# EDGAR Filing Document

**Accession Number:** 0000863520
**File Stem:** 0000940400-25-005164
**Filing Date:** 2025-10
**Character Count:** 350805
**Document Hash:** 3dc40c00de965f4a120e785792cf6102
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005164.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000940400-25-005164

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06110
- **FILM NUMBER:** 251412376

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

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

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

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

## Series and Classes Contracts Data

### Western Asset Intermediate Bond Fund (Series ID: S000000711)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002076 | Class I      | WATIX           |
| C000066986 | Class IS     | WABSX           |
| C000113698 | CLASS A      | WATAX           |
| C000113699 | CLASS C      | WATCX           |
| C000113700 | CLASS R      | WATRX           |

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 33.9%** | **U.S. Government & Agency Obligations — 33.9%** | **U.S. Government & Agency Obligations — 33.9%** | **U.S. Government & Agency Obligations — 33.9%** | **U.S. Government & Agency Obligations — 33.9%** |
| *U.S. Government Obligations — 33.9%* | *U.S. Government Obligations — 33.9%* | *U.S. Government Obligations — 33.9%* | *U.S. Government Obligations — 33.9%* | *U.S. Government Obligations — 33.9%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; $10000 | &nbsp;&nbsp;&nbsp; $10170<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 1140856<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 424465<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 14503<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; 354810<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/30/25 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; 711100<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/31/27 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 90244<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 120412<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 131021<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250342<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp;&nbsp; 1667186<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 292509<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 234250<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10285<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50693<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp; 1290650<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 241969<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 537039<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp; 1234750<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/32 | &nbsp;&nbsp; 13460000 | &nbsp;&nbsp;&nbsp; 13649018<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 13510000 | &nbsp;&nbsp;&nbsp; 13694443<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 13670000 | &nbsp;&nbsp;&nbsp; 13751700<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 14650000 | &nbsp;&nbsp;&nbsp; 14727828<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30141<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp; 1327917<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 627537<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100678<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 10034<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 160337<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Strip Principal (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 5220000 | &nbsp;&nbsp;&nbsp; 1572398<br>|
| **Total U.S. Government & Agency Obligations (Cost — $69,235,354)** | **Total U.S. Government & Agency Obligations (Cost — $69,235,354)** | **Total U.S. Government & Agency Obligations (Cost — $69,235,354)** | **Total U.S. Government & Agency Obligations (Cost — $69,235,354)** | &nbsp;&nbsp; **68459285** |
| **Corporate Bonds & Notes — 25.0%** | **Corporate Bonds & Notes — 25.0%** | **Corporate Bonds & Notes — 25.0%** | **Corporate Bonds & Notes — 25.0%** | **Corporate Bonds & Notes — 25.0%** |
| **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** | **Communication Services — 2.1%** |
| *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 174414<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 233580<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 129954<br>|
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 7/16/30 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 487571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/8/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129127<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 434000<br>| &nbsp;&nbsp;&nbsp; 380981<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 663395<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *2199022* |
| *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; *37456*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* | *Interactive Media & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp;&nbsp; $100669<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49614<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150821<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *301104* |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 112882<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9945<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 138494<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 80267<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58040<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 4.709% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10116<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 185111<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *594855* |
| *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69580<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 754366<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 108715<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 113800<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101174<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *1147635* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **4280072** |
| **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** | **Consumer Discretionary — 0.9%** |
| *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 3/20/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 365467<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92510<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/21/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 284378<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *742355* |
| *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/12/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; *125612*<br>|
| *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 158572<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40964<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 145488<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10430<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 87881<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132158<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; 110000<br>| &nbsp;&nbsp;&nbsp; 112925<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *688418* |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; *195797*<br>|
| *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* |
| &nbsp;&nbsp;&nbsp; NIKE Inc., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/27/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; *9497*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1761679** |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **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; 3.500% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; $300000<br>| &nbsp;&nbsp;&nbsp; $*292028*<br>|
| *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* | *Consumer Staples Distribution & Retail — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; *69807*<br>|
| *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 133923<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 285973<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *419896* |
| *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; 5.050% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; *287163*<br>|
| *Tobacco — 0.9%* | *Tobacco — 0.9%* | *Tobacco — 0.9%* | *Tobacco — 0.9%* | *Tobacco — 0.9%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 423075<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 59000<br>| &nbsp;&nbsp;&nbsp; 59955<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 653361<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 3000<br>| &nbsp;&nbsp;&nbsp; 2962<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61800<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 159286<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20530<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/13/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 81727<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9102<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 103375<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132891<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *1708064* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2776958** |
| **Energy — 3.9%** | **Energy — 3.9%** | **Energy — 3.9%** | **Energy — 3.9%** | **Energy — 3.9%** |
| *Oil, Gas & Consumable Fuels — 3.9%* | *Oil, Gas & Consumable Fuels — 3.9%* | *Oil, Gas & Consumable Fuels — 3.9%* | *Oil, Gas & Consumable Fuels — 3.9%* | *Oil, Gas & Consumable Fuels — 3.9%* |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 127210<br>|
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27476<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/30/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 151449<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52960<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39772<br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30813<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 596264<br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 209772<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98030<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 514771<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 223049<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 271289<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 279542<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; 11282<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 195893<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; 19479<br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 175295<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 273308<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/19/47 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 585599<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 233072<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(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; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp;&nbsp; $97687<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 113857<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 313743<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 93531<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 42133<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 6/5/2115 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 169736<br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 423082<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 116266<br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 161559<br>|
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 1/12/32 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 352527<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/12/52 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 195827<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18704<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 392463<br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 151288<br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60198<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10063<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 684579<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 168725<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 108631<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **7790924** |
| **Financials — 8.6%** | **Financials — 8.6%** | **Financials — 8.6%** | **Financials — 8.6%** | **Financials — 8.6%** |
| *Banks — 5.9%* | *Banks — 5.9%* | *Banks — 5.9%* | *Banks — 5.9%* | *Banks — 5.9%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year <br> Treasury Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 399440<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + <br> 1.210%) | &nbsp;&nbsp; 2.572% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 285681<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + <br> 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 198763<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. Term <br> SOFR + 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 502000<br>| &nbsp;&nbsp;&nbsp; 493364<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. Term <br> SOFR + 1.632%) | &nbsp;&nbsp; 3.593% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 366065<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.970% to 3/5/28 then 3 mo. Term <br> SOFR + 1.332%) | &nbsp;&nbsp; 3.970% | &nbsp;&nbsp; 3/5/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 377768<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term <br> SOFR + 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 882781<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + <br> 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170403<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160125<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury <br> Constant Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 407680<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.198% to 1/10/29 then 3 mo. Term SOFR + <br> 2.829%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 1/10/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 378137<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.894% to 12/5/33 then SOFR + 1.866%) | &nbsp;&nbsp; 5.894% | &nbsp;&nbsp; 12/5/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 516518<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (4.885% to 7/3/30 then SOFR + 1.360%) | &nbsp;&nbsp; 4.885% | &nbsp;&nbsp; 7/3/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202407<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%) | &nbsp;&nbsp; 3.785% | &nbsp;&nbsp; 3/17/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 206770<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(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; 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; $750000<br>| &nbsp;&nbsp;&nbsp; $740771<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.075% to 4/23/28 then 3 mo. Term SOFR + <br> 1.454%) | &nbsp;&nbsp; 4.075% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 468391<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219579<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; 320000<br>| &nbsp;&nbsp;&nbsp; 322045<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 351032<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year <br> Treasury Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 505516<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury <br> Constant Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 420191<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + 2.387%) | &nbsp;&nbsp; 2.848% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 287729<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.005% to 4/23/28 then 3 mo. Term <br> SOFR + 1.382%) | &nbsp;&nbsp; 4.005% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 338765<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; 520000<br>| &nbsp;&nbsp;&nbsp; 524192<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.294% to 7/22/34 then SOFR + <br> 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 499700<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then <br> SOFR + 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 255627<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/4/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 105955<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 168347<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + <br> 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131519<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (2.215% to 1/27/27 then SOFR + 0.730%) | &nbsp;&nbsp; 2.215% | &nbsp;&nbsp; 1/27/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97239<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 198011<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 306019<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; 140000<br>| &nbsp;&nbsp;&nbsp; 129130<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then 3 mo. Term SOFR <br> + 4.032%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 4/4/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 80304<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; 180000<br>| &nbsp;&nbsp;&nbsp; 186960<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; 300000<br>| &nbsp;&nbsp;&nbsp; 311057<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/22/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210865<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *11904846* |
| *Capital Markets — 2.0%* | *Capital Markets — 2.0%* | *Capital Markets — 2.0%* | *Capital Markets — 2.0%* | *Capital Markets — 2.0%* |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.289% to 6/13/32 then <br> SOFR + 1.418%) | &nbsp;&nbsp; 4.289% | &nbsp;&nbsp; 6/13/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 371403<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 152249<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + <br> 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 250045<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 238073<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. <br> Term SOFR + 1.420%) | &nbsp;&nbsp; 3.814% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 237544<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.387% to 6/15/26 then SOFR + <br> 1.510%) | &nbsp;&nbsp; 4.387% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300013<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 259887<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150305<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%) | &nbsp;&nbsp; 2.699% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 242384<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(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; 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; $280000<br>| &nbsp;&nbsp;&nbsp; $277235<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; 200000<br>| &nbsp;&nbsp;&nbsp; 203889<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.466% to 1/18/34 then SOFR + 1.730%) | &nbsp;&nbsp; 5.466% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 856152<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nuveen LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 229573<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%) | &nbsp;&nbsp; 9.016% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 323934<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *4092686* |
| *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; *100275*<br>|
| *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 352722<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 384940<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *737662* |
| *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* |
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 298627<br>|
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 5/3/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9942<br>|
| &nbsp;&nbsp;&nbsp; MetLife Capital Trust IV, Junior Subordinated Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 209452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, Subordinated Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 12/16/39 | &nbsp;&nbsp; 32000<br>| &nbsp;&nbsp;&nbsp; 36323<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *554344* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **17389813** |
| **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** |
| *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 11/21/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 128330<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 460830<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 453011<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *1042171* |
| *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 135575<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146592<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 290918<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *573085* |
| *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 181005<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 356727<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 131000<br>| &nbsp;&nbsp;&nbsp; 130954<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 125620<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 86613<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 129554<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 154084<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10428<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/23/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 343152<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 84831<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 318415<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 62541<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1983924* |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *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; 4.950% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp;&nbsp; $20066<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114477<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; 10271<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380885<br>|
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/24/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 247183<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.450% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 88376<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 170158<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1031416* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4630596** |
| **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** |
| *Aerospace & Defense — 0.7%* | *Aerospace & Defense — 0.7%* | *Aerospace & Defense — 0.7%* | *Aerospace & Defense — 0.7%* | *Aerospace & Defense — 0.7%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 123131<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 131493<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 537771<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 359255<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9148<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 172872<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *1333670* |
| *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; 100000<br>| &nbsp;&nbsp;&nbsp; 93974<br>|
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 55180<br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *149154* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; *385791*<br>|
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; *207819*<br>|
| *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; 4.950% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; *226988*<br>|
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 469549<br>| &nbsp;&nbsp;&nbsp; *461079*<br>|
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; *163856*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **2928357** |
| **Information Technology — 2.3%** | **Information Technology — 2.3%** | **Information Technology — 2.3%** | **Information Technology — 2.3%** | **Information Technology — 2.3%** |
| *Semiconductors & Semiconductor Equipment — 1.9%* | *Semiconductors & Semiconductor Equipment — 1.9%* | *Semiconductors & Semiconductor Equipment — 1.9%* | *Semiconductors & Semiconductor Equipment — 1.9%* | *Semiconductors & Semiconductor Equipment — 1.9%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111091<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 414778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 749658<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 168469<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 120680<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 81965<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 135981<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 115534<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50526<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 5/4/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9010<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1129430<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; $940000<br>| &nbsp;&nbsp;&nbsp; $854959<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *3942081* |
| *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121766<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 82551<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 212878<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 326497<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *743692* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **4685773** |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; MEGlobal BV, Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 380682<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/22/25 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 349930<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *730612* |
| *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *60909*<br> <sup>(a)</sup><br>|
| *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10191<br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.371% | &nbsp;&nbsp; 4/4/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 371002<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.186% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 236521<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *617714* |
| *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* | *Paper & Forest Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 171590<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 310251<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *481841* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1891076** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; WEA Finance LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **197733**<br> <sup>(a)</sup><br>|
| **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** |
| *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; 140000<br>| &nbsp;&nbsp;&nbsp; 124524<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 187784<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 268148<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40627<br>|
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9870<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72006<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; 400000<br>| &nbsp;&nbsp;&nbsp; 383560<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 360030<br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/21/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 390692<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *1837241* |
| *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* | *Multi-Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Northern States Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; *182057*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2019298** |
| **Total Corporate Bonds & Notes (Cost — $50,870,507)** | **Total Corporate Bonds & Notes (Cost — $50,870,507)** | **Total Corporate Bonds & Notes (Cost — $50,870,507)** | **Total Corporate Bonds & Notes (Cost — $50,870,507)** | &nbsp;&nbsp; **50352279** |

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.8%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.8%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.8%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.8%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 10.8%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 A (1 mo. Term <br> SOFR + 1.354%) | &nbsp;&nbsp; 5.694% | &nbsp;&nbsp; 8/20/42 | &nbsp;&nbsp; $110000<br>| &nbsp;&nbsp;&nbsp; $109931<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AREIT LLC, 2022-CRE7 A (1 mo. Term SOFR + 2.242%) | &nbsp;&nbsp; 6.602% | &nbsp;&nbsp; 6/17/39 | &nbsp;&nbsp; 473060<br>| &nbsp;&nbsp;&nbsp; 473433<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BDS Ltd., 2021-FL10 D (1 mo. Term SOFR + 2.964%) | &nbsp;&nbsp; 7.324% | &nbsp;&nbsp; 12/16/36 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 641676<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 58248<br>| &nbsp;&nbsp;&nbsp; 56795<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2022-NQM3 A1 | &nbsp;&nbsp; 5.108% | &nbsp;&nbsp; 7/25/62 | &nbsp;&nbsp; 261189<br>| &nbsp;&nbsp;&nbsp; 260732<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 491532<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-AFC1 A1 | &nbsp;&nbsp; 3.573% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 282399<br>| &nbsp;&nbsp;&nbsp; 274888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2020-AFC1 A1 | &nbsp;&nbsp; 3.240% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 400238<br>| &nbsp;&nbsp;&nbsp; 384899<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-AFC1 A3 | &nbsp;&nbsp; 1.169% | &nbsp;&nbsp; 3/25/56 | &nbsp;&nbsp; 239392<br>| &nbsp;&nbsp;&nbsp; 200356<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.538% | &nbsp;&nbsp; 2/25/66 | &nbsp;&nbsp; 170626<br>| &nbsp;&nbsp;&nbsp; 154218<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM7 A1 | &nbsp;&nbsp; 1.756% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 257702<br>| &nbsp;&nbsp;&nbsp; 227796<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DBJPM Mortgage Trust, 2016-C1 B | &nbsp;&nbsp; 4.195% | &nbsp;&nbsp; 5/10/49 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 338070<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.205% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 632735<br>| &nbsp;&nbsp;&nbsp; 581827<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2021-2 A1 | &nbsp;&nbsp; 0.931% | &nbsp;&nbsp; 6/25/66 | &nbsp;&nbsp; 791305<br>| &nbsp;&nbsp;&nbsp; 668057<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2022-1 A1 | &nbsp;&nbsp; 2.206% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 361079<br>| &nbsp;&nbsp;&nbsp; 319671<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, K091 X1, IO | &nbsp;&nbsp; 0.704% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 2396808<br>| &nbsp;&nbsp;&nbsp; 43134<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, K093 X1, IO | &nbsp;&nbsp; 1.078% | &nbsp;&nbsp; 5/25/29 | &nbsp;&nbsp; 1832251<br>| &nbsp;&nbsp;&nbsp; 53361<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, K104 XAM, IO | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 167411<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, K106 X1, IO | &nbsp;&nbsp; 1.438% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3263614<br>| &nbsp;&nbsp;&nbsp; 160025<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, KG06 X1, IO | &nbsp;&nbsp; 0.626% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 6482349<br>| &nbsp;&nbsp;&nbsp; 170796<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, S8FX A2 | &nbsp;&nbsp; 3.291% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 584384<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4066 PI, IO | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 168339<br>| &nbsp;&nbsp;&nbsp; 2353<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4203 PS, IO, PAC <br> (-1.000 x 30 Day Average SOFR + 6.136%) | &nbsp;&nbsp; 1.793% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 178593<br>| &nbsp;&nbsp;&nbsp; 15212<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4991 QV | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 178246<br>| &nbsp;&nbsp;&nbsp; 150230<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; 652720<br>| &nbsp;&nbsp;&nbsp; 103609<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; 497470<br>| &nbsp;&nbsp;&nbsp; 83286<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 144725<br>| &nbsp;&nbsp;&nbsp; 24747<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; 73899<br>| &nbsp;&nbsp;&nbsp; 10246<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5092 AP, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/41 | &nbsp;&nbsp; 266643<br>| &nbsp;&nbsp;&nbsp; 234873<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5224 HL, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 90841<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5482 FC (30 Day <br> Average SOFR + 1.300%) | &nbsp;&nbsp; 5.648% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 100696<br>| &nbsp;&nbsp;&nbsp; 101062<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5483 FD (30 Day <br> Average SOFR + 1.300%) | &nbsp;&nbsp; 5.648% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 95626<br>| &nbsp;&nbsp;&nbsp; 96090<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 334 S7, IO (-1.000 x <br> 30 Day Average SOFR + 5.986%) | &nbsp;&nbsp; 1.643% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 65509<br>| &nbsp;&nbsp;&nbsp; 7141<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2019-M4 A2 | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 2/25/31 | &nbsp;&nbsp; 225331<br>| &nbsp;&nbsp;&nbsp; 219558<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2023-M4 A2 | &nbsp;&nbsp; 3.893% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 192834<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2012-118 VZ | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/25/42 | &nbsp;&nbsp; 324933<br>| &nbsp;&nbsp;&nbsp; 297706<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2013-54 BS, IO <br> (-1.000 x 30 Day Average SOFR + 6.036%) | &nbsp;&nbsp; 1.687% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; $13562<br>| &nbsp;&nbsp;&nbsp; $1556<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2013-73 IA, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 220069<br>| &nbsp;&nbsp;&nbsp; 7460<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2013-124 SB, IO <br> (-1.000 x 30 Day Average SOFR + 5.836%) | &nbsp;&nbsp; 1.487% | &nbsp;&nbsp; 12/25/43 | &nbsp;&nbsp; 16384<br>| &nbsp;&nbsp;&nbsp; 1852<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2015-65 CZ | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 283669<br>| &nbsp;&nbsp;&nbsp; 245554<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2017-85 SC, IO <br> (-1.000 x 30 Day Average SOFR + 6.086%) | &nbsp;&nbsp; 1.737% | &nbsp;&nbsp; 11/25/47 | &nbsp;&nbsp; 21589<br>| &nbsp;&nbsp;&nbsp; 2217<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2018-74 AB | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 246837<br>| &nbsp;&nbsp;&nbsp; 229984<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-56 AQ | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 556911<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 136079<br>| &nbsp;&nbsp;&nbsp; 23110<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-57 TA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/25/50 | &nbsp;&nbsp; 648318<br>| &nbsp;&nbsp;&nbsp; 564630<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-62 BI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 2904489<br>| &nbsp;&nbsp;&nbsp; 356922<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; 651744<br>| &nbsp;&nbsp;&nbsp; 105055<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-43 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/25/51 | &nbsp;&nbsp; 1401014<br>| &nbsp;&nbsp;&nbsp; 222254<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-65 JA | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/25/46 | &nbsp;&nbsp; 185364<br>| &nbsp;&nbsp;&nbsp; 165444<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2022-57 BC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/25/52 | &nbsp;&nbsp; 139617<br>| &nbsp;&nbsp;&nbsp; 133994<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 409 C18, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 12223<br>| &nbsp;&nbsp;&nbsp; 2292<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 440 C50, IO | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/25/53 | &nbsp;&nbsp; 882378<br>| &nbsp;&nbsp;&nbsp; 206654<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-H26 LF (1 mo. <br> Term SOFR + 0.464%) | &nbsp;&nbsp; 4.792% | &nbsp;&nbsp; 8/20/58 | &nbsp;&nbsp; 20519<br>| &nbsp;&nbsp;&nbsp; 20512<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H01 AF (1 mo. <br> Term SOFR + 0.564%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 11/20/60 | &nbsp;&nbsp; 126025<br>| &nbsp;&nbsp;&nbsp; 125999<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H07 FA (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.942% | &nbsp;&nbsp; 2/20/61 | &nbsp;&nbsp; 24500<br>| &nbsp;&nbsp;&nbsp; 24514<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-H09 AF (1 mo. <br> Term SOFR + 0.614%) | &nbsp;&nbsp; 4.942% | &nbsp;&nbsp; 3/20/61 | &nbsp;&nbsp; 21884<br>| &nbsp;&nbsp;&nbsp; 21895<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-27 IO, IO | &nbsp;&nbsp; 0.203% | &nbsp;&nbsp; 4/16/53 | &nbsp;&nbsp; 890503<br>| &nbsp;&nbsp;&nbsp; 1894<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-H30 GA (1 mo. <br> Term SOFR + 0.464%) | &nbsp;&nbsp; 4.792% | &nbsp;&nbsp; 12/20/62 | &nbsp;&nbsp; 71394<br>| &nbsp;&nbsp;&nbsp; 71320<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-95 IO, IO | &nbsp;&nbsp; 0.351% | &nbsp;&nbsp; 4/16/47 | &nbsp;&nbsp; 2787755<br>| &nbsp;&nbsp;&nbsp; 18928<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-105 IO, IO | &nbsp;&nbsp; 0.139% | &nbsp;&nbsp; 6/16/54 | &nbsp;&nbsp; 97778<br>| &nbsp;&nbsp;&nbsp; 46<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-130 IB, IO | &nbsp;&nbsp; 0.183% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 1043110<br>| &nbsp;&nbsp;&nbsp; 3718<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-157 IO, IO | &nbsp;&nbsp; 0.185% | &nbsp;&nbsp; 5/16/55 | &nbsp;&nbsp; 822045<br>| &nbsp;&nbsp;&nbsp; 4965<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-186 IO, IO | &nbsp;&nbsp; 0.366% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 761061<br>| &nbsp;&nbsp;&nbsp; 5887<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2018-168 PA, PAC-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/20/48 | &nbsp;&nbsp; 176167<br>| &nbsp;&nbsp;&nbsp; 169031<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2019-18 TP, PAC | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/20/49 | &nbsp;&nbsp; 161775<br>| &nbsp;&nbsp;&nbsp; 147082<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-H09 NF (1 mo. <br> Term SOFR + 1.364%) | &nbsp;&nbsp; 5.692% | &nbsp;&nbsp; 4/20/70 | &nbsp;&nbsp; 58147<br>| &nbsp;&nbsp;&nbsp; 59005<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-8 AQ | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; 128811<br>| &nbsp;&nbsp;&nbsp; 128240<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-29 AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/51 | &nbsp;&nbsp; 193704<br>| &nbsp;&nbsp;&nbsp; 193119<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-134 CI, IO | &nbsp;&nbsp; 1.428% | &nbsp;&nbsp; 6/16/61 | &nbsp;&nbsp; 2784851<br>| &nbsp;&nbsp;&nbsp; 255902<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-188 PA, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 578855<br>| &nbsp;&nbsp;&nbsp; 478276<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-223 P, PAC-1 | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 72920<br>| &nbsp;&nbsp;&nbsp; 63686<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-99 JW | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/20/52 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 166124<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-92 AH | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 1484358<br>| &nbsp;&nbsp;&nbsp; 1111915<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-92 IA, IO | &nbsp;&nbsp; 0.611% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 1979143<br>| &nbsp;&nbsp;&nbsp; 105249<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-179 IO, IO | &nbsp;&nbsp; 0.611% | &nbsp;&nbsp; 9/16/63 | &nbsp;&nbsp; $8005935<br>| &nbsp;&nbsp;&nbsp; $338135<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.823% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250170<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.848% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200639<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mill City Mortgage Loan Trust, 2019-1 A1 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/69 | &nbsp;&nbsp; 408991<br>| &nbsp;&nbsp;&nbsp; 399291<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2021-L6 C | &nbsp;&nbsp; 3.573% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 209589<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2015-1A A2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/28/52 | &nbsp;&nbsp; 219132<br>| &nbsp;&nbsp;&nbsp; 211270<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-4A A1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/25/57 | &nbsp;&nbsp; 403922<br>| &nbsp;&nbsp;&nbsp; 390029<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2021-NQM3 A3 | &nbsp;&nbsp; 1.516% | &nbsp;&nbsp; 11/27/56 | &nbsp;&nbsp; 220839<br>| &nbsp;&nbsp;&nbsp; 197309<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 1.101% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 261892<br>| &nbsp;&nbsp;&nbsp; 215632<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM3 A1 | &nbsp;&nbsp; 1.054% | &nbsp;&nbsp; 7/25/61 | &nbsp;&nbsp; 384595<br>| &nbsp;&nbsp;&nbsp; 317545<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM4 A1 | &nbsp;&nbsp; 1.957% | &nbsp;&nbsp; 10/25/61 | &nbsp;&nbsp; 341928<br>| &nbsp;&nbsp;&nbsp; 292907<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 843067<br>| &nbsp;&nbsp;&nbsp; 718464<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC2 A1 | &nbsp;&nbsp; 2.071% | &nbsp;&nbsp; 11/25/56 | &nbsp;&nbsp; 361604<br>| &nbsp;&nbsp;&nbsp; 323141<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 693980<br>| &nbsp;&nbsp;&nbsp; 704384<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SACO I Trust, 2007-VA1 A | &nbsp;&nbsp; — | &nbsp;&nbsp; 6/25/21 | &nbsp;&nbsp; 773<br>| &nbsp;&nbsp;&nbsp; 608<br> \*<sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, 2025-DATA A (1 mo. Term SOFR + <br> 1.443%) | &nbsp;&nbsp; 5.806% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 457294<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2017-4 B2 | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 6/25/57 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 852364<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2004-AR9 A7 | &nbsp;&nbsp; 5.281% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 586279<br>| &nbsp;&nbsp;&nbsp; 572608<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A2A (1 mo. <br> Term SOFR + 0.854%) | &nbsp;&nbsp; 5.177% | &nbsp;&nbsp; 11/25/34 | &nbsp;&nbsp; 171832<br>| &nbsp;&nbsp;&nbsp; 166212<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2005-AR8 2AB3 (1 mo. <br> Term SOFR + 0.834%) | &nbsp;&nbsp; 5.157% | &nbsp;&nbsp; 7/25/45 | &nbsp;&nbsp; 1115300<br>| &nbsp;&nbsp;&nbsp; 1067510<br> <sup>(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $22,898,473)** | **Total Collateralized Mortgage Obligations (Cost — $22,898,473)** | **Total Collateralized Mortgage Obligations (Cost — $22,898,473)** | **Total Collateralized Mortgage Obligations (Cost — $22,898,473)** | &nbsp;&nbsp; **21881077** |
| **Asset-Backed Securities — 8.5%** | **Asset-Backed Securities — 8.5%** | **Asset-Backed Securities — 8.5%** | **Asset-Backed Securities — 8.5%** | **Asset-Backed Securities — 8.5%** |
| &nbsp;&nbsp;&nbsp; American Heritage Auto Receivables Issuer Trust, 2025-1A A3 | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 361249<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC, 2025-1A A2 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/22/31 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121252<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antares CLO Ltd., 2018-1A A1R (3 mo. Term SOFR + 1.370%) | &nbsp;&nbsp; 5.695% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310369<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A A1AR (3 mo. Term SOFR + 1.180%) | &nbsp;&nbsp; 5.351% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 440330<br> <sup>(a)(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 2024-1A A1R (3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 5.421% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 580435<br> <sup>(a)(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust, 2021-A B | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 7/17/46 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 979439<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A A1RR (3 mo. Term SOFR + 1.130%) | &nbsp;&nbsp; 5.424% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 289500<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2023-1A CN | &nbsp;&nbsp; 8.700% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 410435<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., 2024-1A A (3 mo. Term SOFR + 1.630%) | &nbsp;&nbsp; 5.955% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371920<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A A1 (3 mo. Term SOFR + 1.390%) | &nbsp;&nbsp; 5.715% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1000923<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2024-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.852% | &nbsp;&nbsp; 4/22/37 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 751462<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; College Ave Student Loans LLC, 2021-C C | &nbsp;&nbsp; 3.060% | &nbsp;&nbsp; 7/26/55 | &nbsp;&nbsp; 811449<br>| &nbsp;&nbsp;&nbsp; 768040<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd., 2024-33A A1 (3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 5.925% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1508007<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2025-18A A1 (3 mo. Term SOFR + 1.240%) | &nbsp;&nbsp; 5.525% | &nbsp;&nbsp; 3/28/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270508<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, 2025-1 A1 | &nbsp;&nbsp; 4.630% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 375953<br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2024-33A A1 (3 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 781581<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC, 2023-3A A | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 468019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HINNT LLC, 2025-A A | &nbsp;&nbsp; 5.010% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 146381<br>| &nbsp;&nbsp;&nbsp; 148362<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kings Park CLO Ltd., 2021-1A A (3 mo. Term SOFR + 1.392%) | &nbsp;&nbsp; 5.717% | &nbsp;&nbsp; 1/21/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330824<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, 2018-2GS A | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 2/22/44 | &nbsp;&nbsp; 842510<br>| &nbsp;&nbsp;&nbsp; 789954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Myers Park CLO Ltd., 2018-1A B1 (3 mo. Term SOFR + 1.862%) | &nbsp;&nbsp; 6.187% | &nbsp;&nbsp; 10/20/30 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 551586<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2020-1A A1B (30 Day Average SOFR + 1.164%) | &nbsp;&nbsp; 5.513% | &nbsp;&nbsp; 6/25/69 | &nbsp;&nbsp; $144938<br>| &nbsp;&nbsp;&nbsp; $145162<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.540%) | &nbsp;&nbsp; 5.810% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 442747<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2019-1A A1R (3 mo. Term SOFR + 1.412%) | &nbsp;&nbsp; 5.645% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 750038<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park Blue CLO Ltd., 2025-8A A1 (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 5.481% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360270<br> <sup>(a)(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Polus US CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.804% | &nbsp;&nbsp; 7/20/38 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 482808<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Recette CLO Ltd., 2015-1A ARR (3 mo. Term SOFR + 1.342%) | &nbsp;&nbsp; 5.667% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 511020<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, 2022-C F | &nbsp;&nbsp; 14.592% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1187038<br>| &nbsp;&nbsp;&nbsp; 1223521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2024-A A1A | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 1080702<br>| &nbsp;&nbsp;&nbsp; 1107005<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.525% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280071<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO Ltd., 2025-7A A1 (3 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 5.471% | &nbsp;&nbsp; 10/21/38 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300225<br> <sup>(a)(b)(e)</sup><br>|
| **Total Asset-Backed Securities (Cost — $17,379,057)** | **Total Asset-Backed Securities (Cost — $17,379,057)** | **Total Asset-Backed Securities (Cost — $17,379,057)** | **Total Asset-Backed Securities (Cost — $17,379,057)** | &nbsp;&nbsp; **17213015** |
| **Mortgage-Backed Securities — 4.7%** | **Mortgage-Backed Securities — 4.7%** | **Mortgage-Backed Securities — 4.7%** | **Mortgage-Backed Securities — 4.7%** | **Mortgage-Backed Securities — 4.7%** |
| *FHLMC — 1.4%* | *FHLMC — 1.4%* | *FHLMC — 1.4%* | *FHLMC — 1.4%* | *FHLMC — 1.4%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 571643<br>| &nbsp;&nbsp;&nbsp; 479699<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/1/41- <br>4/1/42<br>| &nbsp;&nbsp; 1577864 | &nbsp;&nbsp;&nbsp; 1355840<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 395367<br>| &nbsp;&nbsp;&nbsp; 360957<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/53- <br>4/1/54<br>| &nbsp;&nbsp; 415853 | &nbsp;&nbsp;&nbsp; 422991<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 160722<br>| &nbsp;&nbsp;&nbsp; 166458<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *2785945* |
| *FNMA — 2.0%* | *FNMA — 2.0%* | *FNMA — 2.0%* | *FNMA — 2.0%* | *FNMA — 2.0%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/1/40- <br>9/1/61<br>| &nbsp;&nbsp; 798069 | &nbsp;&nbsp;&nbsp; 681527<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/41- <br>7/1/53<br>| &nbsp;&nbsp; 215551 | &nbsp;&nbsp;&nbsp; 224722<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/41- <br>5/1/42<br>| &nbsp;&nbsp; 445269 | &nbsp;&nbsp;&nbsp; 382474<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 89658<br>| &nbsp;&nbsp;&nbsp; 74687<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/42- <br>6/1/52<br>| &nbsp;&nbsp; 852650 | &nbsp;&nbsp;&nbsp; 761581<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/53- <br>6/1/54<br>| &nbsp;&nbsp; 345758 | &nbsp;&nbsp;&nbsp; 350947<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/53- <br>8/1/58<br>| &nbsp;&nbsp; 115374 | &nbsp;&nbsp;&nbsp; 112752<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 288583<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197272<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 259956<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56- <br>6/1/57<br>| &nbsp;&nbsp; 127360 | &nbsp;&nbsp;&nbsp; 119309<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp; 451936<br>| &nbsp;&nbsp;&nbsp; 406313<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR <br> Consumer Cash Fallbacks + 1.453%) | &nbsp;&nbsp; 6.385% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 222864<br>| &nbsp;&nbsp;&nbsp; 230026<br> <sup>(b)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *4090149* |
| *GNMA — 1.3%* | *GNMA — 1.3%* | *GNMA — 1.3%* | *GNMA — 1.3%* | *GNMA — 1.3%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/42- <br>11/15/42<br>| &nbsp;&nbsp; 194483 | &nbsp;&nbsp;&nbsp; 176271<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; $25420<br>| &nbsp;&nbsp;&nbsp; $23951<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 132347<br>| &nbsp;&nbsp;&nbsp; 121056<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/20/48- <br>9/20/52<br>| &nbsp;&nbsp; 455070 | &nbsp;&nbsp;&nbsp; 446390<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/49- <br>2/20/50<br>| &nbsp;&nbsp; 81543 | &nbsp;&nbsp;&nbsp; 74284<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/20/50- <br>4/20/52<br>| &nbsp;&nbsp; 391393 | &nbsp;&nbsp;&nbsp; 341877<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/20/50- <br>4/20/50<br>| &nbsp;&nbsp; 310318 | &nbsp;&nbsp;&nbsp; 290945<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/20/50- <br>12/20/51<br>| &nbsp;&nbsp; 477174 | &nbsp;&nbsp;&nbsp; 403454<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/53 | &nbsp;&nbsp; 236842<br>| &nbsp;&nbsp;&nbsp; 236407<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/20/53- <br>8/20/53<br>| &nbsp;&nbsp; 421381 | &nbsp;&nbsp;&nbsp; 426576<br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *2541211* |
| **Total Mortgage-Backed Securities (Cost — $9,736,075)** | **Total Mortgage-Backed Securities (Cost — $9,736,075)** | **Total Mortgage-Backed Securities (Cost — $9,736,075)** | **Total Mortgage-Backed Securities (Cost — $9,736,075)** | &nbsp;&nbsp; **9417305** |
| **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** | **Sovereign Bonds — 2.0%** |
| *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* |
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; *321812*<br>|
| *Colombia — 0.2%* | *Colombia — 0.2%* | *Colombia — 0.2%* | *Colombia — 0.2%* | *Colombia — 0.2%* |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; *381904*<br>|
| *Israel — 0.1%* | *Israel — 0.1%* | *Israel — 0.1%* | *Israel — 0.1%* | *Israel — 0.1%* |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/12/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; *306550*<br>|
| *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* | *Mexico — 0.5%* |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 304605<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 2.659% | &nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 287063<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/12/52 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 483004<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *1074672* |
| *Peru — 0.2%* | *Peru — 0.2%* | *Peru — 0.2%* | *Peru — 0.2%* | *Peru — 0.2%* |
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/30/36 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 282604<br>|
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/18/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 105624<br>|
| *Total Peru* | *Total Peru* | *Total Peru* | *Total Peru* | &nbsp;&nbsp; *388228* |
| *Supranational — 0.6%* | *Supranational — 0.6%* | *Supranational — 0.6%* | *Supranational — 0.6%* | *Supranational — 0.6%* |
| &nbsp;&nbsp;&nbsp; Asian Development Bank, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 1/20/27 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; *1240857*<br>|
| *Uruguay — 0.2%* | *Uruguay — 0.2%* | *Uruguay — 0.2%* | *Uruguay — 0.2%* | *Uruguay — 0.2%* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/21/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; *324148*<br>|
| **Total Sovereign Bonds (Cost — $4,534,933)** | **Total Sovereign Bonds (Cost — $4,534,933)** | **Total Sovereign Bonds (Cost — $4,534,933)** | **Total Sovereign Bonds (Cost — $4,534,933)** | &nbsp;&nbsp; **4038171** |
| **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $1,114,410) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 1089648<br>| &nbsp;&nbsp;&nbsp; **1105014**<br>|
|  | Expiration <br>Date<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount<br>|  |
| **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** | **Purchased Options — 0.1%** |
| **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** | **Exchange-Traded Purchased Options — 0.1%** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.000 | 9/12/25 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; $292500 | &nbsp;&nbsp;&nbsp; 4388<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.125 | 9/12/25 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 187500 | &nbsp;&nbsp;&nbsp; 937<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Expiration<br> Date<br>| Contracts | &nbsp;&nbsp; Notional<br> Amount<br>| Value |
| **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** | **Exchange-Traded Purchased Options — continued** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.625 | 9/12/25 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; $65000 | &nbsp;&nbsp;&nbsp; $163<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.250 | 12/12/25 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 18200<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 197500 | &nbsp;&nbsp;&nbsp; 58263<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.500 | 9/5/25 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 13594<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Put @ $109.000 | 9/5/25 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp; 4078<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 6 to 7-Year Notes Futures, Call @ $112.750 | 9/5/25 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 7734<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 6 to 7-Year Notes Futures, Put @ $111.750 | 9/5/25 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 1328<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $112.250 | 9/26/25 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 25266<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Notes Futures, Call @ $113.000 | 9/26/25 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 14953<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $115.000 | 9/5/25 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 8203<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Call @ $115.000 | 9/26/25 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp; 11437<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Long-Term Bonds Futures, Put @ $113.000 | 9/5/25 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp; 6703<br>|
| **Total Purchased Options (Cost — $305,811)** | **Total Purchased Options (Cost — $305,811)** | **Total Purchased Options (Cost — $305,811)** | **Total Purchased Options (Cost — $305,811)** | &nbsp;&nbsp; **175247** |
| **Total Investments before Short-Term Investments (Cost — $176,074,620)** | **Total Investments before Short-Term Investments (Cost — $176,074,620)** | **Total Investments before Short-Term Investments (Cost — $176,074,620)** | **Total Investments before Short-Term Investments (Cost — $176,074,620)** | &nbsp;&nbsp; **172641393** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 13.6%** | **Short-Term Investments — 13.6%** | **Short-Term Investments — 13.6%** | **Short-Term Investments — 13.6%** | **Short-Term Investments — 13.6%** |
| **Money Market Funds — 13.4%** | **Money Market Funds — 13.4%** | **Money Market Funds — 13.4%** | **Money Market Funds — 13.4%** | **Money Market Funds — 13.4%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $27,039,859)  | &nbsp;&nbsp; 4.246% |  | &nbsp;&nbsp; 27039859<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27039859**<br> <sup>(g)(h)</sup><br>|
|  |  | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>|  |
| **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank (FHLB), Discount Notes (Cost — $378,445) | &nbsp;&nbsp; 4.486% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; $380000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **378359**<br> <sup>(i)</sup><br>|
| **Total Short-Term Investments (Cost — $27,418,304)** | **Total Short-Term Investments (Cost — $27,418,304)** | **Total Short-Term Investments (Cost — $27,418,304)** | **Total Short-Term Investments (Cost — $27,418,304)** | &nbsp;&nbsp; **27418218** |
| **Total Investments — 99.2% (Cost — $203,492,924)** | **Total Investments — 99.2% (Cost — $203,492,924)** | **Total Investments — 99.2% (Cost — $203,492,924)** | **Total Investments — 99.2% (Cost — $203,492,924)** | &nbsp;&nbsp; **200059611** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; 1697170 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$201756781** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. <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> | 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>(d)</sup> | The maturity principal is currently in default as of August 31, 2025. |
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | This security is traded on a to-be-announced ("TBA") basis. At August 31, 2025, the Fund held TBA securities with a total cost of $743,402. |
| <sup>(g)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(h)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2025, the total market value of <br> investments in Affiliated Companies was $27,039,859 and the cost was $27,039,859 (Note 2).<br>|
| <sup>(i)</sup> | Rate shown represents yield-to-maturity. |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

 **Western Asset Intermediate Bond Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ACES |  | Alternative Credit Enhancement Securities |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| IBOR |  | Interbank Offered Rate |
| IO |  | Interest Only |
| JSC |  | Joint Stock Company |
| PAC |  | Planned Amortization Class |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |
| USD |  | United States Dollar |

---

At August 31, 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; $96.563 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; $150000 | &nbsp;&nbsp;&nbsp;&nbsp; $(7500) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96.750 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; (4550) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 72500 | &nbsp;&nbsp;&nbsp;&nbsp; (12325) |
| 3-Month SOFR Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;95.375 | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(350) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;110.250 | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; (10422) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;108.500 | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; (5438) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;113.750 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; (16500) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;114.500 | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; (18422) |
| U.S. Treasury 10-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;114.000 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; (26812) |
| U.S. Treasury 10-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;109.500 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; (2031) |
| U.S. Treasury Long-Term Bonds Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;119.000 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; (10125) |
| **Total Exchange-Traded Written Options (Premiums received — $183,009)** | **Total Exchange-Traded Written Options (Premiums received — $183,009)** | **Total Exchange-Traded Written Options (Premiums received — $183,009)** | **Total Exchange-Traded Written Options (Premiums received — $183,009)** | **Total Exchange-Traded Written Options (Premiums received — $183,009)** | &nbsp;&nbsp;&nbsp; **$(114475)** |

---

&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 |

---

At August 31, 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:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $26157497 | &nbsp;&nbsp;&nbsp;&nbsp; $26222675 | &nbsp;&nbsp;&nbsp;&nbsp; $65178 |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 17790111 | &nbsp;&nbsp;&nbsp;&nbsp; 17949625 | &nbsp;&nbsp;&nbsp;&nbsp; 159514 |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9367022 | &nbsp;&nbsp;&nbsp;&nbsp; 9384258 | &nbsp;&nbsp;&nbsp;&nbsp; 17236 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20298866 | &nbsp;&nbsp;&nbsp;&nbsp; 20361187 | &nbsp;&nbsp;&nbsp;&nbsp; 62321 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 26767089 | &nbsp;&nbsp;&nbsp;&nbsp; 26887500 | &nbsp;&nbsp;&nbsp;&nbsp; 120411 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 424660 |
| **Contracts to Sell:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4798708 | &nbsp;&nbsp;&nbsp;&nbsp; 4795250 | &nbsp;&nbsp;&nbsp;&nbsp; 3458 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6180376 | &nbsp;&nbsp;&nbsp;&nbsp; 6169500 | &nbsp;&nbsp;&nbsp;&nbsp; 10876 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2504212 | &nbsp;&nbsp;&nbsp;&nbsp; 2516938 | &nbsp;&nbsp;&nbsp;&nbsp; (12726) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6195376 | &nbsp;&nbsp;&nbsp;&nbsp; 6177812 | &nbsp;&nbsp;&nbsp;&nbsp; 17564 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19172 |
| **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; **$443832** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset Intermediate Bond Fund**

---

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

---

At August 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $20976000 | &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; $81439 | &nbsp;&nbsp;&nbsp;&nbsp; $(669) | &nbsp;&nbsp;&nbsp;&nbsp; $82108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 21463000 | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.490% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48556) | &nbsp;&nbsp;&nbsp;&nbsp; 61726 | &nbsp;&nbsp;&nbsp;&nbsp; (110282) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 4899000 | &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; (55153) | &nbsp;&nbsp;&nbsp;&nbsp; (11511) | &nbsp;&nbsp;&nbsp;&nbsp; (43642) |
| **Total** | &nbsp;&nbsp;&nbsp; **$47338000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(22270)** | &nbsp;&nbsp;&nbsp; **$49546** | &nbsp;&nbsp;&nbsp; **$(71816)** |

---

&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 | $17628000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$380654** | &nbsp;&nbsp;&nbsp; **$314754** | &nbsp;&nbsp;&nbsp; **$65900** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 4.340% |

---

&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 |

---

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

See Notes to Schedule of Investments.

------

Western Asset Intermediate Bond Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

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Western Asset Intermediate Bond Fund 2025 Quarterly Report

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $68459285 | &nbsp;&nbsp; — | &nbsp;&nbsp; $68459285 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 50352279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50352279 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 21881077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21881077 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 17213015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17213015 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9417305 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9417305 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 4038171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4038171 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1105014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1105014 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; $175247 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 175247 |
| Total Long-Term Investments | &nbsp;&nbsp; 175247 | &nbsp;&nbsp; 172466146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172641393 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 27039859 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27039859 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 378359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 378359 |
| Total Short-Term Investments | &nbsp;&nbsp; 27039859 | &nbsp;&nbsp; 378359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27418218 |
| **Total Investments** | &nbsp;&nbsp; **$27215106** | &nbsp;&nbsp; **$172844505** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$200059611** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $456558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $456558 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $82108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 65900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65900 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$456558** | &nbsp;&nbsp; **$148008** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$604566** |
| **Total** | &nbsp;&nbsp; **$27671664** | &nbsp;&nbsp; **$172992513** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$200664177** |
| **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; $114475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $114475 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 12726 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12726 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $153924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 153924 |
| **Total** | &nbsp;&nbsp; **$127201** | &nbsp;&nbsp; **$153924** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$281125** |

---

&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. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2025. The following transactions were effected

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Western Asset Intermediate Bond Fund 2025 Quarterly Report

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in such company for the period ended August 31, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $17152718 | $33525526 | 33525526 | $23638385 | 23638385 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>August 31, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $191064 |  | $27039859 |

---

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Western Asset Intermediate Bond Fund 2025 Quarterly Report

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## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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 Intermediate Bond Fund

- **b. EDGAR series identifier (if any):** S000000711

- **c. LEI of Series:** 549300NZV8UE1KQUNO03

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

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

- **b. Date as of which information is reported:** 2025-08-29

**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:** $203525232.15

**Total Liabilities:** $2990307.09

**Net Assets:** $200534925.06

**Delayed Delivery Securities:** $1100000.00

**Stand-by Commitments:** $916730.48

**Cash Not Reported:** $1044227.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 241.53000000 | **1-Year:** 9530.78000000 | **5-Year:** 32602.17000000 | **10-Year:** 7608.76000000 | **30-Year:** 254.84000000

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

- **3-Month:** 5.14000000 | **1-Year:** 89.19000000 | **5-Year:** 306.24000000 | **10-Year:** 209.73000000 | **30-Year:** 23.97000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002076 | 1.04%                | -0.09%               | 1.34%                |
| Class ID C000066986 | 1.03%                | -0.08%               | 1.35%                |
| Class ID C000113698 | 1.11%                | -0.11%               | 1.23%                |
| Class ID C000113699 | 1.05%                | -0.17%               | 1.16%                |
| Class ID C000113700 | 1.08%                | -0.14%               | 1.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67563.31               | $1949231.54                                |
| Month 2  | $-8426419.15             | $7200608.01                                |
| Month 3  | $-510899.21              | $2111909.42                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -56 | NC      | $-350.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -70 | NC      | $14098.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE CAPITAL TRUST IV                                | MetLife Capital Trust IV                                                        | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $209452.01    | 0.10%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                          | Barings CLO Ltd 2024-I                                                          | CUSIP: 06763VAA3<br>LEI: 2549005VRCK51O5LRS39 | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $371919.71    | 0.19%             | 2037-01-20      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                                | Fox Corp                                                                        | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    170000 | PA      | $185110.81    | 0.09%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                            | QUALCOMM Inc                                                                    | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50525.57     | 0.03%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $407679.48    | 0.20%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383FHR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     72920 | PA      | $63686.47     | 0.03%             | 2051-06-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                     | Carrier Global Corp                                                             | CUSIP: 14448CAQ7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93974.45     | 0.05%             | 2030-02-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                 | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52959.50     | 0.03%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                         | Fannie Mae Interest Strip                                                       | CUSIP: 3136FLFM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12223 | PA      | $2291.68      | 0.00%             | 2042-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382NZ83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    193704 | PA      | $193119.45    | 0.10%             | 2051-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        25 | NC      | $312.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XQFP7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     89658 | PA      | $74686.56     | 0.04%             | 2042-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AP3N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    283669 | PA      | $245554.06    | 0.12%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NIKE INC                                                | NIKE Inc                                                                        | CUSIP: 654106AK9<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9497.02      | 0.00%             | 2030-03-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136B3HQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    246837 | PA      | $229983.67    | 0.11%             | 2048-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178NF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    104711 | PA      | $95262.68     | 0.05%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2025-COPT                                          | CUSIP: 05618XAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    490000 | PA      | $491532.13    | 0.25%             | 2042-08-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FVQ54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    652720 | PA      | $103609.10    | 0.05%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378XCY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     97778 | PA      | $46.06        | 0.00%             | 2054-06-16      | Variable      | 0.14%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                            | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    325000 | PA      | $287062.75    | 0.14%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1220000 | PA      | $1234749.60   | 0.62%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -56 | NC      | $-4550.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383R7N1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200000 | PA      | $166124.48    | 0.08%             | 2052-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38375BGS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     20519 | PA      | $20511.77     | 0.01%             | 2058-08-20      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                                | CUSIP: 06406RBH9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    380000 | PA      | $371403.29    | 0.19%             | 2033-06-13      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AAKS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    320470 | PA      | $279716.05    | 0.14%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                      | CUSIP: 458140BQ2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168468.72    | 0.08%             | 2027-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XP3K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179783 | PA      | $182231.39    | 0.09%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FMCT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1832251 | PA      | $53360.66     | 0.03%             | 2029-05-25      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                 | Reliance Industries Ltd                                                         | CUSIP: 759470BB2<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    390000 | PA      | $352526.59    | 0.18%             | 2032-01-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172CP2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9102.16      | 0.00%             | 2030-05-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2004-AR9 Trust                   | CUSIP: 92922FWL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    586279 | PA      | $572607.67    | 0.29%             | 2034-08-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 6-7 U.S. TREASURY NOTE WEEK 1                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        33 | NC      | $7734.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                         | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152249.30    | 0.08%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-AFC1 Trust                                                            | CUSIP: 12597MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400238 | PA      | $384898.61    | 0.19%             | 2050-02-25      | Variable      | 3.24%                 | No            |                  2 | On Loan: No      |
| NUVEEN LLC                                              | Nuveen LLC                                                                      | CUSIP: 67080LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $229573.55    | 0.11%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BBYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2904489 | PA      | $356922.43    | 0.18%             | 2050-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381H8D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1979143 | PA      | $105248.67    | 0.05%             | 2064-06-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13670000 | PA      | $13751699.58  | 6.86%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                         | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    230000 | PA      | $250045.02    | 0.12%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                                | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40627.27     | 0.02%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                     | Suzano Austria GmbH                                                             | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    350000 | PA      | $310250.96    | 0.15%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                               | Kroger Co/The                                                                   | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69806.69     | 0.03%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND WEEK 5                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -16 | NC      | $-3250.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2021-NQM3                                   | CUSIP: 64831TAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220839 | PA      | $197308.98    | 0.10%             | 2056-11-27      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                     | Elevance Health Inc                                                             | CUSIP: 036752AT0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    160000 | PA      | $154084.60    | 0.08%             | 2032-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                  | CUSIP: 958667AF4<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    650000 | PA      | $684579.36    | 0.34%             | 2029-01-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABKC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     74144 | PA      | $62673.11     | 0.03%             | 2051-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FLNB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2396808 | PA      | $43133.92     | 0.02%             | 2029-03-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| AREIT CRE Trust                                         | AREIT 2022-CRE7 LLC                                                             | CUSIP: 00217VAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    473060 | PA      | $473433.23    | 0.24%             | 2039-06-17      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179TZ65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    370909 | PA      | $364853.41    | 0.18%             | 2048-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418DUB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     50036 | PA      | $45522.13     | 0.02%             | 2040-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    280000 | PA      | $285973.49    | 0.14%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                  | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380884.91    | 0.19%             | 2034-02-09      | Fixed         | 4.70%                 | 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        |       -58 | NC      | $-10421.88    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    470000 | PA      | $453011.00    | 0.23%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MEGLOBAL BV                                             | MEGlobal BV                                                                     | CUSIP: 29441WAD7<br>LEI: 549300WBVLU2FILR7W19 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $380681.60    | 0.19%             | 2028-04-28      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDK4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138494.19    | 0.07%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MQCZ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    209087 | PA      | $176604.04    | 0.09%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BH7G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1401014 | PA      | $222253.99    | 0.11%             | 2051-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                           | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    710000 | PA      | $749657.71    | 0.37%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138W9BG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49687 | PA      | $45235.37     | 0.02%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     30062 | PA      | $27385.27     | 0.01%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967LW9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    470000 | PA      | $468391.29    | 0.23%             | 2029-04-23      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121765.56    | 0.06%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        33 | NC      | $25265.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137BXRT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    590000 | PA      | $584384.03    | 0.29%             | 2027-03-25      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BN3N4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139617 | PA      | $133994.02    | 0.07%             | 2052-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXDJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31968 | PA      | $29947.49     | 0.01%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                          | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    110000 | PA      | $105624.20    | 0.05%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAW4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150305.00    | 0.07%             | 2033-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                | Northern States Power Co/MN                                                     | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182057.37    | 0.09%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PEH1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    320000 | PA      | $318415.27    | 0.16%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYVN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    707308 | PA      | $608174.42    | 0.30%             | 2041-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1280000 | PA      | $1290650.00   | 0.64%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    130000 | PA      | $113799.74    | 0.06%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 6-7 U.S. TREASURY NOTE WEEK 1                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        17 | NC      | $1328.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $125620.43    | 0.06%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BBME9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $556911.32    | 0.28%             | 2050-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38380QBN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     58147 | PA      | $59004.85     | 0.03%             | 2070-04-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| ASIAN DEVELOPMENT BANK                                  | Asian Development Bank                                                          | CUSIP: 045167FH1<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | N/A       |   1280000 | PA      | $1240857.38   | 0.62%             | 2027-01-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                              | CUSIP: 907818FQ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $207818.50    | 0.10%             | 2036-04-06      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Recette CLO LLC                                         | Recette Clo Ltd                                                                 | CUSIP: 75620TAW8<br>LEI: 549300392I5L5XOJ0016 | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $511020.00    | 0.25%             | 2034-04-20      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                      | Coterra Energy Inc                                                              | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209772.34    | 0.10%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MKK99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    198967 | PA      | $186559.34    | 0.09%             | 2050-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                    | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    320000 | PA      | $326496.66    | 0.16%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                           | CUSIP: 760942AS1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    270000 | PA      | $324148.50    | 0.16%             | 2036-03-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        79 | NC      | $58262.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128329.54    | 0.06%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    240000 | PA      | $241968.75    | 0.12%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    350000 | PA      | $360030.08    | 0.18%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113857.15    | 0.06%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| College Ave Student Loans                               | College Ave Student Loans 2021-C LLC                                            | CUSIP: 19424WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    811449 | PA      | $768039.95    | 0.38%             | 2055-07-26      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                      | CUSIP: 458140BT6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    130000 | PA      | $120679.93    | 0.06%             | 2028-08-12      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                         | CUSIP: 110122ED6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20065.90     | 0.01%             | 2026-02-20      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                        | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    360000 | PA      | $365466.97    | 0.18%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 05581KAG6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    490000 | PA      | $516518.08    | 0.26%             | 2034-12-05      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves | Western Asset Premier Institutional Government Reserves                         | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |  27065616 | NS      | $27065615.80  | 13.50%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 1                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        58 | NC      | $4078.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZT4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300012.56    | 0.15%             | 2027-06-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DH0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    360000 | PA      | $356726.66    | 0.18%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FVQG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    497470 | PA      | $83285.53     | 0.04%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514770.49    | 0.26%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1570000 | PA      | $1140856.45   | 0.57%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NDG3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58040.22     | 0.03%             | 2030-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    110000 | PA      | $115534.18    | 0.06%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                  | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135575.01    | 0.07%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                            | CUSIP: 539830CC1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    530000 | PA      | $537770.71    | 0.27%             | 2029-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MB4M8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29897 | PA      | $27622.32     | 0.01%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 5 YEAR U.S. TREASURY NOTE WEEK 1                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        58 | NC      | $13593.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -24 | NC      | $-10125.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM4 Trust                                                             | CUSIP: 67115DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    341928 | PA      | $292907.00    | 0.15%             | 2061-10-25      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                        | CUSIP: 75513EAD3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9147.86      | 0.00%             | 2030-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CFY2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    290000 | PA      | $292509.18    | 0.15%             | 2029-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XL3Q9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    147516 | PA      | $153028.92    | 0.08%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129953.67    | 0.06%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137H7G72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $90841.09     | 0.05%             | 2052-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    130000 | PA      | $131020.70    | 0.07%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 3617MB5P0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25420 | PA      | $23951.19     | 0.01%             | 2050-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deephaven Residential Mortgage                          | Deephaven Residential Mortgage Trust 2022-1                                     | CUSIP: 24382JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    632735 | PA      | $581827.06    | 0.29%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-AFC1 Trust                                                            | CUSIP: 12657LAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    239392 | PA      | $200356.04    | 0.10%             | 2056-03-25      | Variable      | 1.17%                 | 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        |       -58 | NC      | $-5437.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381DWC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2784851 | PA      | $255901.65    | 0.13%             | 2061-06-16      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                  | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146592.28    | 0.07%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132891.24    | 0.07%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159285.87    | 0.08%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                         | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233071.83    | 0.12%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                       | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42132.83     | 0.02%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2024-A                                         | CUSIP: 831943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1080702 | PA      | $1107004.81   | 0.55%             | 2056-03-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                            | CUSIP: 378272BZ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    230000 | PA      | $236521.23    | 0.12%             | 2030-04-01      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Myers Park CLO LTD                                      | Myers Park CLO Ltd                                                              | CUSIP: 62848FAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $551585.87    | 0.28%             | 2030-10-20      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F042699<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $288582.57    | 0.14%             | 2055-09-15      | Fixed         | 4.50%                 | 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        |       -22 | NC      | $-12725.45    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378XW72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    761061 | PA      | $5887.34      | 0.00%             | 2054-08-16      | Variable      | 0.37%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                          | CUSIP: 91324PED0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62540.77     | 0.03%             | 2031-05-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                                        | CUSIP: 05377RGG3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $410434.84    | 0.20%             | 2029-04-20      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC1 Trust                                                           | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    843067 | PA      | $718464.43    | 0.36%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYUH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    571643 | PA      | $479698.65    | 0.24%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                        | NTT Finance Corp                                                                | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    480000 | PA      | $487571.23    | 0.24%             | 2030-07-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $424464.85    | 0.21%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                                | Mill City Mortgage Loan Trust 2019-1                                            | CUSIP: 59981AAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    408991 | PA      | $399291.40    | 0.20%             | 2069-10-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                                      | Coterra Energy Inc                                                              | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    600000 | PA      | $596263.60    | 0.30%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XDDH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    362399 | PA      | $311603.57    | 0.16%             | 2041-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        74 | NC      | $159514.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GGR4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    370000 | PA      | $366065.36    | 0.18%             | 2028-07-21      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                                      | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97238.46     | 0.05%             | 2028-01-27      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    640000 | PA      | $627537.50    | 0.31%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                       | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     90000 | PA      | $93530.65     | 0.05%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master O                          | Ford Credit Floorplan Master Owner Trust A                                      | CUSIP: 34529BAA4<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    370000 | PA      | $375953.37    | 0.19%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378BQJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    890503 | PA      | $1894.46      | 0.00%             | 2053-04-16      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14650000 | PA      | $14727828.13  | 7.34%             | 2032-06-30      | Fixed         | 4.00%                 | 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        |    360000 | PA      | $352721.62    | 0.18%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                                | Fox Corp                                                                        | CUSIP: 35137LAH8<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10116.22     | 0.01%             | 2029-01-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                          | Ellington Financial Mortgage Trust 2021-2                                       | CUSIP: 31572LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    791305 | PA      | $668057.07    | 0.33%             | 2066-06-25      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        56 | NC      | $18200.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103375.24    | 0.05%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2019-1 Ltd                                                    | CUSIP: 69700GAJ1<br>LEI: 549300Y43K78UTRMTN21 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750037.58    | 0.37%             | 2034-11-14      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XGRZ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     69381 | PA      | $63226.57     | 0.03%             | 2045-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                | Florida Gas Transmission Co LLC                                                 | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175295.36    | 0.09%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                 | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    650000 | PA      | $585599.29    | 0.29%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $129130.07    | 0.06%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                         | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    280000 | PA      | $284378.42    | 0.14%             | 2026-09-21      | Fixed         | 5.95%                 | 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        |   1089712 | PA      | $1105078.26   | 0.55%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151449.42    | 0.08%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138X6PV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40983 | PA      | $37298.91     | 0.02%             | 2043-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -60 | NC      | $-7500.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                    | CUSIP: 02079KAK3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100669.18    | 0.05%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                     | Carrier Global Corp                                                             | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     60000 | PA      | $55179.90     | 0.03%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                | Teachers Insurance & Annuity Association of America                             | CUSIP: 878091BC0<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |     32000 | PA      | $36322.92     | 0.02%             | 2039-12-16      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    400000 | PA      | $384940.21    | 0.19%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10169.53     | 0.01%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2021-II LLC                                                     | CUSIP: 03755QAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $440330.00    | 0.22%             | 2034-10-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                | Eagle Funding Luxco Sarl                                                        | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    300000 | PA      | $304605.00    | 0.15%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     59000 | PA      | $59954.88     | 0.03%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158572.18    | 0.08%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137ARFB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    168339 | PA      | $2352.50      | 0.00%             | 2031-09-15      | Fixed         | 3.50%                 | 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        |       166 | NC      | $61731.03     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                 | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81726.34     | 0.04%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250341.80    | 0.12%             | 2028-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                    | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30812.61     | 0.02%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2021-NQM2                                       | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     58248 | PA      | $56794.86     | 0.03%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    220000 | PA      | $219578.88    | 0.11%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXTS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    298078 | PA      | $237357.74    | 0.12%             | 2061-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                       | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    310000 | PA      | $313743.38    | 0.16%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86612.84     | 0.04%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage T                          | Ellington Financial Mortgage Trust 2022-1                                       | CUSIP: 31573CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    361079 | PA      | $319671.30    | 0.16%             | 2067-01-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                   | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $131492.70    | 0.07%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        50 | NC      | $625.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140QNM33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    449956 | PA      | $398647.10    | 0.20%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FRUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3263614 | PA      | $160025.42    | 0.08%             | 2030-01-25      | Variable      | 1.44%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13460000 | PA      | $13649018.38  | 6.81%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    710000 | PA      | $711100.01    | 0.35%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    120000 | PA      | $108715.12    | 0.05%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38375BKP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24500 | PA      | $24513.76     | 0.01%             | 2061-02-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38375BJN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    126025 | PA      | $125999.34    | 0.06%             | 2060-11-20      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $160337.50    | 0.08%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $129553.76    | 0.06%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129127.24    | 0.06%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -66 | NC      | $-26812.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                 | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $392462.84    | 0.20%             | 2026-02-01      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    490000 | PA      | $499699.58    | 0.25%             | 2035-07-22      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BBEM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    648318 | PA      | $564630.39    | 0.28%             | 2050-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                                       | TSMC Arizona Corp                                                               | CUSIP: 872898AA9<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1129430.45   | 0.56%             | 2026-10-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 31418EDX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145055 | PA      | $132531.01    | 0.07%             | 2042-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    320000 | PA      | $322045.29    | 0.16%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    132347 | PA      | $121056.38    | 0.06%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MB5B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52974 | PA      | $49923.45     | 0.02%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Polus Capital Management                                | Polus US CLO II Ltd                                                             | CUSIP: 73163VAC5<br>LEI: 254900AGAA5TXFLBCL85 | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $482808.14    | 0.24%             | 2038-07-20      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XPZE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     85694 | PA      | $84153.73     | 0.04%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND WEEK 5                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        33 | NC      | $515.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1730000 | PA      | $1667186.14   | 0.83%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                        | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    160000 | PA      | $172872.32    | 0.09%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVR2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    260000 | PA      | $259887.52    | 0.13%             | 2025-10-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                 | Warwick Capital CLO 7 Ltd                                                       | CUSIP: 93656JAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300225.00    | 0.15%             | 2038-10-21      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133C8DQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79366 | PA      | $80513.01     | 0.04%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KTYK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73433 | PA      | $63139.50     | 0.03%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                   | Waste Connections Inc                                                           | CUSIP: 94106BAG6<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |    380000 | PA      | $385791.31    | 0.19%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $50693.36     | 0.03%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E                          | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                          | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    110000 | PA      | $109930.91    | 0.05%             | 2042-08-20      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                              | Pfizer Inc                                                                      | CUSIP: 717081EY5<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    190000 | PA      | $170158.27    | 0.08%             | 2030-05-28      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 2 YEAR U.S. TREASURY NOTE                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        45 | NC      | $17235.48     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -131 | NC      | $-18421.88    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXET5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    451936 | PA      | $406313.22    | 0.20%             | 2057-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GULFSTREAM NATURAL GAS                                  | Gulfstream Natural Gas System LLC                                               | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $273308.09    | 0.14%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                                  | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163856.39    | 0.08%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                                   | Truist Financial Corp                                                           | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131518.47    | 0.07%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CFF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1430000 | PA      | $1327916.99   | 0.66%             | 2032-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    110000 | PA      | $112925.56    | 0.06%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13510000 | PA      | $13694443.11  | 6.83%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                                  | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    210000 | PA      | $195796.59    | 0.10%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                              | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19479.17     | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                                 | CUSIP: 42806MCA5<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $468018.63    | 0.23%             | 2028-02-25      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       109 | NC      | $65177.54     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                       | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97687.34     | 0.05%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                                          | Amazon.com Inc                                                                  | CUSIP: 023135BZ8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    140000 | PA      | $125611.86    | 0.06%             | 2031-05-12      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378XUN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    822045 | PA      | $4965.15      | 0.00%             | 2055-05-16      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    240000 | PA      | $237543.64    | 0.12%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137H4C73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6482349 | PA      | $170795.63    | 0.09%             | 2031-10-25      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                                       | TSMC Arizona Corp                                                               | CUSIP: 872898AC5<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    940000 | PA      | $854958.66    | 0.43%             | 2031-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80266.75     | 0.04%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                     | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    190000 | PA      | $169735.84    | 0.08%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                 | Honeywell International Inc                                                     | CUSIP: 438516CR5<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226988.49    | 0.11%             | 2031-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fanniemae Strip                                         | Fannie Mae Interest Strip                                                       | CUSIP: 31424U8E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    882378 | PA      | $206653.61    | 0.10%             | 2053-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY NOTE BOND WEEK 1                                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        33 | NC      | $6703.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                            | CUSIP: 378272BS6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    360000 | PA      | $371001.81    | 0.19%             | 2029-04-04      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138ELCK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    222864 | PA      | $230025.94    | 0.11%             | 2043-05-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    130000 | PA      | $132158.39    | 0.07%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                    | Royal Bank of Canada                                                            | CUSIP: 78016FZQ0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $105954.77    | 0.05%             | 2032-05-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    220000 | PA      | $206770.18    | 0.10%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | Danske Bank A/S                                                                 | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    420000 | PA      | $420191.41    | 0.21%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DCB9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61799.70     | 0.03%             | 2032-08-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                      | CUSIP: 444859BT8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    350000 | PA      | $343152.53    | 0.17%             | 2029-03-23      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES XLIV CLO Ltd                                                               | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $289499.49    | 0.14%             | 2034-04-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38375BA77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     71394 | PA      | $71320.24     | 0.04%             | 2062-12-20      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        12 | NC      | $11437.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    510000 | PA      | $505515.79    | 0.25%             | 2028-04-06      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2015-1                                      | CUSIP: 64829CAB4<br>LEI: 549300RCJSGOC0A85G53 | Long             | ABS-MBS          | CORP              | US        |    219132 | PA      | $211269.96    | 0.11%             | 2052-05-28      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    320000 | PA      | $285681.04    | 0.14%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69579.36     | 0.03%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2017-4                                                | CUSIP: 89173UAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1010000 | PA      | $852363.75    | 0.43%             | 2057-06-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3138W5GH5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30405 | PA      | $27676.74     | 0.01%             | 2043-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381JZQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8005936 | PA      | $338135.49    | 0.17%             | 2063-09-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XKCJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     81982 | PA      | $83159.69     | 0.04%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DTAR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    176305 | PA      | $179723.86    | 0.09%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ACPG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     83483 | PA      | $84979.11     | 0.04%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | ULTRA U.S. TREASURY BOND                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -53 | NC      | $17563.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2017-4                                      | CUSIP: 64829NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    403922 | PA      | $390028.84    | 0.19%             | 2057-05-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                    | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    260000 | PA      | $323934.00    | 0.16%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                    | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    210000 | PA      | $212878.55    | 0.11%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178WGQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     41578 | PA      | $37269.86     | 0.02%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DCC7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20530.15     | 0.01%             | 2035-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 293791AP4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11281.74     | 0.01%             | 2034-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9M92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    409572 | PA      | $351293.77    | 0.18%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                        | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    180000 | PA      | $195892.45    | 0.10%             | 2030-02-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AFRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    220069 | PA      | $7460.48      | 0.00%             | 2032-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                  | Chubb INA Holdings LLC                                                          | CUSIP: 00440EAV9<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9942.43      | 0.00%             | 2026-05-03      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -20 | NC      | $3458.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Blue CLO Ltd                                       | Park Blue CLO 2025-VIII Ltd                                                     | CUSIP: 70019WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    360000 | PA      | $360270.00    | 0.18%             | 2038-10-25      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM2 Trust                                                             | CUSIP: 670857AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261892 | PA      | $215632.47    | 0.11%             | 2061-05-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                         | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114476.93    | 0.06%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                      | CUSIP: 444859BR2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84830.65     | 0.04%             | 2032-02-03      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC                                   | Haleon US Capital LLC                                                           | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247183.59    | 0.12%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2962.18      | 0.00%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Kings Park CLO Ltd                                      | Kings Park CLO Ltd                                                              | CUSIP: 496094AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330824.01    | 0.16%             | 2035-01-21      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABUU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     70923 | PA      | $62160.72     | 0.03%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     59927 | PA      | $56139.42     | 0.03%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101174.03    | 0.05%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       117 | NC      | $4387.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                                          | CUSIP: 195325DQ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    520000 | PA      | $381903.60    | 0.19%             | 2049-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $30140.63     | 0.02%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132DQBZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    160182 | PA      | $162754.10    | 0.08%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145487.58    | 0.07%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXFZ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35465 | PA      | $33223.42     | 0.02%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                          | Fannie Mae-Aces                                                                 | CUSIP: 3136B35Z9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    225331 | PA      | $219557.76    | 0.11%             | 2031-02-25      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Trust 2021-A                                                       | CUSIP: 03842VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $979439.27    | 0.49%             | 2046-07-17      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                         | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10270.70     | 0.01%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203888.89    | 0.10%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FW3E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    144725 | PA      | $24746.51     | 0.01%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -66 | NC      | $-16500.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XQA23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    445991 | PA      | $390853.07    | 0.19%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XGV97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71148 | PA      | $64759.17     | 0.03%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                             | United States Treasury Strip Principal                                          | CUSIP: 912803FJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5220000 | PA      | $1572397.89   | 0.78%             | 2049-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Student Loan Trust 2020-1                                               | CUSIP: 63942FAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144938 | PA      | $145162.29    | 0.07%             | 2069-06-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622AB4U3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     76217 | PA      | $73746.95     | 0.04%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                  | BP Capital Markets America Inc                                                  | CUSIP: 10373QBL3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127209.83    | 0.06%             | 2030-04-06      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                               | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98030.01     | 0.05%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $14502.54     | 0.01%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9LV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    395367 | PA      | $360957.13    | 0.18%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2021-AFC2 Trust                                                           | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    361604 | PA      | $323141.42    | 0.16%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        33 | NC      | $14953.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2005-AR8                         | CUSIP: 92922FS25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1115300 | PA      | $1067509.89   | 0.53%             | 2045-07-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                       | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $168346.50    | 0.08%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    490000 | PA      | $414778.52    | 0.21%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F050692<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $197272.37    | 0.10%             | 2055-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FYAR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    266643 | PA      | $234872.75    | 0.12%             | 2041-04-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FXC89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     73899 | PA      | $10246.48     | 0.01%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170403.18    | 0.08%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    750000 | PA      | $653360.91    | 0.33%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                           | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135981.01    | 0.07%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae I Pool                                                               | CUSIP: 36178WDN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     48195 | PA      | $43737.95     | 0.02%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       239 | NC      | $120410.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AHGQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16384 | PA      | $1852.13      | 0.00%             | 2043-12-25      | Floating      | 1.49%                 | No            |                  2 | On Loan: No      |
| Hin Timeshare Trust                                     | HINNT 2025-A LLC                                                                | CUSIP: 433403AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    146381 | PA      | $148362.44    | 0.07%             | 2044-03-15      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                              | US Bancorp                                                                      | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $198010.81    | 0.10%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                            | CaixaBank SA                                                                    | CUSIP: 12803RAL8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $202406.98    | 0.10%             | 2031-07-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40963.60     | 0.02%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233580.24    | 0.12%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AETS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13562 | PA      | $1555.84      | 0.00%             | 2043-06-25      | Floating      | 1.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137B2DY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    178593 | PA      | $15211.83     | 0.01%             | 2042-09-15      | Floating      | 1.79%                 | No            |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust                          | SWCH Commercial Mortgage Trust 2025-DATA                                        | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $457294.23    | 0.23%             | 2042-02-15      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 969457BY5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    120000 | PA      | $108630.75    | 0.05%             | 2031-03-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY BOND WEEK 5                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -16 | NC      | $-12000.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-55153.30    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378KTM1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2787755 | PA      | $18927.74     | 0.01%             | 2047-04-16      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                         | Cigna Group/The                                                                 | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181004.62    | 0.09%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                 | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130953.88    | 0.07%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132D9QM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250362 | PA      | $215270.16    | 0.11%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WEA FINANCE LLC                                         | WEA Finance LLC                                                                 | CUSIP: 92928QAE8<br>LEI: 3CYEJKBUJZO3UW777J80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197732.80    | 0.10%             | 2028-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ABCD2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     69696 | PA      | $59191.59     | 0.03%             | 2051-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates                    | CUSIP: 3137FREM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3100000 | PA      | $167410.85    | 0.08%             | 2030-01-25      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    270000 | PA      | $268147.50    | 0.13%             | 2027-07-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Antares CLO                                             | Antares CLO 2018-1 Ltd                                                          | CUSIP: 03665MAJ0<br>LEI: 254900BLLG7F7B4DGG41 | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $310369.33    | 0.15%             | 2038-04-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                     | Georgia-Pacific LLC                                                             | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    170000 | PA      | $171589.88    | 0.09%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-48555.96    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XKNS5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68035 | PA      | $71693.52     | 0.04%             | 2041-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136AYSU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21589 | PA      | $2216.66      | 0.00%             | 2047-11-25      | Floating      | 1.74%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3132E0BK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    160722 | PA      | $166457.73    | 0.08%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                      | CUSIP: 458140CF5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81964.70     | 0.04%             | 2030-02-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                          | Merck & Co Inc                                                                  | CUSIP: 58933YAZ8<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88375.70     | 0.04%             | 2030-06-24      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                                  | Tennessee Gas Pipeline Co LLC                                                   | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $18704.03     | 0.01%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PAX4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    520000 | PA      | $524192.31    | 0.26%             | 2029-12-05      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                  | CUSIP: 09659W2H6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    370000 | PA      | $378137.32    | 0.19%             | 2030-01-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381B4T8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    161775 | PA      | $147081.87    | 0.07%             | 2049-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255626.75    | 0.13%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $81438.87     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    530000 | PA      | $537039.06    | 0.27%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381H8H7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1484358 | PA      | $1111914.99   | 0.55%             | 2064-06-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                            | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10191.40     | 0.01%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                              | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    230000 | PA      | $223049.06    | 0.11%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                            | CUSIP: 91087BAS9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    680000 | PA      | $483004.00    | 0.24%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                                | American Transmission Systems Inc                                               | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $124523.91    | 0.06%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    770000 | PA      | $754366.31    | 0.38%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                   | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123131.10    | 0.06%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136A92R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    324932 | PA      | $297705.76    | 0.15%             | 2042-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                                           | CUSIP: 03740MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $298626.46    | 0.15%             | 2029-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Sycamore Tree CLO Ltd                                   | Sycamore Tree CLO 2025-6 Ltd                                                    | CUSIP: 87122HAA0<br>LEI: 2138001M3BAXCUCAUG38 | Long             | ABS-CBDO         | CORP              | KY        |    280000 | PA      | $280070.78    | 0.14%             | 2038-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                       | Chile Government International Bond                                             | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    430000 | PA      | $321812.00    | 0.16%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank Commercial Mortg                          | DBJPM 16-C1 Mortgage Trust                                                      | CUSIP: 23312LAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    360000 | PA      | $338069.84    | 0.17%             | 2049-05-10      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                  | CUSIP: 958254AK0<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10063.39     | 0.01%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                            | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10430.33     | 0.01%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2018-2-GS                                               | CUSIP: 61946LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    842510 | PA      | $789954.39    | 0.39%             | 2044-02-22      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VFX7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    434000 | PA      | $380980.46    | 0.19%             | 2030-10-30      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                                 | CUSIP: 58013MFQ2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87880.56     | 0.04%             | 2030-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                                         | Cameron LNG LLC                                                                 | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27475.77     | 0.01%             | 2031-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38375BLE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     21884 | PA      | $21894.91     | 0.01%             | 2061-03-20      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137FUVK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    178246 | PA      | $150230.24    | 0.07%             | 2045-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AXIS Equipment Finance Receiva                          | Amur Equipment Finance Receivables XV LLC                                       | CUSIP: 03237FAB1<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $121251.55    | 0.06%             | 2031-09-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO XI C Ltd                                                             | CUSIP: 14688RAA8<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000923.10   | 0.50%             | 2037-10-20      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM2                                                                  | CUSIP: 12662EAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    170626 | PA      | $154218.35    | 0.08%             | 2066-02-25      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2021-L6                                          | CUSIP: 61692CBX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $209589.50    | 0.10%             | 2054-06-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| BDS Ltd                                                 | BDS 2021-FL10 Ltd                                                               | CUSIP: 07335YAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    640000 | PA      | $641676.16    | 0.32%             | 2036-12-16      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                    | CUSIP: 20030NBS9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9945.28      | 0.00%             | 2026-03-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37455.65     | 0.02%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311057.20    | 0.16%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                         | Israel Government International Bond                                            | CUSIP: 46514BRL3<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    300000 | PA      | $306549.87    | 0.15%             | 2034-03-12      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $90244.34     | 0.05%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38383CRU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    578855 | PA      | $478276.46    | 0.24%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga                          | MF1 2025-FL19 LLC                                                               | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    200000 | PA      | $200638.64    | 0.10%             | 2042-05-18      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| SACO I Trust                                            | SACO I Trust 2007-VA1                                                           | CUSIP: 78386KAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       773 | PA      | $607.66       | 0.00%             | 2021-06-25      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BBMQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    136079 | PA      | $23109.73     | 0.01%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2019-AFC1 Trust                                                            | CUSIP: 12596XAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    282399 | PA      | $274888.10    | 0.14%             | 2049-07-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                               | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92510.14     | 0.05%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38381BDT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    176167 | PA      | $169030.79    | 0.08%             | 2048-08-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    380000 | PA      | $377767.61    | 0.19%             | 2029-03-05      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                                | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAE9<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |    380000 | PA      | $390691.68    | 0.19%             | 2028-05-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                                 | Federal Home Loan Bank Discount Notes                                           | CUSIP: 313385MQ6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    380000 | PA      | $378359.46    | 0.19%             | 2025-10-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    260000 | PA      | $242383.82    | 0.12%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer                          | WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust                  | CUSIP: 92922FB72<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171832 | PA      | $166211.89    | 0.08%             | 2034-11-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Lin                          | Santander Bank Auto Credit-Linked Notes Series 2022-C                           | CUSIP: 80290CBK9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1187038 | PA      | $1223521.19   | 0.61%             | 2032-12-15      | Fixed         | 14.59%                | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967ME8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    750000 | PA      | $740771.45    | 0.37%             | 2030-03-20      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351032.45    | 0.18%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2021-NQM3 Trust                                                             | CUSIP: 67114JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    384595 | PA      | $317545.16    | 0.16%             | 2061-07-25      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                   | Petroleos del Peru SA                                                           | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    520000 | PA      | $423082.40    | 0.21%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $100677.73    | 0.05%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                        | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174414.16    | 0.09%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy 33 CLO Ltd                                                               | CUSIP: 36321EAC9<br>LEI: 3912004FNLYTWOWSZU31 | Long             | ABS-CBDO         | CORP              | KY        |    780000 | PA      | $781581.29    | 0.39%             | 2037-04-20      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MKP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    124247 | PA      | $104985.08    | 0.05%             | 2050-12-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                      | CUSIP: 444859BZ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10427.98     | 0.01%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                   | MidAmerican Energy Co                                                           | CUSIP: 595620AT2<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9870.40      | 0.00%             | 2029-04-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                     | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238072.71    | 0.12%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38382MTZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    128811 | PA      | $128239.73    | 0.06%             | 2051-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    502000 | PA      | $493363.61    | 0.25%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                               | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $287729.43    | 0.14%             | 2031-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 15-1 A PTT                                   | American Airlines 2015-1 Class A Pass Through Trust                             | CUSIP: 023770AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    469549 | PA      | $461078.54    | 0.23%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                          | Greystone CRE Notes 2025-FL4 LLC                                                | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $250170.30    | 0.12%             | 2043-01-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                    | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39772.44     | 0.02%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210865.19    | 0.11%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-NQM7                                                                  | CUSIP: 12662QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    257702 | PA      | $227796.49    | 0.11%             | 2066-10-25      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                   | Amrize Finance US LLC                                                           | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60908.58     | 0.03%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                        | CUSIP: 571676AB1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    140000 | PA      | $133922.51    | 0.07%             | 2030-04-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                    | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49614.06     | 0.02%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                | Viper Energy Partners LLC                                                       | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60197.70     | 0.03%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    310000 | PA      | $306018.86    | 0.15%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                        | Freddie Mac Strips                                                              | CUSIP: 31325VKQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     65509 | PA      | $7140.66      | 0.00%             | 2044-08-15      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                      | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    680000 | PA      | $663394.93    | 0.33%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                            | CUSIP: 539830BR9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    370000 | PA      | $359255.02    | 0.18%             | 2032-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                          | CUSIP: 715638FC1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    280000 | PA      | $282604.00    | 0.14%             | 2036-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                          | CUSIP: 67091TAC9<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    350000 | PA      | $349930.44    | 0.17%             | 2025-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                | Viper Energy Partners LLC                                                       | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151287.75    | 0.08%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                | CUSIP: 337932AN7<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    190000 | PA      | $187784.44    | 0.09%             | 2026-01-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHNF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     95626 | PA      | $96090.44     | 0.05%             | 2054-12-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                             | CUSIP: 46647PAR7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    340000 | PA      | $338764.62    | 0.17%             | 2029-04-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ACKW9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    236842 | PA      | $236406.67    | 0.12%             | 2053-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    220000 | PA      | $198763.15    | 0.10%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    830000 | PA      | $856151.99    | 0.43%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    180000 | PA      | $186959.86    | 0.09%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        26 | NC      | $162.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cent CLO LP                                             | Columbia Cent CLO 33 Ltd                                                        | CUSIP: 19737PAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1508007.00   | 0.75%             | 2037-04-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617JYLP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51481 | PA      | $46898.84     | 0.02%             | 2050-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                | Pioneer Natural Resources Co                                                    | CUSIP: 723787AQ0<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    130000 | PA      | $116266.25    | 0.06%             | 2030-08-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                   | Texas Instruments Inc                                                           | CUSIP: 882508BJ2<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9009.95      | 0.00%             | 2030-05-04      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2022-NQM3                                       | CUSIP: 10569JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    261189 | PA      | $260731.65    | 0.13%             | 2062-07-25      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-HOME1 Trust                                                          | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    693980 | PA      | $704383.86    | 0.35%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                             | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100275.56    | 0.05%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                    | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111090.49    | 0.06%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    230000 | PA      | $234249.61    | 0.12%             | 2029-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140FXKP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29680 | PA      | $28598.50     | 0.01%             | 2058-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | U.S. TREASURY NOTE BOND WEEK 1                                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        25 | NC      | $8203.13      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    380000 | PA      | $354810.16    | 0.18%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10033.59     | 0.01%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3617MB5S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28480 | PA      | $26839.80     | 0.01%             | 2050-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BG4M0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    185364 | PA      | $165443.75    | 0.08%             | 2046-01-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                     | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    400000 | PA      | $383559.76    | 0.19%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                                        | CUSIP: 38378XQX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1043110 | PA      | $3717.65      | 0.00%             | 2054-08-16      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                                               | CUSIP: 3136BCD80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    651744 | PA      | $105054.87    | 0.05%             | 2050-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBT9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    270000 | PA      | $271289.44    | 0.14%             | 2028-10-16      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                                                | CUSIP: 3133KYVF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    137188 | PA      | $117962.14    | 0.06%             | 2041-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                | Pioneer Natural Resources Co                                                    | CUSIP: 723787AR8<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    180000 | PA      | $161559.45    | 0.08%             | 2031-01-15      | Fixed         | 2.15%                 | 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      | $416889.55    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $112881.92    | 0.06%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                     | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $82551.08     | 0.04%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                              | Kenvue Inc                                                                      | CUSIP: 49177JAF9<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    280000 | PA      | $287163.33    | 0.14%             | 2028-03-22      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Obra CLO Ltd                                            | Obra CLO 2 Ltd                                                                  | CUSIP: 674436AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $442746.66    | 0.22%             | 2038-07-20      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2024-II Ltd                                                        | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751462.13    | 0.37%             | 2037-04-22      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160125.44    | 0.08%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XMHZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83993 | PA      | $85555.57     | 0.04%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Heritage Auto Receiva                          | American Heritage Auto Receivables Issuer Trust 2025-1                          | CUSIP: 02650VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    360000 | PA      | $361249.27    | 0.18%             | 2030-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $10285.16     | 0.01%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                  | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    280000 | PA      | $290917.52    | 0.15%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | 10 YEAR U.S. TREASURY NOTE                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -65 | NC      | $-2031.25     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                                      | Meta Platforms Inc                                                              | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150821.01    | 0.08%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                | Anheuser-Busch InBev Worldwide Inc                                              | CUSIP: 035240AV2<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292028.02    | 0.15%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                            | CUSIP: 96949LAD7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168725.15    | 0.08%             | 2027-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $120412.50    | 0.06%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 36179UEA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7945 | PA      | $7790.31      | 0.00%             | 2048-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                            | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    890000 | PA      | $882781.03    | 0.44%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                 | CUSIP: 3140XLDT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82870 | PA      | $70869.55     | 0.04%             | 2042-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                                              | CUSIP: 3622ACPU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    337898 | PA      | $341597.16    | 0.17%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                | CUSIP: 02209SBQ5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    400000 | PA      | $423075.14    | 0.21%             | 2028-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                               | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F030694<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $259956.02    | 0.13%             | 2055-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | THREE-MONTH SOFR                                                                | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -29 | NC      | $-12325.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                      | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    450000 | PA      | $460830.38    | 0.23%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                               | CUSIP: 29379VBV4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    290000 | PA      | $279542.42    | 0.14%             | 2029-07-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                                              | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100696 | PA      | $101061.79    | 0.05%             | 2054-12-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                | CUSIP: 95000U2L6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80304.30     | 0.04%             | 2031-04-04      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72005.94     | 0.04%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                  | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    280000 | PA      | $277235.11    | 0.14%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                              | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $399439.68    | 0.20%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                       | Elevation CLO 2025-18 Ltd                                                       | CUSIP: 28623JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $270507.60    | 0.13%             | 2038-03-28      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                          | Fannie Mae-Aces                                                                 | CUSIP: 3136BP3K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $192833.92    | 0.10%             | 2032-09-25      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                 | Reliance Industries Ltd                                                         | CUSIP: 759470BD8<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    270000 | PA      | $195826.60    | 0.10%             | 2052-01-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer