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                                                                          | SPIRIT AVIA HOL RESTRICT                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       977 | NS      | $244.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Angola (Republic of)                                                                                              | ANGOL 8 11/26/29 144A                                                                                   | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   1600000 | PA      | $1584299.58   | 0.22%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LD Holdings Group LLC                                                                                             | LNDPT 6.125 04/01/28 144A                                                                               | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3443105.38   | 0.47%             | 2028-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                                           | VENLNG V9 PERP 144a                                                                                     | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1993662.34   | 0.27%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Arini US CLO III Ltd. / Arini US CLO III LLC                                                                      | ARIN 3A E                                                                                               | CUSIP: 03990MAA5<br>LEI: 254900RLGVSRR5ZHHW52 | Long             | ABS-CBDO         | CORP              | KY        |   1440000 | PA      | $1433810.88   | 0.20%             | 2039-01-15      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                                             | UKRAIN 0 02/01/36 REGS                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    155445 | PA      | $72569.30     | 0.01%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| 720 EAST CLO VII LTD                                                                                              | NWML 2025-7A E                                                                                          | CUSIP: 81789NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2600000 | PA      | $2529085.52   | 0.34%             | 2037-04-20      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Cim Trust                                                                                                         | CIM 2021-INV1 AXS                                                                                       | CUSIP: 12566PCU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 169865082 | PA      | $1503441.87   | 0.20%             | 2051-07-01      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                                  | CYH 9.75 01/15/34 144A                                                                                  | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1610633.09   | 0.22%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                                         | USD/BRL FORWARD                                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-16228.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| StoneX Group Inc                                                                                                  | SNEX 7.875 03/01/31 144A                                                                                | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3117786.00   | 0.43%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2015-P1                                                                       | CGCMT 2015-P1 D                                                                                         | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15319 | PA      | $15020.87     | 0.00%             | 2048-09-17      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| BLUEMOUNTAIN CLO XXIX LTD                                                                                         | BLUEM 2020-29A ER                                                                                       | CUSIP: 09630LAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $6269186.00   | 0.85%             | 2034-07-25      | Floating      | 10.79%                | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                                             | UKRAIN 0 02/01/35 REGS                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    186534 | PA      | $87066.98     | 0.01%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Ueno Bank SA                                                                                                      | UENOPY 6.7 03/06/31 144A                                                                                | CUSIP: 903934AB3<br>LEI: 98450099V56Z7DB78D05 | Long             | DBT              | CORP              | PY        |   1500000 | PA      | $1486695.00   | 0.20%             | 2031-03-06      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK35                                                                                                   | BANK 2021-BN35 K                                                                                        | CUSIP: 06540CCJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  21846154 | PA      | $8291159.41   | 1.13%             | 2064-06-17      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                                                                     | SMYREA 8.875 11/15/31 144A                                                                              | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2579937.50   | 0.35%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Saavi Energia S.a.r.l.                                                                                            | SAAVIE 8.875 02/10/35 144A                                                                              | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |   1800000 | PA      | $1891170.00   | 0.26%             | 2035-02-10      | Fixed         | 8.88%                 | 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        |       973 | NC      | $-1903482.08  | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| BRES COMMERCIAL MORTGAGE TRUST 2025-ATCAP                                                                         | BRES 2025-ATCAP F                                                                                       | CUSIP: 05619GAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1997159.00   | 0.27%             | 2042-11-17      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| Elevation Clo 2021-14 Ltd/ Elevation Clo 2021-14 Llc                                                              | AWPT 2021-14A ER                                                                                        | CUSIP: 28623TAJ3<br>LEI: 549300JPI8D017HI2768 | Long             | ABS-CBDO         | CORP              | KY        |   4400000 | PA      | $3848795.72   | 0.52%             | 2038-01-20      | Floating      | 10.12%                | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                                                     | PBFENE 6 02/15/28                                                                                       | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1992124.80   | 0.27%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2021-B27 MORTGAGE TRUST                                                                                 | BMARK 2021-B27 F                                                                                        | CUSIP: 08163HAY4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $2969992.00   | 0.40%             | 2054-07-17      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                                                            | First Brands (Trico Group) First-lien Term Loan 500 2027-03-09                                          | CUSIP: 31935HAD9<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |   1805134 | PA      | $5270.99      | 0.00%             | 2027-03-30      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| CARVAL CLO XI-C LTD /LLC                                                                                          | CARVL 2024-3A E                                                                                         | CUSIP: 14688TAA4<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |   2070000 | PA      | $2006810.56   | 0.27%             | 2037-10-20      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| Carbon Revolution Ltd                                                                                             | CBRAU 8.5 05/15/27 144A                                                                                 | CUSIP: 14115DAA2<br>LEI: 894500NF581BXOY0Z956 | Long             | DBT              | CORP              | AU        |   3350252 | PA      | $3320937.30   | 0.45%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MAGNETITE XXVI LTD                                                                                                | MAGNE 2020-26A ER2                                                                                      | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2619029.60   | 0.36%             | 2038-01-25      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                                                  | ABR 8.5 12/15/28 144A                                                                                   | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $2920038.13   | 0.40%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VistaJet Malta Finance PLC /XO Management Holding Inc.                                                            | VSTJET 7.875 05/01/27 144A                                                                              | CUSIP: 92840JAD1<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |   6500000 | PA      | $6421814.10   | 0.88%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bahamas (Commonwealth of)                                                                                         | BAHAMA 8.25 06/24/36 144A                                                                               | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |   3000000 | PA      | $3210240.00   | 0.44%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Babcock & Wilcox Enterprises Inc.                                                                                 | BW 8.75 06/30/30 144A                                                                                   | CUSIP: 05614LAB6<br>LEI: 5493006H661OZN2C0T54 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5025000.00   | 0.69%             | 2030-06-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ATRIUM HOTEL PORTFOLIO TRUST 2017-ATRM                                                                            | AHPT 2017-ATRM E                                                                                        | CUSIP: 04965JAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2556697.50   | 0.35%             | 2036-12-15      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                                                                                  | TKCHOL 8.5 08/15/30 144A                                                                                | CUSIP: 87256YAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2926230.50   | 0.40%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Planview Parent Inc                                                                                               | Planview First-lien Term Loan 350 2027-12-01                                                            | CUSIP: 72751PAJ3<br>LEI: 549300SEALM1D9FKMA32 | Long             | LON              | CORP              | US        |   4080031 | PA      | $3072793.95   | 0.42%             | 2027-12-17      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Titan International, Inc.                                                                                         | TWI 7 04/30/28                                                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   5230000 | PA      | $5222684.28   | 0.71%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                                                        | CNH/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-14269.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 2022-RRI                                                             | NCMS 2022-RRI E                                                                                         | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1240552 | PA      | $1243204.55   | 0.17%             | 2035-03-15      | Floating      | 8.87%                 | No            |                  2 | On Loan: No      |
| Full House Resorts Inc.                                                                                           | FLL 8.25 02/15/28 144A                                                                                  | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   7059000 | PA      | $6441337.50   | 0.88%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Ukraine (Republic of)                                                                                             | UKRAIN 0 02/01/30 REGS                                                                                  | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     59069 | PA      | $34740.25     | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp/ Canadas Wonderland Company/ Millennium Operations LLC                               | FUN 8.625 01/15/32 144A                                                                                 | CUSIP: 83003AAA8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    830000 | PA      | $831907.62    | 0.11%             | 2032-01-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Gee Automotive Holdings LLC                                                                                       | GEEATO 7.25 03/01/31 144A                                                                               | CUSIP: 36846VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1877034.94   | 0.26%             | 2031-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DS Parent Inc                                                                                                     | Davis-Standard Term Loan B 550 2030-11-26                                                               | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |   4465909 | PA      | $3970930.05   | 0.54%             | 2031-01-31      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2015-C                                                                           | SMB 2015-C R                                                                                            | CUSIP: 78448R106<br>LEI: 549300GD7VLLBVPDNJ81 | Long             | ABS-O            | CORP              | US        |      7570 | PA      | $2134262.20   | 0.29%             | 2046-09-17      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                                                    | ZFFNGR 6.875 04/14/28 144A                                                                              | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2029816.00   | 0.28%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                                                                      | SRILAN 3.6 02/15/38 144A                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    108596 | PA      | $96215.17     | 0.01%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HOLDINGS COMPANY LTD                                                                               | Country Garden Holdings Co Ltd. HKD0.10                                                                 | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | EC               | CORP              | KY        |     10500 | NS      | $429.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ghana (Republic of)                                                                                               | GHANA 0 07/03/26 144A                                                                                   | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      7760 | PA      | $7628.70      | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                                                          | IHRT 9.125 05/01/29 144A                                                                                | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1727299.50   | 0.24%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| DISH Network Corporation                                                                                          | DISH 11.75 11/15/27 144A                                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1030790.00   | 0.14%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| National Collegiate Commutatio                                                                                    | National Collegiate VI 2007-4 Class A-3L Commutation Trust                                              | CUSIP: 63546VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  27730208 | PA      | $2062961.08   | 0.28%             | 2038-03-29      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| RR LTD 2021-18                                                                                                    | RRAM 2021-18A DR                                                                                        | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |   2370000 | PA      | $2301540.42   | 0.31%             | 2040-07-16      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Country Garden Holdings Co Ltd.                                                                                   | COGARD 5 12/31/32 REG                                                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1268733 | PA      | $177622.69    | 0.02%             | 2032-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAGNETITE LTD 2022-32                                                                                             | MAGNE 2022-32A ER                                                                                       | CUSIP: 55953XAE8<br>LEI: 549300QUG3I8PF6T6C52 | Long             | ABS-CBDO         | CORP              | KY        |   2420000 | PA      | $2347933.61   | 0.32%             | 2037-10-15      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| Apidos Loan Fund 2024-1 Ltd/Apidos Loan Fund 2024-1 LLC                                                           | APID 2024-1A ER                                                                                         | CUSIP: 037985AG3<br>LEI: 549300092LX0NPUDVC76 | Long             | ABS-CBDO         | CORP              | JE        |   1750000 | PA      | $1712758.78   | 0.23%             | 2038-10-25      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| VOYA CLO 2018-2 LTD                                                                                               | VOYA 2018-2A E                                                                                          | CUSIP: 92917TAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6750000 | PA      | $6112504.35   | 0.83%             | 2031-07-15      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                                                                | DOMREP 4.5 01/30/30 REGS                                                                                | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    430000 | PA      | $409704.00    | 0.06%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                                               | CCO 7.5 06/01/29 144A                                                                                   | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   3590000 | PA      | $3607214.05   | 0.49%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                                                  | AMCX 10.5 07/15/32 144A                                                                                 | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   3843000 | PA      | $3796649.96   | 0.52%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| REDWOOD FUNDING TRUST 2025-3                                                                                      | RFT 2025-3 A                                                                                            | CUSIP: 75806GAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3827337 | PA      | $3863700.80   | 0.53%             | 2056-12-28      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                                       | FMCN 8.625 06/01/31 144A                                                                                | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2076188.00   | 0.28%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA2                                                                           | STACR 2021-DNA2 B2                                                                                      | CUSIP: 35564KDY2<br>LEI: 5493000ISZLYXFDXNW47 | Long             | ABS-O            | USGSE             | US        |   4500000 | PA      | $5607781.20   | 0.76%             | 2033-08-25      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| SYMP SERIES 2021-28A CLASS A                                                                                      | SYMP 2021-28A SUB                                                                                       | CUSIP: 87168DAC0<br>LEI: 54930054F3QGDZOYIH14 | Long             | ABS-CBDO         | CORP              | KY        |  10325000 | PA      | $2633604.98   | 0.36%             | 2050-10-23      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                                                            | TRICGR L 06/29/26 2                                                                                     | CUSIP: 31935HAN7<br>LEI: 2549005IXRZR7KSBJD91 | Long             | LON              | CORP              | US        |   2308524 | PA      | $8795.48      | 0.00%             | 2026-06-29      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust 2017-2                                                                        | NRZT 2017-2A B5                                                                                         | CUSIP: 64829KBN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2819937 | PA      | $2543546.91   | 0.35%             | 2057-03-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| BAYFRT 7A C                                                                                                       | BAYFRT 7A C                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2990817.00   | 0.41%             | 2048-04-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL XIII LTD                                                                                      | FCBSL 2021-4A E                                                                                         | CUSIP: 34963GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2672726.40   | 0.36%             | 2034-10-16      | Variable      | 11.06%                | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                                                                            | PSLOGI 7.875 10/15/29 144A                                                                              | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8250000 | PA      | $7885437.45   | 1.07%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                                                    | ZFFNGR 6.875 04/23/32 144A                                                                              | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   8455000 | PA      | $8040984.02   | 1.10%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                                                  | WULF 7.75 10/15/30 144A                                                                                 | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1808008.65   | 0.25%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                                                    | SATS 6.75 11/30/30                                                                                      | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   3183257 | PA      | $3218298.29   | 0.44%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                                                         | IVYCST 7.625 01/30/33 144A                                                                              | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   2040000 | PA      | $2078433.36   | 0.28%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ghana (Republic of)                                                                                               | GHANA 5 07/03/35 144A                                                                                   | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    337560 | PA      | $288757.93    | 0.04%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                                                             | URUGUA 3.4 05/16/45                                                                                     | CUSIP: 917288BP6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   4020055 | PA      | $105878.28    | 0.01%             | 2045-05-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Sri Lanka (Democratic Socialist Republic of)                                                                      | SRILAN 3.6 05/15/36 144A                                                                                | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     54275 | PA      | $48522.60     | 0.01%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| SOHO TRUST 2021-SOHO                                                                                              | SOHO 2021-SOHO D                                                                                        | CUSIP: 83410JAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4050000 | PA      | $2967024.74   | 0.40%             | 2038-08-12      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                                                | NWL 8.5 06/01/28 144A                                                                                   | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2581875.00   | 0.35%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                                                    | CRWV 9.25 06/01/30 144A                                                                                 | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   6380000 | PA      | $6205279.87   | 0.85%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SAS                                                                                                 | SFRFP 10 01/15/33 144A                                                                                  | CUSIP: 020956AA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1200000 | PA      | $1091985.48   | 0.15%             | 2033-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                                                                                  | Symphony CLO XXVIII Ltd                                                                                 | CUSIP: 87168DAG1<br>LEI: 54930054F3QGDZOYIH14 | Long             | ABS-CBDO         | CORP              | KY        |    249757 | PA      | $37.46        | 0.00%             | 2050-10-23      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| Bank of America, National Association                                                                             | USD/MXN FORWARD                                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-58390.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RENEW 2024-1                                                                                                      | RENEW 2024-1A B                                                                                         | CUSIP: 75973VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    615640 | PA      | $619500.46    | 0.08%             | 2059-11-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK35                                                                                                   | BANK 2021-BN35 H                                                                                        | CUSIP: 06540CAQ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9451000 | PA      | $3815987.74   | 0.52%             | 2064-06-17      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                                                                                    | BXMT 5.5 03/15/27                                                                                       | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1990000.00   | 0.27%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                                                           | ISATLN 9 09/15/29 144A                                                                                  | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |   2000000 | PA      | $2103580.00   | 0.29%             | 2029-09-15      | Fixed         | 9.00%                 | 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        |   1500000 | PA      | $1515121.80   | 0.21%             | 2038-11-05      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2019-FTR1                                                                                 | STACR 2019-FTR1 B2                                                                                      | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-O            | USGSE             | US        |   3460000 | PA      | $4087730.15   | 0.56%             | 2048-01-27      | Floating      | 12.13%                | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                                                     | UVN 9.375 08/01/32 144A                                                                                 | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1000419.36   | 0.14%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LUXCO3 DUMMY EQUITY                                                                                               | LUXCO3 DUMMY EQUITY                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61743 | NS      | $1050859.15   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Boots Group Finco LP/ The Boots Group Luxco S.a.r.l.                                                              | BOOTFN 7.375 08/31/32 144*                                                                              | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    640000 | PA      | $845568.23    | 0.12%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                                                  | CYH 6.875 04/15/29 144A                                                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  13930000 | PA      | $13409962.45  | 1.83%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                                                          | AESOP 2024-2A D                                                                                         | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $853411.19    | 0.12%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| BSREP COMMERCIAL MORTGAGE TRUST 2021-DC                                                                           | BSREP 2021-DC HRR                                                                                       | CUSIP: 05591UAQ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15903970 | PA      | $3197890.84   | 0.44%             | 2038-08-16      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| GREYWOLF CLO V LLC                                                                                                | GWOLF 2015-1A DR                                                                                        | CUSIP: 39808TAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6250000 | PA      | $6277925.63   | 0.86%             | 2031-01-27      | Floating      | 9.78%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                                                    | AUD/USD FORWARD                                                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-896.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OCP CLO 2023-26 Ltd / OCP CLO 2023-26 LLC                                                                         | OCP 2023-26A ER                                                                                         | CUSIP: 67351PAG3<br>LEI: 254900Y4WANLHOK54N29 | Long             | ABS-CBDO         | CORP              | JE        |   1780000 | PA      | $1721804.32   | 0.23%             | 2037-04-17      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| Pampa Energia SA                                                                                                  | PAMPAR 7.95 09/10/31 144A                                                                               | CUSIP: 697660AE8<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |   1210000 | PA      | $1262816.50   | 0.17%             | 2031-09-10      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Western Asset Diversified Income Fund

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer