# EDGAR Filing Document

**Accession Number:** 0001645194
**File Stem:** 0001752724-25-202250
**Filing Date:** 2025-8
**Character Count:** 304259
**Document Hash:** e5cc2ffe6197216c1b9ac4c2cf94922e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202250.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202250

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason ETF Investment Trust
- **CENTRAL INDEX KEY:** 0001645194

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23096
- **FILM NUMBER:** 251250344

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 877-721-1926

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF InvestmentTrust
- **DATE OF NAME CHANGE:** 20170221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Legg Mason ETF Equity Trust
- **DATE OF NAME CHANGE:** 20150615

## Series and Classes Contracts Data

### Western Asset Total Return ETF (Series ID: S000059365)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000194756 | Western Asset Total Return ETF | WBND            |

## Nport-Ex

Schedules of Investments (unaudited)

June 30, 2025

 **Western Asset Short Duration Income ETF**

(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 — 75.2%** | **Corporate Bonds & Notes — 75.2%** | **Corporate Bonds & Notes — 75.2%** | **Corporate Bonds & Notes — 75.2%** | **Corporate Bonds & Notes — 75.2%** |
| **Communication Services — 6.4%** | **Communication Services — 6.4%** | **Communication Services — 6.4%** | **Communication Services — 6.4%** | **Communication Services — 6.4%** |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; $23000<br>| &nbsp;&nbsp;&nbsp; $*19637*<br>|
| *Media — 4.8%* | *Media — 4.8%* | *Media — 4.8%* | *Media — 4.8%* | *Media — 4.8%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200053<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 7/23/25 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 5000<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 11/10/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193690<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 171668<br>|
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/11/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9990<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *580401* |
| *Wireless Telecommunication Services — 1.5%* | *Wireless Telecommunication Services — 1.5%* | *Wireless Telecommunication Services — 1.5%* | *Wireless Telecommunication Services — 1.5%* | *Wireless Telecommunication Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; *178203*<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **778241** |
| **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** | **Consumer Discretionary — 11.5%** |
| *Automobiles — 5.8%* | *Automobiles — 5.8%* | *Automobiles — 5.8%* | *Automobiles — 5.8%* | *Automobiles — 5.8%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.134% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199798<br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 194775<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 94000<br>| &nbsp;&nbsp;&nbsp; 94172<br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58537<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 9/16/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 152704<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *699986* |
| *Broadline Retail — 1.6%* | *Broadline Retail — 1.6%* | *Broadline Retail — 1.6%* | *Broadline Retail — 1.6%* | *Broadline Retail — 1.6%* |
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 1/14/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *197267*<br>|
| *Hotels, Restaurants & Leisure — 4.1%* | *Hotels, Restaurants & Leisure — 4.1%* | *Hotels, Restaurants & Leisure — 4.1%* | *Hotels, Restaurants & Leisure — 4.1%* | *Hotels, Restaurants & Leisure — 4.1%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121066<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 105835<br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp;&nbsp; 82651<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118451<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70915<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *498918* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1396171** |
| **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** |
| *Tobacco — 1.2%* | *Tobacco — 1.2%* | *Tobacco — 1.2%* | *Tobacco — 1.2%* | *Tobacco — 1.2%* |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 28391<br>|
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 1.668% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 117531<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **145922** |
| **Energy — 10.4%** | **Energy — 10.4%** | **Energy — 10.4%** | **Energy — 10.4%** | **Energy — 10.4%** |
| *Oil, Gas & Consumable Fuels — 10.4%* | *Oil, Gas & Consumable Fuels — 10.4%* | *Oil, Gas & Consumable Fuels — 10.4%* | *Oil, Gas & Consumable Fuels — 10.4%* | *Oil, Gas & Consumable Fuels — 10.4%* |
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, Senior Notes (6.125% to 6/18/35 then 5 year Treasury <br> Constant Maturity Rate + 1.924%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/18/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10009<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, Senior Notes (6.450% to 3/1/34 then 5 year Treasury <br> Constant Maturity Rate + 2.153%) | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20495<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.055% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10125<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; $80000<br>| &nbsp;&nbsp;&nbsp; $77336<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9907<br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Operating Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18910<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20055<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30068<br>|
| &nbsp;&nbsp;&nbsp; Devon OEI Operating LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21117<br>|
| &nbsp;&nbsp;&nbsp; El Paso Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10382<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (3 mo. Term SOFR + 3.248%) | &nbsp;&nbsp; 7.573% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 159318<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (5.250% to 8/16/27 then 3 mo. <br> Term SOFR + 3.295%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9919<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. <br> Term SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 78888<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68936<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132396<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39234<br>|
| &nbsp;&nbsp;&nbsp; Northwest Pipeline LLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20164<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19773<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100928<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 83180<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40208<br>|
| &nbsp;&nbsp;&nbsp; Parsley Energy LLC/Parsley Finance Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9818<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60076<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59974<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30603<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119345<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1261164** |
| **Financials — 23.7%** | **Financials — 23.7%** | **Financials — 23.7%** | **Financials — 23.7%** | **Financials — 23.7%** |
| *Banks — 8.3%* | *Banks — 8.3%* | *Banks — 8.3%* | *Banks — 8.3%* | *Banks — 8.3%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198894<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (1.734% to 7/22/26 then SOFR + 0.960%) | &nbsp;&nbsp; 1.734% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 126384<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.979% to 1/24/28 then SOFR + 0.830%) | &nbsp;&nbsp; 4.979% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142032<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.950% to 2/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.726%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40953<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 5/24/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30120<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203818<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.851% to 7/25/27 then SOFR + 1.990%) | &nbsp;&nbsp; 4.851% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70743<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; M&T Bank Corp., Senior Notes (4.833% to 1/16/28 then SOFR + 0.930%) | &nbsp;&nbsp; 4.833% | &nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70591<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.900% to 1/24/27 then SOFR + 0.780%) | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130984<br> <sup>(c)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *1014519* |
| *Capital Markets — 6.1%* | *Capital Markets — 6.1%* | *Capital Markets — 6.1%* | *Capital Markets — 6.1%* | *Capital Markets — 6.1%* |
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30 then <br> 5 year Treasury Constant Maturity Rate + 2.461%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31035<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (1.093% to 12/9/25 then SOFR + <br> 0.789%) | &nbsp;&nbsp; 1.093% | &nbsp;&nbsp; 12/9/26 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 226448<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (1.948% to 10/21/26 then SOFR + <br> 0.913%) | &nbsp;&nbsp; 1.948% | &nbsp;&nbsp; 10/21/27 | &nbsp;&nbsp; $80000<br>| &nbsp;&nbsp;&nbsp; $77481<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + <br> 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69047<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (0.985% to 12/10/25 then SOFR + 0.720%) | &nbsp;&nbsp; 0.985% | &nbsp;&nbsp; 12/10/26 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 206674<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (1.593% to 5/4/26 then SOFR + 0.879%) | &nbsp;&nbsp; 1.593% | &nbsp;&nbsp; 5/4/27 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58560<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. Term SOFR + <br> 1.402%) | &nbsp;&nbsp; 3.772% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69011<br> <sup>(c)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *738256* |
| *Financial Services — 4.5%* | *Financial Services — 4.5%* | *Financial Services — 4.5%* | *Financial Services — 4.5%* | *Financial Services — 4.5%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 146186<br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82307<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/20/27 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112125<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90702<br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 117113<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *548433* |
| *Insurance — 4.3%* | *Insurance — 4.3%* | *Insurance — 4.3%* | *Insurance — 4.3%* | *Insurance — 4.3%* |
| &nbsp;&nbsp;&nbsp; AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.805% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 76678<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/23/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 403495<br>|
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II, Secured Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 1/21/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38662<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *518835* |
| *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; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *59023*<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **2879066** |
| **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** |
| *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9855<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149411<br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **159266** |
| **Industrials — 6.4%** | **Industrials — 6.4%** | **Industrials — 6.4%** | **Industrials — 6.4%** | **Industrials — 6.4%** |
| *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98696<br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61632<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *160328* |
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp., Senior Notes | &nbsp;&nbsp; 5.643% | &nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *40637*<br> <sup>(a)</sup><br>|
| *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* | *Passenger Airlines — 3.1%* |
| &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 6472<br>| &nbsp;&nbsp;&nbsp; 6483<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19967<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 99904<br>| &nbsp;&nbsp;&nbsp; 97446<br>|
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 89565<br>| &nbsp;&nbsp;&nbsp; 85746<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 27500<br>| &nbsp;&nbsp;&nbsp; 27437<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 135990<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *373069* |

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Short Duration Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Trading Companies & Distributors — 1.7%* | *Trading Companies & Distributors — 1.7%* | *Trading Companies & Distributors — 1.7%* | *Trading Companies & Distributors — 1.7%* | *Trading Companies & Distributors — 1.7%* |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; $210000<br>| &nbsp;&nbsp;&nbsp; $*209817*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **783851** |
| **Information Technology — 5.2%** | **Information Technology — 5.2%** | **Information Technology — 5.2%** | **Information Technology — 5.2%** | **Information Technology — 5.2%** |
| *Electronic Equipment, Instruments & Components — 0.6%* | *Electronic Equipment, Instruments & Components — 0.6%* | *Electronic Equipment, Instruments & Components — 0.6%* | *Electronic Equipment, Instruments & Components — 0.6%* | *Electronic Equipment, Instruments & Components — 0.6%* |
| &nbsp;&nbsp;&nbsp; Vontier Corp., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; *78286*<br>|
| *Semiconductors & Semiconductor Equipment — 4.3%* | *Semiconductors & Semiconductor Equipment — 4.3%* | *Semiconductors & Semiconductor Equipment — 4.3%* | *Semiconductors & Semiconductor Equipment — 4.3%* | *Semiconductors & Semiconductor Equipment — 4.3%* |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 209119<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 188083<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 123409<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *520611* |
| *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; *30050*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **628947** |
| **Materials — 3.3%** | **Materials — 3.3%** | **Materials — 3.3%** | **Materials — 3.3%** | **Materials — 3.3%** |
| *Construction Materials — 1.2%* | *Construction Materials — 1.2%* | *Construction Materials — 1.2%* | *Construction Materials — 1.2%* | *Construction Materials — 1.2%* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *141310*<br> <sup>(a)</sup><br>|
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, Senior Secured Notes | &nbsp;&nbsp; 1.512% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *9741*<br> <sup>(a)</sup><br>|
| *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129391<br>|
| &nbsp;&nbsp;&nbsp; Hudbay Minerals Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39776<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yamana Gold Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19921<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *189088* |
| *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *60316*<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **400455** |
| **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** | **Utilities — 5.8%** |
| *Electric Utilities — 5.8%* | *Electric Utilities — 5.8%* | *Electric Utilities — 5.8%* | *Electric Utilities — 5.8%* | *Electric Utilities — 5.8%* |
| &nbsp;&nbsp;&nbsp; Edison International, Junior Subordinated Notes (5.375% to 3/15/26 then 5 year <br> Treasury Constant Maturity Rate + 4.698%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18881<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 7.050% | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201190<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/30/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60147<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 12/2/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 75956<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 161057<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40429<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Junior Subordinated Notes (4.000% to 1/15/26 then 5 year <br> Treasury Constant Maturity Rate + 3.733%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 34000<br>| &nbsp;&nbsp;&nbsp; 33858<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Junior Subordinated Notes (6.375% to 3/15/35 then 5 year <br> Treasury Constant Maturity Rate + 2.069%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20630<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toledo Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp;&nbsp; 7502<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 80441<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **700091** |
| **Total Corporate Bonds & Notes (Cost — $9,065,383)** | **Total Corporate Bonds & Notes (Cost — $9,065,383)** | **Total Corporate Bonds & Notes (Cost — $9,065,383)** | **Total Corporate Bonds & Notes (Cost — $9,065,383)** | &nbsp;&nbsp; **9133174** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 1.8%** |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2023-NQM5 A1 | &nbsp;&nbsp; 6.505% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 64819<br>| &nbsp;&nbsp;&nbsp; 65288<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CRSO Trust, 2023-BRND A | &nbsp;&nbsp; 7.121% | &nbsp;&nbsp; 7/10/40 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31507<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Short Duration Income ETF**

(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>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M1 (30 Day <br> Average SOFR + 1.500%) | &nbsp;&nbsp; 5.805% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; $10645<br>| &nbsp;&nbsp;&nbsp; $10682<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M2 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.805% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20587<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.732% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21839<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 64663<br>| &nbsp;&nbsp;&nbsp; 65527<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $211,555)** | **Total Collateralized Mortgage Obligations (Cost — $211,555)** | **Total Collateralized Mortgage Obligations (Cost — $211,555)** | **Total Collateralized Mortgage Obligations (Cost — $211,555)** | &nbsp;&nbsp; **215430** |
| **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** | **Asset-Backed Securities — 1.7%** |
| &nbsp;&nbsp;&nbsp; Goodgreen Trust, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/17/61 | &nbsp;&nbsp; 197403<br>| &nbsp;&nbsp;&nbsp; 187858<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, 2020-DA A | &nbsp;&nbsp; 1.690% | &nbsp;&nbsp; 5/15/69 | &nbsp;&nbsp; 16543<br>| &nbsp;&nbsp;&nbsp; 15680<br> <sup>(a)</sup><br>|
| **Total Asset-Backed Securities (Cost — $215,261)** | **Total Asset-Backed Securities (Cost — $215,261)** | **Total Asset-Backed Securities (Cost — $215,261)** | **Total Asset-Backed Securities (Cost — $215,261)** | &nbsp;&nbsp; **203538** |
| **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** | **U.S. Government & Agency Obligations — 0.5%** |
| *U.S. Government Obligations — 0.5%* | *U.S. Government Obligations — 0.5%* | *U.S. Government Obligations — 0.5%* | *U.S. Government Obligations — 0.5%* | *U.S. Government Obligations — 0.5%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30073<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30295<br>|
| **Total U.S. Government & Agency Obligations (Cost — $59,899)** | **Total U.S. Government & Agency Obligations (Cost — $59,899)** | **Total U.S. Government & Agency Obligations (Cost — $59,899)** | **Total U.S. Government & Agency Obligations (Cost — $59,899)** | &nbsp;&nbsp; **60368** |
| **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** | **Sovereign Bonds — 0.2%** |
| *Argentina — 0.2%* | *Argentina — 0.2%* | *Argentina — 0.2%* | *Argentina — 0.2%* | *Argentina — 0.2%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 4246<br>| &nbsp;&nbsp;&nbsp; 3565<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires/Government Bonds, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 17501<br>| &nbsp;&nbsp;&nbsp; 12732<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires/Government Bonds, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 9409<br>| &nbsp;&nbsp;&nbsp; 6845<br> <sup>(h)</sup><br>|
| **Total Sovereign Bonds (Cost — $13,992)** | **Total Sovereign Bonds (Cost — $13,992)** | **Total Sovereign Bonds (Cost — $13,992)** | **Total Sovereign Bonds (Cost — $13,992)** | &nbsp;&nbsp; **23142** |
| **Total Investments before Short-Term Investments (Cost — $9,566,090)** | **Total Investments before Short-Term Investments (Cost — $9,566,090)** | **Total Investments before Short-Term Investments (Cost — $9,566,090)** | **Total Investments before Short-Term Investments (Cost — $9,566,090)** | &nbsp;&nbsp; **9635652** |
|  |  |  | Shares |  |
| **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** |
| &nbsp;&nbsp;&nbsp; BNY Mellon Cash Reserve Fund <br>(Cost — $2,287,324) | &nbsp;&nbsp; 1.050% |  | &nbsp;&nbsp; 2287324<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2287324**<br> <sup>(i)</sup><br>|
| **Total Investments — 98.2% (Cost — $11,853,414)** | **Total Investments — 98.2% (Cost — $11,853,414)** | **Total Investments — 98.2% (Cost — $11,853,414)** | **Total Investments — 98.2% (Cost — $11,853,414)** | &nbsp;&nbsp; **11922976** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; 214513 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$12137489** |

---

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

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Short Duration Income ETF**

\* 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 registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Security has no maturity date. The date shown represents the next call date.

<sup>(c)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published 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 reference rate and spread in their description above. 

<sup>(d)</sup> Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

<sup>(e)</sup> Security is valued using significant unobservable inputs (Note 1).

<sup>(f)</sup> Value is less than $1.

<sup>(g)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct 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 more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(h)</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 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 Board of Trustees. 

<sup>(i)</sup> Rate shown is one-day yield as of the end of the reporting period. 

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| DAC |  | Designated Activity Company |
| SOFR |  | Secured Overnight Financing Rate |

---

At June 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** <br>|  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; $6008098 | &nbsp;&nbsp;&nbsp;&nbsp; $6032680 | &nbsp;&nbsp;&nbsp;&nbsp; $24582 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 333145 | &nbsp;&nbsp;&nbsp;&nbsp; 342797 | &nbsp;&nbsp;&nbsp;&nbsp; 9652 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34234 |
| **Contracts to Sell:** <br>|  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 107892 | &nbsp;&nbsp;&nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; (1108) |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 110178 | &nbsp;&nbsp;&nbsp;&nbsp; 112125 | &nbsp;&nbsp;&nbsp;&nbsp; (1947) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 112165 | &nbsp;&nbsp;&nbsp;&nbsp; 115469 | &nbsp;&nbsp;&nbsp;&nbsp; (3304) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 112857 | &nbsp;&nbsp;&nbsp;&nbsp; 119125 | &nbsp;&nbsp;&nbsp;&nbsp; (6268) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12627) |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$21607** |

---

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 Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited)

June 30, 2025

 **Western Asset Total Return ETF**

(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 — 34.4%** | **Corporate Bonds & Notes — 34.4%** | **Corporate Bonds & Notes — 34.4%** | **Corporate Bonds & Notes — 34.4%** | **Corporate Bonds & Notes — 34.4%** |
| **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** | **Communication Services — 3.9%** |
| *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; $8373<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9784<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9891<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 6774<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 9/15/59 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 13429<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 34478<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 15435<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *98164* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; *9332*<br>|
| *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9856<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10051<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *19907* |
| *Media — 1.7%* | *Media — 1.7%* | *Media — 1.7%* | *Media — 1.7%* | *Media — 1.7%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 28000<br>| &nbsp;&nbsp;&nbsp; 26174<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37966<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 7/23/25 | &nbsp;&nbsp; 21000<br>| &nbsp;&nbsp;&nbsp; 20999<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp;&nbsp; 25245<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10674<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9430<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 14269<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8307<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.969% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7717<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 12183<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 11753<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10823<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *195540* |
| *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10014<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9900<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 56336<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19431<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10132<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10003<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *115816* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **438759** |

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Consumer Discretionary — 5.8%** | **Consumer Discretionary — 5.8%** | **Consumer Discretionary — 5.8%** | **Consumer Discretionary — 5.8%** | **Consumer Discretionary — 5.8%** |
| *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* |
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 6000<br>| &nbsp;&nbsp;&nbsp; $6011<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10165<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9356<br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *25532* |
| *Broadline Retail — 1.9%* | *Broadline Retail — 1.9%* | *Broadline Retail — 1.9%* | *Broadline Retail — 1.9%* | *Broadline Retail — 1.9%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 8/22/47 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 16514<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/12/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 13495<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 177230<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *207239* |
| *Hotels, Restaurants & Leisure — 3.5%* | *Hotels, Restaurants & Leisure — 3.5%* | *Hotels, Restaurants & Leisure — 3.5%* | *Hotels, Restaurants & Leisure — 3.5%* | *Hotels, Restaurants & Leisure — 3.5%* |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18130<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10195<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10203<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9527<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10282<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8333<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 15895<br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21096<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10199<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 192177<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20188<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29867<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21342<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *387501* |
| *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7990<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 14031<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *22021* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **642293** |
| **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** |
| *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.439% | &nbsp;&nbsp; 10/6/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8511<br>|
| &nbsp;&nbsp;&nbsp; Constellation Brands Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10006<br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *18517* |
| *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; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; *9935*<br>|
| *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8096<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8593<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10138<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *26827* |
| *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; *10153*<br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Tobacco — 0.8%* | *Tobacco — 0.8%* | *Tobacco — 0.8%* | *Tobacco — 0.8%* | *Tobacco — 0.8%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; $8629<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11174<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7402<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9953<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 16000<br>| &nbsp;&nbsp;&nbsp; 15748<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 9/25/40 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 15799<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/13/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10180<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10205<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *89090* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **154522** |
| **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** | **Energy — 4.0%** |
| *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* | *Oil, Gas & Consumable Fuels — 4.0%* |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19411<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9989<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10499<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9667<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19757<br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9907<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8329<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9569<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9598<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9875<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18751<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11109<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19315<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10089<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9277<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19461<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.452% | &nbsp;&nbsp; 4/15/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7096<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 17704<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10473<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10402<br>|
| &nbsp;&nbsp;&nbsp; Parsley Energy LLC/Parsley Finance Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9818<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 17772<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/11/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8468<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/6/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 13692<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59551<br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20236<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38484<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11402<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **439802** |
| **Financials — 10.5%** | **Financials — 10.5%** | **Financials — 10.5%** | **Financials — 10.5%** | **Financials — 10.5%** |
| *Banks — 6.0%* | *Banks — 6.0%* | *Banks — 6.0%* | *Banks — 6.0%* | *Banks — 6.0%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.687% to 4/22/31 then SOFR + 1.320%) | &nbsp;&nbsp; 2.687% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 26931<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; $71660<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90015<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year <br> Treasury Constant Maturity Rate + 2.050%) | &nbsp;&nbsp; 4.588% | &nbsp;&nbsp; 5/4/37 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18938<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (2.520% to 11/3/31 then SOFR + 1.177%) | &nbsp;&nbsp; 2.520% | &nbsp;&nbsp; 11/3/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 26238<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.980% to 3/20/29 then 3 mo. Term SOFR + <br> 1.600%) | &nbsp;&nbsp; 3.980% | &nbsp;&nbsp; 3/20/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58822<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 5/24/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20080<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.910% to 5/24/32 then SOFR + 2.086%) | &nbsp;&nbsp; 4.910% | &nbsp;&nbsp; 5/24/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39925<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/13/25 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20025<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.545% to 11/8/31 then SOFR + <br> 1.180%) | &nbsp;&nbsp; 2.545% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8806<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.739% to 10/15/29 then 3 mo. Term <br> SOFR + 1.510%) | &nbsp;&nbsp; 2.739% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18653<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.452% to 12/5/28 then 3 mo. Term <br> SOFR + 1.592%) | &nbsp;&nbsp; 4.452% | &nbsp;&nbsp; 12/5/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30063<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27408<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.582% to 6/12/28 then <br> SOFR + 1.841%) | &nbsp;&nbsp; 5.582% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10358<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10136<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10508<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39857<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9135<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.584% to 5/22/27 then 3 mo. Term SOFR + <br> 1.572%) | &nbsp;&nbsp; 3.584% | &nbsp;&nbsp; 5/22/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29550<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + <br> 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 45562<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30972<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20654<br> <sup>(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *664296* |
| *Capital Markets — 2.1%* | *Capital Markets — 2.1%* | *Capital Markets — 2.1%* | *Capital Markets — 2.1%* | *Capital Markets — 2.1%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10824<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10556<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR + <br> 1.264%) | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/21/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 53034<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + <br> 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19728<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. Term <br> SOFR + 1.563%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49723<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8991<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%) | &nbsp;&nbsp; 2.511% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 43798<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. Term SOFR + <br> 1.890%) | &nbsp;&nbsp; 4.431% | &nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19975<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.320% to 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20252<br> <sup>(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *236881* |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; *9998*<br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Financial Services — 2.1%* | *Financial Services — 2.1%* | *Financial Services — 2.1%* | *Financial Services — 2.1%* | *Financial Services — 2.1%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; $194916<br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 42115<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *237031* |
| *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* | *Insurance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; *20555*<br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1168761** |
| **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** |
| *Biotechnology — 0.4%* | *Biotechnology — 0.4%* | *Biotechnology — 0.4%* | *Biotechnology — 0.4%* | *Biotechnology — 0.4%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19136<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10185<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 16488<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *45809* |
| *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20776<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20009<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *61356* |
| *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8738<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 17116<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8643<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8185<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9459<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9427<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19367<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 13278<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *94213* |
| *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10360<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10245<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/26/49 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 16228<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9998<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/9/64 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9299<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *56130* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **257508** |
| **Industrials — 3.1%** | **Industrials — 3.1%** | **Industrials — 3.1%** | **Industrials — 3.1%** | **Industrials — 3.1%** |
| *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* | *Aerospace & Defense — 0.9%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9522<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8428<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10957<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 15886<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18787<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10749<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8858<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 12842<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *96029* |

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; $*9297*<br>|
| *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* |
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30023<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10111<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *40134* |
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 12/2/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 6580<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8274<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *14854* |
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; *10069*<br>|
| *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41967<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes <br> (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 51712<br>| &nbsp;&nbsp;&nbsp; 37103<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38854<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *117924* |
| *Trading Companies & Distributors — 0.5%* | *Trading Companies & Distributors — 0.5%* | *Trading Companies & Distributors — 0.5%* | *Trading Companies & Distributors — 0.5%* | *Trading Companies & Distributors — 0.5%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10000<br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 47052<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *57052* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **345359** |
| **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
| *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* | *IT Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/26/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7902<br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20784<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8699<br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *37385* |
| *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 16877<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 8/12/51 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 5946<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10433<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10073<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *43329* |
| *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.921% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 6638<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18248<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/27/54 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9148<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10142<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10133<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9950<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *64259* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **144973** |
| **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** |
| *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* |
| &nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10113<br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; $9904<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp;&nbsp; 23641<br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9922<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10206<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10119<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *73905* |
| *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* | *Paper & Forest Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 44126<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *54251* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **128156** |
| **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** |
| *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* |
| &nbsp;&nbsp;&nbsp; American Transmission Systems Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 70440<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9813<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10128<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10145<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **100526** |
| **Total Corporate Bonds & Notes (Cost — $3,864,371)** | **Total Corporate Bonds & Notes (Cost — $3,864,371)** | **Total Corporate Bonds & Notes (Cost — $3,864,371)** | **Total Corporate Bonds & Notes (Cost — $3,864,371)** | &nbsp;&nbsp; **3820659** |
| **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** | **Mortgage-Backed Securities — 27.9%** |
| *FHLMC — 8.6%* | *FHLMC — 8.6%* | *FHLMC — 8.6%* | *FHLMC — 8.6%* | *FHLMC — 8.6%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 73073<br>| &nbsp;&nbsp;&nbsp; 60658<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/1/42- <br>3/1/52<br>| &nbsp;&nbsp; 185255 | &nbsp;&nbsp;&nbsp; 153554<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/47- <br>7/1/49<br>| &nbsp;&nbsp; 57692 | &nbsp;&nbsp;&nbsp; 56201<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 68604<br>| &nbsp;&nbsp;&nbsp; 68480<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 372217<br>| &nbsp;&nbsp;&nbsp; 314507<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 155162<br>| &nbsp;&nbsp;&nbsp; 136670<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 71445<br>| &nbsp;&nbsp;&nbsp; 74588<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.619%) | &nbsp;&nbsp; 3.515% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 40700<br>| &nbsp;&nbsp;&nbsp; 41474<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.621%) | &nbsp;&nbsp; 3.102% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 54724<br>| &nbsp;&nbsp;&nbsp; 54895<br> <sup>(b)</sup><br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *961027* |
| *FNMA — 13.5%* | *FNMA — 13.5%* | *FNMA — 13.5%* | *FNMA — 13.5%* | *FNMA — 13.5%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.760% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102187<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 10339<br>| &nbsp;&nbsp;&nbsp; 10060<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/35- <br>12/1/51<br>| &nbsp;&nbsp; 342658 | &nbsp;&nbsp;&nbsp; 306838<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/1/36- <br>3/1/38<br>| &nbsp;&nbsp; 60035 | &nbsp;&nbsp;&nbsp; 55794<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/40- <br>6/1/42<br>| &nbsp;&nbsp; 189133 | &nbsp;&nbsp;&nbsp; 163674<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/48 | &nbsp;&nbsp; 14080<br>| &nbsp;&nbsp;&nbsp; 13721<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 66299<br>| &nbsp;&nbsp;&nbsp; 62820<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 66093<br>| &nbsp;&nbsp;&nbsp; 67756<br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 81569<br>| &nbsp;&nbsp;&nbsp; $81039<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 92916<br>| &nbsp;&nbsp;&nbsp; 92984<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 79186<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 82928<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 90044<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 95666<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99993<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101628<br> <sup>(d)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *1506318* |
| *GNMA — 5.8%* | *GNMA — 5.8%* | *GNMA — 5.8%* | *GNMA — 5.8%* | *GNMA — 5.8%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 35498<br>| &nbsp;&nbsp;&nbsp; 32206<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/20/48- <br>6/20/48<br>| &nbsp;&nbsp; 40863 | &nbsp;&nbsp;&nbsp; 39898<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/20/50 | &nbsp;&nbsp; 53663<br>| &nbsp;&nbsp;&nbsp; 46792<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/20/50 | &nbsp;&nbsp; 25187<br>| &nbsp;&nbsp;&nbsp; 23543<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/20/51 | &nbsp;&nbsp; 69448<br>| &nbsp;&nbsp;&nbsp; 55365<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/20/53 | &nbsp;&nbsp; 86467<br>| &nbsp;&nbsp;&nbsp; 88816<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/20/53 | &nbsp;&nbsp; 83539<br>| &nbsp;&nbsp;&nbsp; 82607<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/20/54 | &nbsp;&nbsp; 93829<br>| &nbsp;&nbsp;&nbsp; 95099<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 84975<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 90927<br> <sup>(d)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *640228* |
| **Total Mortgage-Backed Securities (Cost — $3,167,056)** | **Total Mortgage-Backed Securities (Cost — $3,167,056)** | **Total Mortgage-Backed Securities (Cost — $3,167,056)** | **Total Mortgage-Backed Securities (Cost — $3,167,056)** | &nbsp;&nbsp; **3107573** |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 20.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 20.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 20.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 20.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 20.1%** |
| &nbsp;&nbsp;&nbsp; BANK, 2023-BNK45 A5 | &nbsp;&nbsp; 5.203% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101620<br>|
| &nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, 2023-IND A (1 mo. Term SOFR + 1.692%) | &nbsp;&nbsp; 6.004% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100230<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2023-NQM1 A1 | &nbsp;&nbsp; 5.757% | &nbsp;&nbsp; 1/25/63 | &nbsp;&nbsp; 68411<br>| &nbsp;&nbsp;&nbsp; 68470<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2023-NQM4 A1 | &nbsp;&nbsp; 6.435% | &nbsp;&nbsp; 5/25/63 | &nbsp;&nbsp; 72541<br>| &nbsp;&nbsp;&nbsp; 72964<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 C | &nbsp;&nbsp; 4.497% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97867<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DC Commercial Mortgage Trust, 2023-DC A | &nbsp;&nbsp; 6.314% | &nbsp;&nbsp; 9/12/40 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104418<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K153 X1, IO | &nbsp;&nbsp; 0.600% | &nbsp;&nbsp; 12/25/32 | &nbsp;&nbsp; 3198576<br>| &nbsp;&nbsp;&nbsp; 97574<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 59621<br>| &nbsp;&nbsp;&nbsp; 8982<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 71873<br>| &nbsp;&nbsp;&nbsp; 12075<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 75195<br>| &nbsp;&nbsp;&nbsp; 10351<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/49 | &nbsp;&nbsp; 79528<br>| &nbsp;&nbsp;&nbsp; 11581<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA2 M1B (30 Day Average SOFR + 2.400%) | &nbsp;&nbsp; 6.705% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101808<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2022-DNA6 M2 (30 Day Average SOFR + 5.750%) | &nbsp;&nbsp; 10.055% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 109216<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2015-C03 1M2 (30 <br> Day Average SOFR + 5.114%) | &nbsp;&nbsp; 9.420% | &nbsp;&nbsp; 7/25/25 | &nbsp;&nbsp; 9967<br>| &nbsp;&nbsp;&nbsp; 9977<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R07 1M1 (30 <br> Day Average SOFR + 2.950%) | &nbsp;&nbsp; 7.256% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 58341<br>| &nbsp;&nbsp;&nbsp; 59840<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-74 EI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 68104<br>| &nbsp;&nbsp;&nbsp; 11683<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-89 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 198600<br>| &nbsp;&nbsp;&nbsp; 31510<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-1 IG, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/25/51 | &nbsp;&nbsp; 147680<br>| &nbsp;&nbsp;&nbsp; 25633<br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Total Return ETF**

(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>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-50 IO, IO | &nbsp;&nbsp; 0.064% | &nbsp;&nbsp; 10/16/48 | &nbsp;&nbsp; 3922891<br>| &nbsp;&nbsp;&nbsp; $6229<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-17 AM | &nbsp;&nbsp; 3.535% | &nbsp;&nbsp; 6/16/48 | &nbsp;&nbsp; 46216<br>| &nbsp;&nbsp;&nbsp; 44255<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2016-14 H | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/16/57 | &nbsp;&nbsp; 219168<br>| &nbsp;&nbsp;&nbsp; 188665<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-123 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 65285<br>| &nbsp;&nbsp;&nbsp; 9645<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-181 WI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/20/50 | &nbsp;&nbsp; 313563<br>| &nbsp;&nbsp;&nbsp; 36972<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-H13 FM (1 mo. <br> Term SOFR + 0.514%) | &nbsp;&nbsp; 4.846% | &nbsp;&nbsp; 8/20/70 | &nbsp;&nbsp; 86877<br>| &nbsp;&nbsp;&nbsp; 86904<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-3 IO, IO | &nbsp;&nbsp; 0.640% | &nbsp;&nbsp; 2/16/61 | &nbsp;&nbsp; 93562<br>| &nbsp;&nbsp;&nbsp; 4439<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-63 LM | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 83417<br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC Trust, 2022-FL10 A (1 mo. Term SOFR + 2.635%) | &nbsp;&nbsp; 6.953% | &nbsp;&nbsp; 9/17/37 | &nbsp;&nbsp; 79424<br>| &nbsp;&nbsp;&nbsp; 79729<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C30 A4 | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 9/15/49 | &nbsp;&nbsp; 83119<br>| &nbsp;&nbsp;&nbsp; 81576<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, 2024-INV2 A1 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/25/54 | &nbsp;&nbsp; 60405<br>| &nbsp;&nbsp;&nbsp; 61578<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2023-NQM6 A1 | &nbsp;&nbsp; 6.520% | &nbsp;&nbsp; 7/25/63 | &nbsp;&nbsp; 63376<br>| &nbsp;&nbsp;&nbsp; 63918<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 64663<br>| &nbsp;&nbsp;&nbsp; 65527<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONNI Commerical Mortgage Trust, 2024-APT A | &nbsp;&nbsp; 5.753% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102317<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFP Ltd., 2024-11 A (1 mo. Term SOFR + 1.832%) | &nbsp;&nbsp; 6.144% | &nbsp;&nbsp; 9/17/39 | &nbsp;&nbsp; 88135<br>| &nbsp;&nbsp;&nbsp; 88421<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2A1A (1 mo. Term <br> SOFR + 0.694%) | &nbsp;&nbsp; 5.014% | &nbsp;&nbsp; 7/25/45 | &nbsp;&nbsp; 36599<br>| &nbsp;&nbsp;&nbsp; 36059<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2017-C38 A4 | &nbsp;&nbsp; 3.190% | &nbsp;&nbsp; 7/15/50 | &nbsp;&nbsp; 97535<br>| &nbsp;&nbsp;&nbsp; 95558<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2017-C41 B | &nbsp;&nbsp; 4.188% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 67072<br> <sup>(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $2,366,075)** | **Total Collateralized Mortgage Obligations (Cost — $2,366,075)** | **Total Collateralized Mortgage Obligations (Cost — $2,366,075)** | **Total Collateralized Mortgage Obligations (Cost — $2,366,075)** | &nbsp;&nbsp; **2238080** |
| **U.S. Government & Agency Obligations — 8.3%** | **U.S. Government & Agency Obligations — 8.3%** | **U.S. Government & Agency Obligations — 8.3%** | **U.S. Government & Agency Obligations — 8.3%** | **U.S. Government & Agency Obligations — 8.3%** |
| *U.S. Government Obligations — 8.3%* | *U.S. Government Obligations — 8.3%* | *U.S. Government Obligations — 8.3%* | *U.S. Government Obligations — 8.3%* | *U.S. Government Obligations — 8.3%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 212797<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 118705<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 58425<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 434284<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 80763<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10099<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10016<br>|
| **Total U.S. Government & Agency Obligations (Cost — $910,853)** | **Total U.S. Government & Agency Obligations (Cost — $910,853)** | **Total U.S. Government & Agency Obligations (Cost — $910,853)** | **Total U.S. Government & Agency Obligations (Cost — $910,853)** | &nbsp;&nbsp; **925089** |
| **Sovereign Bonds — 6.0%** | **Sovereign Bonds — 6.0%** | **Sovereign Bonds — 6.0%** | **Sovereign Bonds — 6.0%** | **Sovereign Bonds — 6.0%** |
| *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* | *Argentina — 0.5%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 3998<br>| &nbsp;&nbsp;&nbsp; 3356<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 3080<br>| &nbsp;&nbsp;&nbsp; 2464<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires/Government Bonds, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 61159<br>| &nbsp;&nbsp;&nbsp; 44493<br> <sup>(f)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *50313* |
| *Brazil — 2.3%* | *Brazil — 2.3%* | *Brazil — 2.3%* | *Brazil — 2.3%* | *Brazil — 2.3%* |
| &nbsp;&nbsp;&nbsp; Brazil Letras do Tesouro Nacional | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 369000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 62951<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 1084000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 188471<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *251422* |
| *Colombia — 1.4%* | *Colombia — 1.4%* | *Colombia — 1.4%* | *Colombia — 1.4%* | *Colombia — 1.4%* |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *158691*<br>|

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/12/34 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; $*202020*<br>|
| **Total Sovereign Bonds (Cost — $654,011)** | **Total Sovereign Bonds (Cost — $654,011)** | **Total Sovereign Bonds (Cost — $654,011)** | **Total Sovereign Bonds (Cost — $654,011)** | &nbsp;&nbsp; **662446** |
| **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** |
| &nbsp;&nbsp;&nbsp; LAD Auto Receivables Trust, 2024-1A C | &nbsp;&nbsp; 5.640% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122162<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital Inc. Trust, 2004-NC8 M1 (1 mo. Term SOFR + <br> 1.029%) | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 9/25/34 | &nbsp;&nbsp; 117815<br>| &nbsp;&nbsp;&nbsp; 117650<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, 2013-1A A (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 5.020% | &nbsp;&nbsp; 6/25/41 | &nbsp;&nbsp; 23637<br>| &nbsp;&nbsp;&nbsp; 23392<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2018-C A2B (1 mo. Term SOFR + 0.864%) | &nbsp;&nbsp; 5.176% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 41671<br>| &nbsp;&nbsp;&nbsp; 41598<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2019-B A2B (1 mo. Term SOFR + 1.114%) | &nbsp;&nbsp; 5.426% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 25219<br>| &nbsp;&nbsp;&nbsp; 25243<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $327,273)** | **Total Asset-Backed Securities (Cost — $327,273)** | **Total Asset-Backed Securities (Cost — $327,273)** | **Total Asset-Backed Securities (Cost — $327,273)** | &nbsp;&nbsp; **330045** |
| **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** | **U.S. Treasury Inflation Protected Securities — 0.7%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $83,681) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; **81889**<br>|
|  |  |  | Shares |  |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 60<br> \*<sup>(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 2028 | &nbsp;&nbsp;&nbsp; 10,120<br> \*<br>|
| **Total Common Stocks (Cost — $28,489)** | **Total Common Stocks (Cost — $28,489)** | **Total Common Stocks (Cost — $28,489)** | **Total Common Stocks (Cost — $28,489)** | &nbsp;&nbsp;&nbsp; **10180**<br>|
|  |  | &nbsp;&nbsp; Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* | *Passenger Airlines — 0.1%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $17,530) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 1440<br>| &nbsp;&nbsp;&nbsp; **7,185**<br> \*<sup>(a)(g)(h)</sup><br>|
|  | Expiration <br>Date<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount†<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Put @ $96.250 | 12/12/25 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp; 1275<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.000 | 7/25/25 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 2718<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $106.250 | 7/25/25 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 16<br>|
| **Total Purchased Options (Cost — $4,462)** | **Total Purchased Options (Cost — $4,462)** | **Total Purchased Options (Cost — $4,462)** | **Total Purchased Options (Cost — $4,462)** | &nbsp;&nbsp; **4009** |
| **Total Investments before Short-Term Investments (Cost — $11,423,801)** | **Total Investments before Short-Term Investments (Cost — $11,423,801)** | **Total Investments before Short-Term Investments (Cost — $11,423,801)** | **Total Investments before Short-Term Investments (Cost — $11,423,801)** | &nbsp;&nbsp; **11187155** |
|  | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Short-Term Investments — 3.4%** | **Short-Term Investments — 3.4%** | **Short-Term Investments — 3.4%** | **Short-Term Investments — 3.4%** | **Short-Term Investments — 3.4%** |
| **U.S. Treasury Bills — 2.4%** | **U.S. Treasury Bills — 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; 4.110% | &nbsp;&nbsp; 7/22/25 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 119709<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; 4.408% | &nbsp;&nbsp; 8/26/25 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 148993<br> <sup>(i)</sup><br>|
| **Total U.S. Treasury Bills (Cost — $268,699)** | **Total U.S. Treasury Bills (Cost — $268,699)** | **Total U.S. Treasury Bills (Cost — $268,699)** | **Total U.S. Treasury Bills (Cost — $268,699)** | &nbsp;&nbsp; **268702** |

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Total Return ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Overnight Deposits — 1.0%** | **Overnight Deposits — 1.0%** | **Overnight Deposits — 1.0%** | **Overnight Deposits — 1.0%** |
| &nbsp;&nbsp;&nbsp; BNY Mellon Cash Reserve Fund <br>(Cost — $110,924) | &nbsp;&nbsp; 1.050% | &nbsp;&nbsp; 110924<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$110924**<br> <sup>(j)</sup><br>|
| **Total Short-Term Investments (Cost — $379,623)** | **Total Short-Term Investments (Cost — $379,623)** | **Total Short-Term Investments (Cost — $379,623)** | &nbsp;&nbsp; **379626** |
| **Total Investments — 104.0% (Cost — $11,803,424)** | **Total Investments — 104.0% (Cost — $11,803,424)** | **Total Investments — 104.0% (Cost — $11,803,424)** | &nbsp;&nbsp; **11566781** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (4.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (4.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (4.0)% | &nbsp;&nbsp;&nbsp; (439530)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$11127251** |

---

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

---

| | |
|:---|:---|
| † | Face amount/notional 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> | 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>(c)</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>(d)</sup> | This security is traded on a to-be-announced ("TBA") basis. At June 30, 2025, the Fund held TBA securities with a total cost of $716,887. |
| <sup>(e)</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>(f)</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>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(h)</sup> | Restricted security (Note 2). |
| <sup>(i)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

&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 |
| DAC |  | Designated Activity Company |
| IBOR |  | Interbank Offered Rate |
| IO |  | Interest Only |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

At June 30, 2025, the Fund had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; $42500 | &nbsp;&nbsp;&nbsp;&nbsp; $(1700) |
| SOFR 1-Year Mid-Curve Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96.250 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(413) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 7/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.500 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; (1031) |
| **Total Exchange-Traded Written Options (Premiums received — $7,545)** | **Total Exchange-Traded Written Options (Premiums received — $7,545)** | **Total Exchange-Traded Written Options (Premiums received — $7,545)** | **Total Exchange-Traded Written Options (Premiums received — $7,545)** | **Total Exchange-Traded Written Options (Premiums received — $7,545)** | &nbsp;&nbsp;&nbsp; **$(3144)** |

---

&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:** |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Total Return ETF**

At June 30, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** <br>|  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; $1197323 | &nbsp;&nbsp;&nbsp;&nbsp; $1212125 | &nbsp;&nbsp;&nbsp;&nbsp; $14802 |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1690858 | &nbsp;&nbsp;&nbsp;&nbsp; 1685775 | &nbsp;&nbsp;&nbsp;&nbsp; (5083) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1942878 | &nbsp;&nbsp;&nbsp;&nbsp; 1962000 | &nbsp;&nbsp;&nbsp;&nbsp; 19122 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 661987 | &nbsp;&nbsp;&nbsp;&nbsp; 672750 | &nbsp;&nbsp;&nbsp;&nbsp; 10763 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 224283 | &nbsp;&nbsp;&nbsp;&nbsp; 230937 | &nbsp;&nbsp;&nbsp;&nbsp; 6654 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 777338 | &nbsp;&nbsp;&nbsp;&nbsp; 799859 | &nbsp;&nbsp;&nbsp;&nbsp; 22521 |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 346410 | &nbsp;&nbsp;&nbsp;&nbsp; 357375 | &nbsp;&nbsp;&nbsp;&nbsp; 10965 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 79744 |
| **Contracts to Sell:** <br>|  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 207248 | &nbsp;&nbsp;&nbsp;&nbsp; 208023 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(775) |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$78969** |

---

&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 June 30, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| BRL | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 236079 | Citibank N.A. | &nbsp;&nbsp; 7/2/25 | &nbsp;&nbsp; $3943 |
| BRL | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 240054 | Citibank N.A. | &nbsp;&nbsp; 7/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) |
| USD | &nbsp;&nbsp; 228716 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1310000 | Citibank N.A. | &nbsp;&nbsp; 7/2/25 | &nbsp;&nbsp; (11305) |
| USD | &nbsp;&nbsp; 240054 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1310000 | Citibank N.A. | &nbsp;&nbsp; 7/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| CNH | &nbsp;&nbsp; 151448 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 20826 | Bank of America N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 17427 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19553 | Bank of America N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928 |
| USD | &nbsp;&nbsp; 184599 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 1350991 | Bank of America N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp; (4254) |
| USD | &nbsp;&nbsp; 168749 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 153316 | Bank of America N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; (11430) |
| AUD | &nbsp;&nbsp; 141725 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 85790 | Citibank N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7120 |
| INR | &nbsp;&nbsp;&nbsp;&nbsp; 4702 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | Citibank N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10664 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 17108 | Citibank N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (552) |
| JPY | &nbsp;&nbsp; 8670000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 59231 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| MXN | &nbsp;&nbsp; 575460 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 27511 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2893 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 6481 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 928346 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| USD | &nbsp;&nbsp; 234293 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 1310000 | Citibank N.A. | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp;&nbsp; (3599) |
| **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; **$(14959)** |

---

&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 |
| BRL |  | Brazilian Real |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| INR |  | Indian Rupee |
| JPY |  | Japanese Yen |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

See Notes to Schedules of Investments.

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Western Asset ETFs 2025 Quarterly Report

------

 **Western Asset Total Return ETF**

At June 30, 2025, 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;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Bank of America N.A. | 6522000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/26 | BRL-CDI\*\* | 11.035%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $(32147) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $(32147) |
| JPMorgan Chase & Co. | 1430000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/29 | BRL-CDI\*\* | 10.230%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; (21208) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21208) |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$(53355)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(53355)** |

---

&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**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $1068000 | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; $2613 | &nbsp;&nbsp;&nbsp;&nbsp; $192 | &nbsp;&nbsp;&nbsp;&nbsp; $2421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.730% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29795) | &nbsp;&nbsp;&nbsp;&nbsp; (11884) | &nbsp;&nbsp;&nbsp;&nbsp; (17911) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.850% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2970) | &nbsp;&nbsp;&nbsp;&nbsp; (1082) | &nbsp;&nbsp;&nbsp;&nbsp; (1888) |
| **Total** | &nbsp;&nbsp;&nbsp; **$3608000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(30152)** | &nbsp;&nbsp;&nbsp; **$(12774)** | &nbsp;&nbsp;&nbsp; **$(17378)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.IG.44 Index | $1824500 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$40409** | &nbsp;&nbsp;&nbsp; **$36116** | &nbsp;&nbsp;&nbsp; **$4293** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <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>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.HY.44 Index | $70000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$(5265)** | &nbsp;&nbsp;&nbsp; **$(4132)** | &nbsp;&nbsp;&nbsp; **$(1133)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| JPMorgan Chase & Co. | $75000 | &nbsp;&nbsp;&nbsp;&nbsp; 7/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$2951** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$2951** |

---

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

See Notes to Schedules of Investments.

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Western Asset ETFs 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Total Return ETF**

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| <sup>4</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive <br> from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or the underlying securities comprising the referenced index.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | 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 40 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; BRL-CDI | 14.900% |
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 4.450% |

---

&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 |
| SOFR |  | Secured Overnight Financing Rate |

---

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

See Notes to Schedules of Investments.

------

Western Asset ETFs 2025 Quarterly Report

------

Notes to Schedules of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Short Duration Income ETF ("Short Duration Income ETF") and Western Asset Total Return ETF ("Total Return ETF") (the "Funds") are separate diversified investment series of Legg Mason ETF Investment Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Funds are actively managed exchange-traded funds ("ETFs"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Funds are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Funds are listed and traded at market prices on NASDAQ. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units generally are issued and redeemed in cash. However, Creation Units may also be issued and redeemed partially in-kind for a basket of securities and partially in cash. Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

The Funds follow 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 Funds 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 Funds hold securities or other assets that are denominated in a foreign currency, the Funds will normally use the currency exchange rates, generally determined as of 4:00 p.m. (London 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 each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds' Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Funds' manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds' 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 Funds' pricing policies, and reporting to the Funds' manager and the Board. When determining the reliability of third party pricing information for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it

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Western Asset ETFs 2025 Quarterly Report

------

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

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 Funds use 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 Funds' 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 Funds' assets and liabilities carried at fair value:

**Short Duration Income ETF** <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; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; $2879066 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $2879066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 6254108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6254108 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 215430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 215430 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 203538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 203538 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 60368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60368 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 23142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23142 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 9635652 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 9635652 |
| Short-Term Investments† | &nbsp;&nbsp; $2287324 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2287324 |
| **Total Investments** | &nbsp;&nbsp; **$2287324** | &nbsp;&nbsp; **$9635652** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$11922976** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $34234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $34234 |
| **Total** | &nbsp;&nbsp; **$2321558** | &nbsp;&nbsp; **$9635652** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$11957210** |

---

------

Western Asset ETFs 2025 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $12627 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $12627 |

---

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

---

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

---

**Total Return ETF** <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; $3820659 | &nbsp;&nbsp; — | &nbsp;&nbsp; $3820659 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 3107573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3107573 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2238080 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2238080 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 925089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 925089 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 662446 | &nbsp;&nbsp; — | &nbsp;&nbsp; 662446 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 330045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 330045 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 81889 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81889 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; $10120 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10180 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 7185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7185 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; 4009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4009 |
| Total Long-Term Investments | &nbsp;&nbsp; 14129 | &nbsp;&nbsp; 11173026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11187155 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 268702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 268702 |
| &nbsp;&nbsp;&nbsp; Overnight Deposits | &nbsp;&nbsp; 110924 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 110924 |
| Total Short-Term Investments | &nbsp;&nbsp; 110924 | &nbsp;&nbsp; 268702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 379626 |
| **Total Investments** | &nbsp;&nbsp; **$125053** | &nbsp;&nbsp; **$11441728** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$11566781** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $84827 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $84827 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $16214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16214 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 2421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4293 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4293 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 2951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2951 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$84827** | &nbsp;&nbsp; **$25879** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$110706** |
| **Total** | &nbsp;&nbsp; **$209880** | &nbsp;&nbsp; **$11467607** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$11677487** |

---

------

Western Asset ETFs 2025 Quarterly Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp; $3144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3144 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 5858 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5858 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $31173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31173 |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 53355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53355 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 19799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Buy <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1133 |
| **Total** | &nbsp;&nbsp; **$9002** | &nbsp;&nbsp; **$105460** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$114462** |

---

&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.

**2. 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.

Western Asset Total Return ETF <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 6/30/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br>Common Shares<br>| &nbsp;&nbsp; 12 | 3/25 | $146 | $60 | &nbsp;&nbsp; $5.00 | 0.00<br> %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br>Warrants<br>| &nbsp;&nbsp; 1440 | 3/25 | 17530 | 7185<br> <sup>(b)</sup><br>| 4.99 | 0.06<br> %<br>|
|  |  |  | **$17676** | **$7245** |  | **0.06%**<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 ETFs 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Legg Mason ETF Investment Trust

- **b. Investment Company Act file number:** 811-23096

- **c. CIK number of Registrant:** 0001645194

- **d. LEI of Registrant:** 549300D7ZZ1A7JJ9G964

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

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

- **a. Name of Series:** Western Asset Total Return ETF

- **b. EDGAR series identifier (if any):** S000059365

- **c. LEI of Series:** 549300IW55ZZ0YDJ0R05

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $12196009.45

**Total Liabilities:** $1068740.40

**Net Assets:** $11127269.05

**Stand-by Commitments:** $716886.74

**Cash Not Reported:** $248172.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 6.27000000 | **1-Year:** 657.79000000 | **5-Year:** 3395.63000000 | **10-Year:** 1391.49000000 | **30-Year:** 147.11000000

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

- **3-Month:** 2.54000000 | **1-Year:** 40.03000000 | **5-Year:** 78.17000000 | **10-Year:** 0.37000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194756 | 0.15%                | -0.47%               | 1.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-95447.10               | $23430.53                                  |
| Month 2  | $-271484.15              | $213063.07                                 |
| Month 3  | $-47417.40               | $180199.59                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate

- **Index Identifier:** BM0838

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ROGERS COMMUNICATIONS IN                    | Rogers Communications Inc                                                       | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10014.43     | 0.09%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                      | CURRENCY CONTRACT - MXN                                                         | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2892.69      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                                       | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10401.62     | 0.09%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19727.59     | 0.18%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                                               | CUSIP: 29379VBX0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18751.16     | 0.17%             | 2030-01-31      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7716.86      | 0.07%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39925.03     | 0.36%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-2969.95     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                | Spirit Aviation Holdings Inc                                                    | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2028 | NS      | $10119.72     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES INC                       | American Airlines Inc                                                           | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41966.36     | 0.38%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                    | Devon Energy Corp                                                               | CUSIP: 25179MAU7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8328.76      | 0.07%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                          | Viking Cruises Ltd                                                              | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $20187.90     | 0.18%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VFR0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34477.71     | 0.31%             | 2031-01-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56336.38     | 0.51%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CURRENCY CONTRACT - AUD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7120.49      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     20000 | PA      | $12182.69     | 0.11%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U2A0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29549.75     | 0.27%             | 2028-05-22      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                              | CUSIP: 3137FVQG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71873 | PA      | $12074.68     | 0.11%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45561.98     | 0.41%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                    | Fox Corp                                                                        | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10823.00     | 0.10%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F032674<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $90043.98     | 0.81%             | 2055-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2019-B                                         | CUSIP: 83192CAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25219 | PA      | $25243.06     | 0.23%             | 2037-06-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                              | Mastercard Inc                                                                  | CUSIP: 57636QAQ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7902.47      | 0.07%             | 2050-03-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $20998.80     | 0.19%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2022-FL10 LLC                                                               | CUSIP: 55285BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     79424 | PA      | $79728.93     | 0.72%             | 2037-09-17      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                | Alphabet Inc                                                                    | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9856.02      | 0.09%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                              | Amazon.com Inc                                                                  | CUSIP: 023135BJ4<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16513.71     | 0.15%             | 2047-08-22      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 3622AAKS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     53663 | PA      | $46791.71     | 0.42%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20025.07     | 0.18%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418EAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     74685 | PA      | $64342.02     | 0.58%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                        | Las Vegas Sands Corp                                                            | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10282.35     | 0.09%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    430000 | PA      | $434283.20    | 3.90%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                       | Continental Resources Inc/OK                                                    | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9666.96      | 0.09%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179TV77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24348 | PA      | $23781.43     | 0.21%             | 2048-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133KKS75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    372217 | PA      | $314506.58    | 2.83%             | 2050-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                       | Mexico Government International Bond                                            | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    240000 | PA      | $202020.00    | 1.82%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                   | Nelnet Student Loan Trust 2013-1                                                | CUSIP: 64033CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     23637 | PA      | $23392.41     | 0.21%             | 2041-06-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2023-NQM6 Trust                                                             | CUSIP: 67117VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     63376 | PA      | $63918.04     | 0.57%             | 2063-07-25      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136BCD80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    198600 | PA      | $31509.52     | 0.28%             | 2050-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                       | Argentine Republic Government International Bond                                | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      3080 | PA      | $2464.00      | 0.02%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140QFG86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     62157 | PA      | $54381.16     | 0.49%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2017-C38                                  | CUSIP: 95001MAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97535 | PA      | $95558.17     | 0.86%             | 2050-07-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                  | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20252.23     | 0.18%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2018-C                                         | CUSIP: 78449QAC1<br>LEI: 549300V1P5RKG8RJI005 | Long             | ABS-O            | CORP              | US        |     41671 | PA      | $41598.14     | 0.37%             | 2035-11-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PAX4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30062.39     | 0.27%             | 2029-12-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XBFY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    107809 | PA      | $94511.10     | 0.85%             | 2051-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                          | Meta Platforms Inc                                                              | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10050.40     | 0.09%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                      | BP Capital Markets America Inc                                                  | CUSIP: 10373QBL3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19410.90     | 0.17%             | 2030-04-06      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133KHCN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     68604 | PA      | $68480.28     | 0.62%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                       | Continental Resources Inc/OK                                                    | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10100.54     | 0.09%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                                                | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15748.31     | 0.14%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                        | Glencore Funding LLC                                                            | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10206.29     | 0.09%             | 2035-04-01      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11304.76    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                     | Honeywell International Inc                                                     | CUSIP: 438516CS3<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10068.81     | 0.09%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -1 | NC      | $-775.06      | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | TRS JPEIFNT INDEX                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $1629.71      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                   | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30                     | CUSIP: 61766NBA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83119 | PA      | $81575.83     | 0.73%             | 2049-09-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10131.92     | 0.09%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                    | Medline Borrower LP/Medline Co-Issuer Inc                                       | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20570.68     | 0.18%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                   | Prosus NV                                                                       | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $177230.43    | 1.59%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                    | EQT Corp                                                                        | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10088.64     | 0.09%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                        | Shell Finance US Inc                                                            | CUSIP: 822905AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $13692.45     | 0.12%             | 2050-04-06      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PARSLEY ENERGY LLC/FINAN                    | Parsley Energy LLC / Parsley Finance Corp                                       | CUSIP: 701885AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9818.27      | 0.09%             | 2028-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RBA9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9891.23      | 0.09%             | 2041-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                               | Boeing Co/The                                                                   | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10956.90     | 0.10%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3138W9BG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33898 | PA      | $30518.67     | 0.27%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         3 | NC      | $10964.66     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                              | Eli Lilly & Co                                                                  | CUSIP: 532457CN6<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9298.62      | 0.08%             | 2064-02-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8428.03      | 0.08%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F042673<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $95665.59     | 0.86%             | 2055-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COS INC                            | Williams Cos Inc/The                                                            | CUSIP: 969457BD1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11401.78     | 0.10%             | 2031-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 3622ACWT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83539 | PA      | $82606.95     | 0.74%             | 2053-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                     | Exxon Mobil Corp                                                                | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7096.40      | 0.06%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136BCAY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68104 | PA      | $11683.45     | 0.10%             | 2050-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                        | Glencore Funding LLC                                                            | CUSIP: 378272CB2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10118.51     | 0.09%             | 2055-04-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3599.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $118705.08    | 1.07%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                         | Cheniere Energy Inc                                                             | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9989.06      | 0.09%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                         | SPIRIT AIRLINES LLC                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1440 | NS      | $7185.60      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                    | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59551.07     | 0.54%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18653.16     | 0.17%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                     | Bristol-Myers Squibb Co                                                         | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10245.53     | 0.09%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                  | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19975.37     | 0.18%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H032670<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $90926.79     | 0.82%             | 2055-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                            | Georgia Power Co                                                                | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10144.76     | 0.09%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3138W5GH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15449 | PA      | $13908.84     | 0.12%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418CBT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31939 | PA      | $29676.73     | 0.27%             | 2036-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                              | Home Depot Inc/The                                                              | CUSIP: 437076CD2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14031.32     | 0.13%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                     | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10498.55     | 0.09%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                       | Micron Technology Inc                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10433.12     | 0.09%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15435.49     | 0.14%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $2613.34      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133KYVJ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73073 | PA      | $60657.55     | 0.55%             | 2041-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                        | Shell Finance US Inc                                                            | CUSIP: 822905AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $8467.58      | 0.08%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39857.17     | 0.36%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                | Synopsys Inc                                                                    | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9949.65      | 0.09%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7402.18      | 0.07%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                         | American Express Co                                                             | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9998.16      | 0.09%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                  | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43798.10     | 0.39%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                          | Coterra Energy Inc                                                              | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19757.09     | 0.18%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                             | Sands China Ltd                                                                 | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $192177.16    | 1.73%             | 2027-03-08      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 30711XBB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |      9967 | PA      | $9976.88      | 0.09%             | 2025-07-25      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9521.81      | 0.09%             | 2029-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                  | Intel Corp                                                                      | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     10000 | PA      | $5946.05      | 0.05%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA2                                         | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101807.71    | 0.91%             | 2042-02-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         6 | NC      | $10763.29     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SUZANO AUSTRIA GMBH                         | Suzano Austria GmbH                                                             | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     50000 | PA      | $44125.91     | 0.40%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                        | Freeport-McMoRan Inc                                                            | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9904.28      | 0.09%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                          | Union Pacific Corp                                                              | CUSIP: 907818FQ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8274.22      | 0.07%             | 2036-04-06      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XCQ68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23068 | PA      | $20474.37     | 0.18%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10098.44     | 0.09%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                  | Kenvue Inc                                                                      | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10152.75     | 0.09%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XLW95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85293 | PA      | $74632.55     | 0.67%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                      | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $41.68        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                             | McDonald's Corp                                                                 | CUSIP: 58013MFH2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8332.54      | 0.07%             | 2048-09-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                       | Aon North America Inc                                                           | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20554.48     | 0.18%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         6 | NC      | $2718.75      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC                      | Diamondback Energy Inc                                                          | CUSIP: 25278XAN9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9568.84      | 0.09%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2023-NQM1                                       | CUSIP: 10568MAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     68411 | PA      | $68470.04     | 0.62%             | 2063-01-25      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8306.79      | 0.07%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8990.99      | 0.08%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BNY CASH RESERVE                            | BNY CASH RESERVE                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    256943 | NS      | $256942.51    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION       | IRS BRL                                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-32147.02    | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                    | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18129.65     | 0.16%             | 2032-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                       | Argentine Republic Government International Bond                                | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      3998 | PA      | $3356.72      | 0.03%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29279FAA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9874.79      | 0.09%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $37966.08     | 0.34%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                    | Provincia de Buenos Aires/Government Bonds                                      | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     61158 | PA      | $44492.81     | 0.40%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                      | CURRENCY CONTRACT - JPY                                                         | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $910.24       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ONNI Commercial Mortgage Trust              | ONNI Commerical Mortgage Trust 2024-APT                                         | CUSIP: 682939AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102317.38    | 0.92%             | 2039-07-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                    | Constellation Brands Inc                                                        | CUSIP: 21036PBK3<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10006.45     | 0.09%             | 2027-05-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F060675<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $101627.91    | 0.91%             | 2055-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBA0<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9332.11      | 0.08%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                                     | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9148.03      | 0.08%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H022671<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $84975.19     | 0.76%             | 2055-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                    | American Transmission Systems Inc                                               | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $70440.37     | 0.63%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                                     | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18248.38     | 0.16%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    210000 | PA      | $212797.27    | 1.91%             | 2041-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.HY.44.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-5362.74     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| RTX CORP                                    | RTX Corp                                                                        | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8857.98      | 0.08%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                       | Waste Connections Inc                                                           | CUSIP: 94106BAG6<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10110.81     | 0.09%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132A5G58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     39008 | PA      | $38041.01     | 0.34%             | 2047-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 31427MN80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     97612 | PA      | $78214.46     | 0.70%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8643.07      | 0.08%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                    | Brazil Notas do Tesouro Nacional Serie F                                        | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1084000 | PA      | $188471.02    | 1.69%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3138X6PV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20908 | PA      | $18819.45     | 0.17%             | 2043-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XLWR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81569 | PA      | $81039.20     | 0.73%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                     | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20783.88     | 0.19%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VISA INC                                    | Visa Inc                                                                        | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8698.98      | 0.08%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DC Commercial Mortgage Trust                | DC Commercial Mortgage Trust 2023-DC                                            | CUSIP: 24023AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $104417.63    | 0.94%             | 2040-09-12      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                         | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10823.77     | 0.10%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | 3 MONTH SOFR                                                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         5 | NC      | $14802.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179TZ65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     16515 | PA      | $16117.26     | 0.14%             | 2048-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                              | Solventum Corp                                                                  | CUSIP: 83444MAS0<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20008.98     | 0.18%             | 2054-04-30      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                | QUALCOMM Inc                                                                    | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10073.08     | 0.09%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XMY34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     52291 | PA      | $44951.37     | 0.40%             | 2042-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                    | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 03523TBT4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8510.85      | 0.08%             | 2048-10-06      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30972.15     | 0.28%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19430.47     | 0.17%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QFW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54724 | PA      | $54895.41     | 0.49%             | 2050-02-01      | Floating      | 3.10%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53034.37     | 0.48%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                     | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     10000 | PA      | $10199.02     | 0.09%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Non Gold Pool                                                       | CUSIP: 31288QFS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40700 | PA      | $41473.60     | 0.37%             | 2047-11-01      | Floating      | 3.52%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         7 | NC      | $22521.66     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418FBN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     92916 | PA      | $92983.95     | 0.84%             | 2054-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                   | ONEOK Inc                                                                       | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10473.54     | 0.09%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2023-NQM4                                       | CUSIP: 10569YAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     72541 | PA      | $72964.27     | 0.66%             | 2063-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2015-P1                                     | CUSIP: 17324DAY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $97867.40     | 0.88%             | 2048-09-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                       | Northrop Grumman Corp                                                           | CUSIP: 666807BU5<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18786.91     | 0.17%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20654.08     | 0.19%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20080.23     | 0.18%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38382LXR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    313563 | PA      | $36972.51     | 0.33%             | 2050-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                              | CUSIP: 3137H24R2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79528 | PA      | $11581.17     | 0.10%             | 2049-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association       | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-11430.87    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179V6V7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     69448 | PA      | $55364.64     | 0.50%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                      | Philip Morris International Inc                                                 | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10204.81     | 0.09%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                              | CUSIP: 3137FXC89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     75195 | PA      | $10350.85     | 0.09%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                                     | HCA Inc                                                                         | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9459.43      | 0.09%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         2 | NC      | $6654.33      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46625HLL2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27408.25     | 0.25%             | 2045-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                  | Humana Inc                                                                      | CUSIP: 444859BK7<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9427.36      | 0.08%             | 2029-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418BSJ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13652 | PA      | $12964.74     | 0.12%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                           | General Motors Co                                                               | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10165.19     | 0.09%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9900.15      | 0.09%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                      | Philip Morris International Inc                                                 | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10179.80     | 0.09%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                              | Solventum Corp                                                                  | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20776.07     | 0.19%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Inc                  | Morgan Stanley ABS Capital I Inc Trust 2004-NC8                                 | CUSIP: 61744CHP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    117815 | PA      | $117649.61    | 1.06%             | 2034-09-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418BLU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10339 | PA      | $10059.99     | 0.09%             | 2035-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        18 | NC      | $19121.97     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9135.28      | 0.08%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140X4JD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14080 | PA      | $13721.18     | 0.12%             | 2048-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10507.77     | 0.09%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.44.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $40915.10     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $58425.00     | 0.53%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CURRENCY CONTRACT - BRL                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3942.68      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                                               | CUSIP: 293791AP4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11108.81     | 0.10%             | 2034-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | Three-Month SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         7 | NC      | $-5083.37     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XBUL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66299 | PA      | $62819.99     | 0.56%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                      | Venture Global LNG Inc                                                          | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20235.76     | 0.18%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                    | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     51712 | PA      | $37103.36     | 0.33%             | 2030-03-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $14269.61     | 0.13%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 3622ADF29<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     93829 | PA      | $95098.85     | 0.85%             | 2054-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38381ETV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     93562 | PA      | $4438.75      | 0.04%             | 2061-02-16      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9953.05      | 0.09%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                      | RR Donnelley & Sons Co                                                          | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30022.65     | 0.27%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49722.99     | 0.45%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F022675<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $82928.31     | 0.75%             | 2055-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                              | Eli Lilly & Co                                                                  | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9997.72      | 0.09%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10002.91     | 0.09%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9429.62      | 0.08%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     80000 | PA      | $71659.91     | 0.64%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| TSY INFL IX N/B                             | United States Treasury Inflation Indexed Bonds                                  | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $81889.37     | 0.74%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                     | United Rentals North America Inc                                                | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47052.15     | 0.42%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F020679<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $79185.64     | 0.71%             | 2055-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38379RDC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    219168 | PA      | $188665.25    | 1.70%             | 2057-03-16      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                           | General Motors Co                                                               | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6010.95      | 0.05%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                                                | CUSIP: 05526DBT1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15799.19     | 0.14%             | 2040-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                        | Lockheed Martin Corp                                                            | CUSIP: 539830BS7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15886.67     | 0.14%             | 2053-06-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                              | CUSIP: 3137FVQ54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     59621 | PA      | $8982.14      | 0.08%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                         | United Airlines Inc                                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38854.21     | 0.35%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association       | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4254.05     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38378NWU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     46216 | PA      | $44255.33     | 0.40%             | 2048-06-16      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13428.88     | 0.12%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                         | Carrier Global Corp                                                             | CUSIP: 14448CAQ7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9296.62      | 0.08%             | 2030-02-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                        | Glencore Funding LLC                                                            | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9922.06      | 0.09%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28000 | PA      | $26174.50     | 0.24%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58821.68     | 0.53%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2017-C41                                  | CUSIP: 95001ABH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $67072.01     | 0.60%             | 2050-11-15      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16876.80     | 0.15%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust               | BLP Commercial Mortgage Trust 2023-IND                                          | CUSIP: 055531AA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $100230.38    | 0.90%             | 2040-03-15      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2024-INV2                        | CUSIP: 617939AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60405 | PA      | $61577.60     | 0.55%             | 2054-02-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 3622ACNL0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86467 | PA      | $88816.18     | 0.80%             | 2053-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2023-BNK45                                                                 | CUSIP: 06541BBK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101619.72    | 0.91%             | 2056-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F052672<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $99992.75     | 0.90%             | 2055-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         3 | NC      | $1275.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                        | Freeport-McMoRan Inc                                                            | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23641.02     | 0.21%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                                               | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19314.75     | 0.17%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    200000 | PA      | $194914.84    | 1.75%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133KGFZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18684 | PA      | $18159.73     | 0.16%             | 2049-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136BDY93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    147680 | PA      | $25633.23     | 0.23%             | 2051-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                          | Coterra Energy Inc                                                              | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9907.05      | 0.09%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                    | SPIRIT AVIA HOL RESTRICT                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        12 | NS      | $59.88        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140NU6L8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $102187.39    | 0.92%             | 2029-06-01      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10358.22     | 0.09%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| PFP III                                     | PFP 2024-11 Ltd                                                                 | CUSIP: 69291WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     88135 | PA      | $88420.78     | 0.79%             | 2039-09-17      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25245.30     | 0.23%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DVMC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155162 | PA      | $136670.21    | 1.23%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                             | Cigna Group/The                                                                 | CUSIP: 125523AK6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8737.83      | 0.08%             | 2048-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38378KJP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3922891 | PA      | $6228.77      | 0.06%             | 2048-10-16      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                              | Home Depot Inc/The                                                              | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7989.60      | 0.07%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38383REY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $83416.79     | 0.75%             | 2050-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                | Synopsys Inc                                                                    | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10133.46     | 0.09%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -4 | NC      | $-1031.25     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     20000 | PA      | $11753.46     | 0.11%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                        | Duke Energy Ohio Inc                                                            | CUSIP: 26442EAF7<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9812.53      | 0.09%             | 2029-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8806.17      | 0.08%             | 2032-11-08      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                    | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10195.28     | 0.09%             | 2033-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967NE7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26238.14     | 0.24%             | 2032-11-03      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6773.87      | 0.06%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | IRS BRL                                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-21207.55    | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| ABBVIE INC                                  | AbbVie Inc                                                                      | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10185.42     | 0.09%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132E0PP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71445 | PA      | $74588.24     | 0.67%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | 5 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         1 | NC      | $15.63        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                    | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                            | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $21341.72     | 0.19%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                              | Microsoft Corp                                                                  | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6637.56      | 0.06%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                                         | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17704.20     | 0.16%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                     | Bristol-Myers Squibb Co                                                         | CUSIP: 110122CR7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16227.91     | 0.15%             | 2049-10-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2022-R07                                    | CUSIP: 20754MBZ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58341 | PA      | $59840.05     | 0.54%             | 2042-06-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132D9P99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     87642 | PA      | $75340.49     | 0.68%             | 2042-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP                           | CI Financial Corp                                                               | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10556.03     | 0.09%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust                  | LAD Auto Receivables Trust 2024-1                                               | CUSIP: 501689AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $122161.68    | 1.10%             | 2029-06-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2023-NQM7 Trust                                                             | CUSIP: 67117XAA4<br>LEI: 254900K7TTKPUWNMSZ83 | Long             | ABS-MBS          | CORP              | US        |     64663 | PA      | $65527.06     | 0.59%             | 2063-04-25      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-28767.98    | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140X6PH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28096 | PA      | $26116.79     | 0.23%             | 2038-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10673.68     | 0.10%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 04650NAB0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9784.03      | 0.09%             | 2040-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer              | WaMu Mortgage Pass-Through Certificates Series 2005-AR8                         | CUSIP: 92922FR75<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36599 | PA      | $36059.18     | 0.32%             | 2045-07-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                    | RTX Corp                                                                        | CUSIP: 75513ECP4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     20000 | PA      | $12842.18     | 0.12%             | 2052-03-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                              | Amazon.com Inc                                                                  | CUSIP: 023135CB0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13494.82     | 0.12%             | 2051-05-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BARRICK NA FINANCE LLC                      | Barrick North America Finance LLC                                               | CUSIP: 06849RAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10112.37     | 0.09%             | 2043-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                | Synopsys Inc                                                                    | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10141.98     | 0.09%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17115.63     | 0.15%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                    | Pioneer Natural Resources Co                                                    | CUSIP: 723787AR8<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17772.42     | 0.16%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association       | CURRENCY CONTRACT - CNH                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $344.43       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABBVIE INC                                  | AbbVie Inc                                                                      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19136.15     | 0.17%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                               | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     35498 | PA      | $32205.87     | 0.29%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                    | Western Midstream Operating LP                                                  | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38484.28     | 0.35%             | 2030-02-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                        | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10202.76     | 0.09%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9598.50      | 0.09%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -17 | NC      | $-1700.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10016.41     | 0.09%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                        | Colombia Government International Bond                                          | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    200000 | PA      | $158690.88    | 1.43%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                     | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     10000 | PA      | $10067.34     | 0.09%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38382HM98<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     65285 | PA      | $9644.57      | 0.09%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                     | CUSIP: 912797QL4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $148993.17    | 1.34%             | 2025-08-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 3617MKK99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25187 | PA      | $23542.73     | 0.21%             | 2050-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                    | Florida Power & Light Co                                                        | CUSIP: 341081GY7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10128.33     | 0.09%             | 2055-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90014.53     | 0.81%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                                                  | CUSIP: 00914AAH5<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10000.00     | 0.09%             | 2025-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                         | NCL Corp Ltd                                                                    | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     20000 | PA      | $21096.12     | 0.19%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                              | VOC Escrow Ltd                                                                  | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     30000 | PA      | $29867.21     | 0.27%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140QSHS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66093 | PA      | $67756.10     | 0.61%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CURRENCY CONTRACT - INR                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $0.54         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association              | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-551.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MARS INC                                    | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10137.99     | 0.09%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                        | Las Vegas Sands Corp                                                            | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9527.39      | 0.09%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                          | Expand Energy Corp                                                              | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19461.12     | 0.17%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                             | McDonald's Corp                                                                 | CUSIP: 58013MFR0<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15894.81     | 0.14%             | 2050-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                         | Georgia-Pacific LLC                                                             | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10125.24     | 0.09%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GJT7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26931.18     | 0.24%             | 2032-04-22      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                     | CUSIP: 912797QB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $119709.01    | 1.08%             | 2025-07-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PEF5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $13277.63     | 0.12%             | 2051-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                         | Elevance Health Inc                                                             | CUSIP: 036752AU7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8185.02      | 0.07%             | 2052-05-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association       | CURRENCY CONTRACT - EUR                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $928.03       | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                                    | EQT Corp                                                                        | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9277.37      | 0.08%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SBR3<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11173.74     | 0.10%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XBNZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42582 | PA      | $41008.43     | 0.37%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                  | AbbVie Inc                                                                      | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16487.79     | 0.15%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                                           | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10136.33     | 0.09%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                     | Bristol-Myers Squibb Co                                                         | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10360.06     | 0.09%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8628.41      | 0.08%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                         | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $18937.41     | 0.17%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2022-DNA6                                         | CUSIP: 35564KH77<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $109216.37    | 0.98%             | 2042-09-25      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $80762.50     | 0.73%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                     | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $42115.28     | 0.38%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H9PD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3198576 | PA      | $97573.85     | 0.88%             | 2032-12-25      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                        | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8096.27      | 0.07%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                   | Kroger Co/The                                                                   | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9934.68      | 0.09%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                      | Brazil Letras do Tesouro Nacional                                               | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    369000 | PA      | $62951.01     | 0.57%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8372.66      | 0.08%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                    | RTX Corp                                                                        | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10748.84     | 0.10%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                        | Kraft Heinz Foods Co                                                            | CUSIP: 50077LAZ9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8593.23      | 0.08%             | 2049-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                           | General Motors Co                                                               | CUSIP: 37045VAT7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9355.87      | 0.08%             | 2049-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CANADIAN PACIFIC RAILWAY                    | Canadian Pacific Railway Co                                                     | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $6580.00      | 0.06%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19367.08     | 0.17%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                        | CUSIP: 38380QGX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86877 | PA      | $86904.20     | 0.78%             | 2070-08-20      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | SOFR 1 YEAR MIDCURVE                                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        -3 | NC      | $-412.50      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Legg Mason ETF Investment Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer