# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0000940400-25-010434
**Filing Date:** 2025-11
**Character Count:** 667965
**Document Hash:** 80dacd3b7ecd6124a5148f65334f202e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010434.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010434

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06310
- **FILM NUMBER:** 251519753

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 86.0%** | **Corporate Bonds & Notes — 86.0%** | **Corporate Bonds & Notes — 86.0%** | **Corporate Bonds & Notes — 86.0%** | **Corporate Bonds & Notes — 86.0%** |
| **Communication Services — 8.2%** | **Communication Services — 8.2%** | **Communication Services — 8.2%** | **Communication Services — 8.2%** | **Communication Services — 8.2%** |
| *Diversified Telecommunication Services — 2.8%* | *Diversified Telecommunication Services — 2.8%* | *Diversified Telecommunication Services — 2.8%* | *Diversified Telecommunication Services — 2.8%* | *Diversified Telecommunication Services — 2.8%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; $70000<br>| &nbsp;&nbsp;&nbsp; $66277<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 406951<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 201423<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 54097<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 98322<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/9/48 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 169638<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 747615<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 1590000<br>| &nbsp;&nbsp;&nbsp; 1096561<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 1047629<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/1/57 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 342553<br>|
| &nbsp;&nbsp;&nbsp; Frontier California Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 619007<br>|
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101082<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 157409<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 101000<br>| &nbsp;&nbsp;&nbsp; 91853<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 177138<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 233975<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 495371<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 347845<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 414687<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 171535<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/22/51 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 381550<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/23/54 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 522441<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/22/61 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 176252<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *8121211* |
| *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203137<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 237361<br>|
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 282208<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co., Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 127124<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 76000<br>| &nbsp;&nbsp;&nbsp; 69730<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 215715<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 9000<br>| &nbsp;&nbsp;&nbsp; 6716<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *1141991* |
| *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250327<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/65 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 368465<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 165517<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 222960<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 484496<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/63 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 277907<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/64 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59606<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *1829278* |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Media — 3.1%* | *Media — 3.1%* | *Media — 3.1%* | *Media — 3.1%* | *Media — 3.1%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp;&nbsp; $20265<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 501059<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 167902<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 151338<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 707475<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 413717<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 237219<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10126<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 327049<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 170355<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 159865<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 561038<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.049% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 369075<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 328421<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 265165<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 444699<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 647408<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 254610<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.987% | &nbsp;&nbsp; 11/1/63 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 120018<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 331407<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/30/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 268037<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC, Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 985815<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 1005701<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 392100<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *8839864* |
| *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/30/40 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 181998<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 223260<br>|
| &nbsp;&nbsp;&nbsp; SoftBank Corp., Senior Notes | &nbsp;&nbsp; 4.699% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 322729<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 263593<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68661<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 470350<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 276681<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 248113<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 109136<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 555437<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; $830000<br>| &nbsp;&nbsp;&nbsp; $848414<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *3568372* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **23500716** |
| **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *316172*<br> <sup>(a)</sup><br>|
| *Automobiles — 0.9%* | *Automobiles — 0.9%* | *Automobiles — 0.9%* | *Automobiles — 0.9%* | *Automobiles — 0.9%* |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/10/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211668<br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/13/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 173287<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 6/17/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181955<br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.122% | &nbsp;&nbsp; 11/7/33 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 374280<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51946<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 194369<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 234020<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 156085<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/8/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154738<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 6/24/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 257585<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131781<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 242900<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 8/9/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142207<br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 143454<br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *2650275* |
| *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 2/9/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 180424<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/26/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 209491<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/9/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 298154<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 2/9/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 280404<br>|
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/26/54 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 418590<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *1387063* |
| *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, Senior Notes | &nbsp;&nbsp; 5.618% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 389599<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/1/2111 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 253913<br>|
| &nbsp;&nbsp;&nbsp; Washington University, Senior Notes | &nbsp;&nbsp; 3.524% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 110847<br>|
| &nbsp;&nbsp;&nbsp; Washington University, Senior Notes | &nbsp;&nbsp; 4.349% | &nbsp;&nbsp; 4/15/<br> 2122<br>| &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 140145<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *894504* |
| *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* | *Hotels, Restaurants & Leisure — 2.3%* |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 268980<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 810000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 194115<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146694<br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 984749<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 238156<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 184064<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 251670<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 83357<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/9/45 | &nbsp;&nbsp; $180000<br>| &nbsp;&nbsp;&nbsp; $166576<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 532266<br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197038<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 421382<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101966<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82616<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 215435<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 271679<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/18/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 580526<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 636471<br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 196380<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *6615140* |
| *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* |
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *179472*<br> <sup>(a)</sup><br>|
| *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 40994<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 494864<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 92645<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 149675<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 79696<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 315140<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1173014* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **13215640** |
| **Consumer Staples — 4.2%** | **Consumer Staples — 4.2%** | **Consumer Staples — 4.2%** | **Consumer Staples — 4.2%** | **Consumer Staples — 4.2%** |
| *Beverages — 0.6%* | *Beverages — 0.6%* | *Beverages — 0.6%* | *Beverages — 0.6%* | *Beverages — 0.6%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 140630<br>|
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 237395<br>|
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 546331<br>|
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/23/59 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 490301<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 1/14/55 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 431356<br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *1846013* |
| *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400466<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Albertsons Cos. Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 75926<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 351180<br>|
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/15/64 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 370950<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1198522* |
| *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Gruma SAB de CV, Senior Notes | &nbsp;&nbsp; 5.390% | &nbsp;&nbsp; 12/9/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204800<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gruma SAB de CV, Senior Notes | &nbsp;&nbsp; 5.761% | &nbsp;&nbsp; 12/9/54 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 398565<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 157725<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/25/55 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 677797<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JM Smucker Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 218245<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 317283<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 194305<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Food Products — continued* | *Food Products — continued* | *Food Products — continued* | *Food Products — continued* | *Food Products — continued* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; $170000<br>| &nbsp;&nbsp;&nbsp; $172567<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 669020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/65 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 163306<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 166850<br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 9/4/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 60771<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *3401234* |
| *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; L'Oreal SA, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *267822*<br> <sup>(a)</sup><br>|
| *Tobacco — 1.9%* | *Tobacco — 1.9%* | *Tobacco — 1.9%* | *Tobacco — 1.9%* | *Tobacco — 1.9%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 223557<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 96866<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 2/14/39 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 601788<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/9/42 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 269669<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 138181<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1053296<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 2.259% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 105138<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 138934<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 9/25/40 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 48435<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.079% | &nbsp;&nbsp; 8/2/43 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 532259<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.081% | &nbsp;&nbsp; 8/2/53 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 550533<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 523186<br>|
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 5.931% | &nbsp;&nbsp; 2/2/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 304706<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 159478<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 289900<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 113629<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/16/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 112277<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/21/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 124748<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *5386580* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **12100171** |
| **Energy — 7.6%** | **Energy — 7.6%** | **Energy — 7.6%** | **Energy — 7.6%** | **Energy — 7.6%** |
| *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* | *Energy Equipment & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 128129<br>|
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 98542<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *226671* |
| *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* | *Oil, Gas & Consumable Fuels — 7.5%* |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231507<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, Senior Notes (6.125% to 6/18/35 then 5 year Treasury <br> Constant Maturity Rate + 1.924%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/18/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 280000<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets PLC, Senior Notes (6.450% to 3/1/34 then 5 year Treasury <br> Constant Maturity Rate + 2.153%) | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 74832<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/30/35 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 327128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, Senior Notes | &nbsp;&nbsp; 6.042% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62629<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; 300000<br>| &nbsp;&nbsp;&nbsp; 320222<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.544% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 75149<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154649<br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59167<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 9/15/63 | &nbsp;&nbsp; $160000<br>| &nbsp;&nbsp;&nbsp; $158841<br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 468134<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 182373<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129493<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 240843<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 192008<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 165581<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/18/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 375470<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112749<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/19/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 134343<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year <br> Treasury Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 825994<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 2/15/31 then 5 year <br> Treasury Constant Maturity Rate + 2.676%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99629<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.750% to 2/15/36 then 5 year <br> Treasury Constant Maturity Rate + 2.475%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 179858<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year <br> Treasury Constant Maturity Rate + 5.306%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 113873<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 598422<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 147700<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 165118<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 140945<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 135791<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51323<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 346954<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 433903<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 116290<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 147518<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242106<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 358961<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 275899<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 545244<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 801219<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 1/31/60 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 59729<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (3 mo. Term SOFR + 3.248%) | &nbsp;&nbsp; 7.433% | &nbsp;&nbsp; 8/16/77 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90072<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. <br> Term SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 387845<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9291<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 82028<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101947<br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20008<br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50526<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61017<br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 274031<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 124529<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, Senior Secured Notes | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 2/23/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 210203<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco Sarl, Senior Secured Notes | &nbsp;&nbsp; 6.103% | &nbsp;&nbsp; 8/23/42 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp;&nbsp; $210532<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; 400000<br>| &nbsp;&nbsp;&nbsp; 410066<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, Senior Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 114462<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 382248<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 14079<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40588<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150101<br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term SOFR + <br> 5.750%) | &nbsp;&nbsp; 10.051% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 416216<br>| &nbsp;&nbsp;&nbsp; 409973<br> <sup>(a)(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 364072<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 159521<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/15/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 39260<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 37231<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 280080<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/46 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 47197<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 532241<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/17/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72570<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 3/19/49 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 108350<br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/10/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 329705<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 349783<br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 116942<br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 53570<br>|
| &nbsp;&nbsp;&nbsp; Qatar Energy, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/12/41 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 223857<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Qatar Energy, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/12/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 141132<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/2/55 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 426690<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 124571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 228447<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 304197<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/30/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 65416<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122181<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20418<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 979767<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 173185<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122091<br>|
| &nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 269081<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 251058<br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 191304<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 221814<br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111908<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130224<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 419866<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 179675<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 557388<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 339729<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 657596<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 9/30/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 233510<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; $70000<br>| &nbsp;&nbsp;&nbsp; $72288<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *21733055* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **21959726** |
| **Financials — 26.9%** | **Financials — 26.9%** | **Financials — 26.9%** | **Financials — 26.9%** | **Financials — 26.9%** |
| *Banks — 12.1%* | *Banks — 12.1%* | *Banks — 12.1%* | *Banks — 12.1%* | *Banks — 12.1%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (6.339% to 9/18/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 9/18/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203914<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, Senior Notes | &nbsp;&nbsp; 5.381% | &nbsp;&nbsp; 3/13/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 413393<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero <br> Santander Mexico, SAB de CV, Senior Notes | &nbsp;&nbsp; 5.621% | &nbsp;&nbsp; 12/10/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 208602<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Junior Subordinated Notes (9.625% to 11/21/33 then 5 year <br> Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 483010<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 6.607% | &nbsp;&nbsp; 11/7/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 641733<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 5.439% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 420115<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (5.365% to 7/15/27 then 1 year Treasury <br> Constant Maturity Rate + 0.950%) | &nbsp;&nbsp; 5.365% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204149<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (1.922% to 10/24/30 then SOFR + 1.370%) | &nbsp;&nbsp; 1.922% | &nbsp;&nbsp; 10/24/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 186573<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.831% to 10/24/50 then SOFR + 1.880%) | &nbsp;&nbsp; 2.831% | &nbsp;&nbsp; 10/24/51 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 638485<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 546562<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.311% to 4/22/41 then SOFR + 1.580%) | &nbsp;&nbsp; 3.311% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 420648<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.593% to 7/21/27 then 3 mo. Term SOFR + <br> 1.632%) | &nbsp;&nbsp; 3.593% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1020784<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.443% to 1/20/47 then 3 mo. Term SOFR + <br> 2.252%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 1/20/48 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 403757<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.468% to 1/23/34 then SOFR + 1.650%) | &nbsp;&nbsp; 5.468% | &nbsp;&nbsp; 1/23/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 52241<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.511% to 1/24/35 then SOFR + 1.310%) | &nbsp;&nbsp; 5.511% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 857515<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (2.482% to 9/21/31 then 5 year Treasury <br> Constant Maturity Rate + 1.200%) | &nbsp;&nbsp; 2.482% | &nbsp;&nbsp; 9/21/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 251839<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (5.518% to 10/25/34 then SOFR + <br> 1.738%) | &nbsp;&nbsp; 5.518% | &nbsp;&nbsp; 10/25/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 440620<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Junior Subordinated Notes (7.300% to 11/26/34 then 5 year <br> Treasury Constant Maturity Rate + 3.010%) | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 11/26/84 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 371996<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Junior Subordinated Notes (8.625% to 10/27/27 then 5 year <br> Treasury Constant Maturity Rate + 4.389%) | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/27/82 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 329876<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 298282<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (8.500% to 8/14/28 then 5 year <br> Treasury Constant Maturity Rate + 4.354%) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/14/28 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1112490<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (6.293% to 1/14/35 then SOFR + 2.040%) | &nbsp;&nbsp; 6.293% | &nbsp;&nbsp; 1/14/36 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 492493<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Subordinated Notes (6.915% to 1/14/45 then SOFR + 2.610%) | &nbsp;&nbsp; 6.915% | &nbsp;&nbsp; 1/14/46 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 494218<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (5.581% to 7/3/35 then SOFR + 1.790%) | &nbsp;&nbsp; 5.581% | &nbsp;&nbsp; 7/3/36 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 389426<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citibank NA, Senior Notes | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 4/30/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 424109<br>|
| &nbsp;&nbsp;&nbsp; Citibank NA, Senior Notes (4.876% to 11/19/26 then SOFR + 0.712%) | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 11/19/27 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 362879<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.950% to 2/15/30 then 5 year Treasury <br> Constant Maturity Rate + 2.726%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 812363<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 269344<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/23/48 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 169604<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (2.904% to 11/3/41 then SOFR + 1.379%) | &nbsp;&nbsp; 2.904% | &nbsp;&nbsp; 11/3/42 | &nbsp;&nbsp; $40000<br>| &nbsp;&nbsp;&nbsp; $29333<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (5.174% to 9/11/35 then SOFR + 1.488%) | &nbsp;&nbsp; 5.174% | &nbsp;&nbsp; 9/11/36 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 858957<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (5.333% to 3/27/35 then SOFR + 1.465%) | &nbsp;&nbsp; 5.333% | &nbsp;&nbsp; 3/27/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30677<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (5.612% to 3/4/55 then SOFR + 1.746%) | &nbsp;&nbsp; 5.612% | &nbsp;&nbsp; 3/4/56 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 434509<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 439639<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 88917<br>|
| &nbsp;&nbsp;&nbsp; Comerica Inc., Senior Notes (5.982% to 1/30/29 then SOFR + 2.155%) | &nbsp;&nbsp; 5.982% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 228987<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Subordinated Notes | &nbsp;&nbsp; 3.305% | &nbsp;&nbsp; 3/11/41 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 200123<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.758% to 4/6/32 then 1 year Treasury <br> Constant Maturity Rate + 1.420%) | &nbsp;&nbsp; 3.758% | &nbsp;&nbsp; 4/6/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 256821<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.301% | &nbsp;&nbsp; 7/12/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 319761<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (4.818% to 9/25/32 then SOFR + 1.360%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 9/25/33 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 835112<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury Constant <br> Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280327<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, Senior Notes (4.853% to 11/5/29 then SOFR + 1.050%) | &nbsp;&nbsp; 4.853% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 326600<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (2.804% to 5/24/31 then SOFR + 1.187%) | &nbsp;&nbsp; 2.804% | &nbsp;&nbsp; 5/24/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 190393<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.130% to 11/19/27 then SOFR + 1.040%) | &nbsp;&nbsp; 5.130% | &nbsp;&nbsp; 11/19/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 336124<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.450% to 3/3/35 then SOFR + 1.560%) | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/3/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 206468<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.597% to 5/17/27 then SOFR + 1.060%) | &nbsp;&nbsp; 5.597% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 224671<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (6.332% to 3/9/43 then SOFR + 2.650%) | &nbsp;&nbsp; 6.332% | &nbsp;&nbsp; 3/9/44 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 220090<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Subordinated Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 370524<br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/23/49 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 296263<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 7.800% | &nbsp;&nbsp; 11/28/53 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 976807<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (3.650% to 6/1/26 then 5 year <br> Treasury Constant Maturity Rate + 2.850%) | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 257466<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 then 5 year <br> Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 611384<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.580% to 4/22/31 then 3 mo. Term SOFR + <br> 1.250%) | &nbsp;&nbsp; 2.580% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 563676<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.739% to 10/15/29 then 3 mo. Term SOFR + <br> 1.510%) | &nbsp;&nbsp; 2.739% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 273936<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.157% to 4/22/41 then 3 mo. Term SOFR + <br> 1.460%) | &nbsp;&nbsp; 3.157% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 663379<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.328% to 4/22/51 then SOFR + 1.580%) | &nbsp;&nbsp; 3.328% | &nbsp;&nbsp; 4/22/52 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 179999<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.897% to 1/23/48 then 3 mo. Term SOFR + <br> 1.482%) | &nbsp;&nbsp; 3.897% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 121039<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.260% to 2/22/47 then 3 mo. Term SOFR + <br> 1.842%) | &nbsp;&nbsp; 4.260% | &nbsp;&nbsp; 2/22/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 378723<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.294% to 7/22/34 then SOFR + 1.460%) | &nbsp;&nbsp; 5.294% | &nbsp;&nbsp; 7/22/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 185983<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.502% to 1/24/35 then SOFR + 1.315%) | &nbsp;&nbsp; 5.502% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 575705<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.534% to 11/29/44 then SOFR + 1.550%) | &nbsp;&nbsp; 5.534% | &nbsp;&nbsp; 11/29/45 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 967281<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.766% to 4/22/34 then SOFR + 1.490%) | &nbsp;&nbsp; 5.766% | &nbsp;&nbsp; 4/22/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 213171<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (6.254% to 10/23/33 then SOFR + 1.810%) | &nbsp;&nbsp; 6.254% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 99209<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/16/43 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 176051<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1058155<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., Senior Notes (4.080% to 4/19/27 then 1 year <br> Treasury Constant Maturity Rate + 1.300%) | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 4/19/28 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp;&nbsp; $199841<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.115% to 5/23/30 then 1 year Treasury Constant <br> Maturity Rate + 1.050%) | &nbsp;&nbsp; 5.115% | &nbsp;&nbsp; 5/23/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 369278<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp, Junior Subordinated Notes (6.300% to 3/25/32 then 5 year <br> Treasury Constant Maturity Rate + 2.660%) | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 9/25/31 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 323839<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (4.812% to 10/21/31 then SOFR + <br> 1.259%) | &nbsp;&nbsp; 4.812% | &nbsp;&nbsp; 10/21/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 365112<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.373% to 7/21/35 then SOFR + <br> 1.417%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 7/21/36 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 442667<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62543<br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (5.136% to 9/22/35 then SOFR + <br> 1.578%) | &nbsp;&nbsp; 5.136% | &nbsp;&nbsp; 9/22/36 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 683905<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/3/30 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 541521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Senior Notes (SOFR + 1.190%) | &nbsp;&nbsp; 5.540% | &nbsp;&nbsp; 7/8/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201197<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Subordinated Notes (5.796% to 7/8/45 then <br> SOFR + 1.780%) | &nbsp;&nbsp; 5.796% | &nbsp;&nbsp; 7/8/46 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 512215<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp., Senior Notes (6.168% to 11/1/29 then SOFR + 2.347%) | &nbsp;&nbsp; 6.168% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 145390<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Junior Subordinated Notes (8.125% to 10/31/27 then 5 year <br> Treasury Constant Maturity Rate + 4.075%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 10/31/82 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 603231<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 189942<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.068% to 4/30/40 then SOFR + 2.530%) | &nbsp;&nbsp; 3.068% | &nbsp;&nbsp; 4/30/41 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 807788<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.611% to 4/25/52 then SOFR + 2.130%) | &nbsp;&nbsp; 4.611% | &nbsp;&nbsp; 4/25/53 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 861575<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 186898<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.150% to 4/23/30 then SOFR + 1.500%) | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 422951<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.389% to 4/24/33 then SOFR + 2.020%) | &nbsp;&nbsp; 5.389% | &nbsp;&nbsp; 4/24/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51969<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20731<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.605% to 4/23/35 then SOFR + 1.740%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 4/23/36 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 514422<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (6.491% to 10/23/33 then SOFR + 2.060%) | &nbsp;&nbsp; 6.491% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 33343<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/2/43 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 166202<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 11/17/45 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 646993<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *34750833* |
| *Capital Markets — 6.9%* | *Capital Markets — 6.9%* | *Capital Markets — 6.9%* | *Capital Markets — 6.9%* | *Capital Markets — 6.9%* |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207367<br>|
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 435496<br>|
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/11/54 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 300129<br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (5.316% to 6/6/35 then SOFR + <br> 1.350%) | &nbsp;&nbsp; 5.316% | &nbsp;&nbsp; 6/6/36 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 320879<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carlyle Group Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 9/19/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 428662<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year <br> Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 319492<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (5.643% to 5/19/28 then SOFR + 2.210%) | &nbsp;&nbsp; 5.643% | &nbsp;&nbsp; 5/19/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 186971<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + 2.500%) | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 5/19/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 107064<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1119470<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/7/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198451<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/18/34 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 194045<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (6.125% to 11/10/34 then 10 <br> year Treasury Constant Maturity Rate + 2.400%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/10/34 | &nbsp;&nbsp; $140000<br>| &nbsp;&nbsp;&nbsp; $142271<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30 then 5 <br> year Treasury Constant Maturity Rate + 2.461%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 478381<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (7.500% to 2/10/29 then 5 <br> year Treasury Constant Maturity Rate + 3.156%) | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/10/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 138153<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 637476<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/8/44 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 120788<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR + 1.264%) | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/21/32 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1241466<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.016% to 10/23/34 then SOFR + 1.420%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 10/23/35 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 946704<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.330% to 7/23/34 then SOFR + 1.550%) | &nbsp;&nbsp; 5.330% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 792950<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.734% to 1/28/55 then SOFR + 1.696%) | &nbsp;&nbsp; 5.734% | &nbsp;&nbsp; 1/28/56 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 892264<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.851% to 4/25/34 then SOFR + 1.552%) | &nbsp;&nbsp; 5.851% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 117240<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 169969<br>|
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150819<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 276505<br>|
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VII LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 286521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (1.593% to 5/4/26 then SOFR + 0.879%) | &nbsp;&nbsp; 1.593% | &nbsp;&nbsp; 5/4/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 255941<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (3.217% to 4/22/41 then SOFR + 1.485%) | &nbsp;&nbsp; 3.217% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 117362<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.320% to 7/19/34 then SOFR + 1.555%) | &nbsp;&nbsp; 5.320% | &nbsp;&nbsp; 7/19/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92899<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.449% to 7/20/28 then SOFR + 1.630%) | &nbsp;&nbsp; 5.449% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 382374<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.516% to 11/19/54 then SOFR + 1.710%) | &nbsp;&nbsp; 5.516% | &nbsp;&nbsp; 11/19/55 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 708094<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.587% to 1/18/35 then SOFR + 1.418%) | &nbsp;&nbsp; 5.587% | &nbsp;&nbsp; 1/18/36 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 387567<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.664% to 4/17/35 then SOFR + 1.757%) | &nbsp;&nbsp; 5.664% | &nbsp;&nbsp; 4/17/36 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 253328<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.831% to 4/19/34 then SOFR + 1.580%) | &nbsp;&nbsp; 5.831% | &nbsp;&nbsp; 4/19/35 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 725154<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (2.484% to 9/16/31 then SOFR + 1.360%) | &nbsp;&nbsp; 2.484% | &nbsp;&nbsp; 9/16/36 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 399684<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.942% to 2/7/34 then 5 year Treasury <br> Constant Maturity Rate + 1.800%) | &nbsp;&nbsp; 5.942% | &nbsp;&nbsp; 2/7/39 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146628<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year Treasury <br> Constant Maturity Rate + 2.430%) | &nbsp;&nbsp; 5.948% | &nbsp;&nbsp; 1/19/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 209758<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, Senior Notes (4.447% to 10/15/26 then SOFR + 0.680%) | &nbsp;&nbsp; 4.447% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 471193<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, Senior Notes (5.504% to 5/26/27 then SOFR + 0.865%) | &nbsp;&nbsp; 5.504% | &nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 255588<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA, Senior Notes (4.734% to 7/18/30 then SOFR + <br> 1.080%) | &nbsp;&nbsp; 4.734% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 284317<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nuveen LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104298<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nuveen LLC, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 484343<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raymond James Financial Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 73920<br>|
| &nbsp;&nbsp;&nbsp; Raymond James Financial Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/11/55 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1102526<br>|
| &nbsp;&nbsp;&nbsp; S&P Global Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 43580<br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/26/48 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 434815<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5 year <br> SOFR ICE Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 515000<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year <br> Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 265367<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/33 then 5 year <br> Treasury Constant Maturity Rate + 4.758%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/33 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 536540<br> <sup>(a)(c)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (3.179% to 2/11/42 then 1 year Treasury Constant <br> Maturity Rate + 1.100%) | &nbsp;&nbsp; 3.179% | &nbsp;&nbsp; 2/11/43 | &nbsp;&nbsp; $220000<br>| &nbsp;&nbsp;&nbsp; $167997<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (5.010% to 3/23/36 then SOFR + 1.340%) | &nbsp;&nbsp; 5.010% | &nbsp;&nbsp; 3/23/37 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 448011<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (5.580% to 5/9/35 then SOFR + 1.760%) | &nbsp;&nbsp; 5.580% | &nbsp;&nbsp; 5/9/36 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 281171<br> <sup>(a)(d)</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; 390000<br>| &nbsp;&nbsp;&nbsp; 488795<br> <sup>(a)(d)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *19845783* |
| *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (4.918% to 7/20/32 then SOFR + 1.220%) | &nbsp;&nbsp; 4.918% | &nbsp;&nbsp; 7/20/33 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 549558<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.532% to 4/25/29 then SOFR + 1.090%) | &nbsp;&nbsp; 5.532% | &nbsp;&nbsp; 4/25/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 156778<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.667% to 4/25/35 then SOFR + 1.790%) | &nbsp;&nbsp; 5.667% | &nbsp;&nbsp; 4/25/36 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 517942<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Subordinated Notes (5.915% to 4/25/34 then SOFR + 1.630%) | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 309165<br> <sup>(d)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *1533443* |
| *Financial Services — 2.0%* | *Financial Services — 2.0%* | *Financial Services — 2.0%* | *Financial Services — 2.0%* | *Financial Services — 2.0%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 157242<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 643296<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 10/29/41 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 518161<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc., Senior Notes (6.000% to 12/15/34 then 5 year <br> Treasury Constant Maturity Rate + 2.168%) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89540<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 349742<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 468069<br>|
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 344399<br>|
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust I, Ltd. GTD | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 439854<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust II, Ltd. GTD | &nbsp;&nbsp; 6.520% | &nbsp;&nbsp; 12/21/65 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 249099<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 430368<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 689730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 245577<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 591418<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 194994<br>|
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/26/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48684<br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 186263<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 46009<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *5692445* |
| *Insurance — 5.3%* | *Insurance — 5.3%* | *Insurance — 5.3%* | *Insurance — 5.3%* | *Insurance — 5.3%* |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/30/35 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 272218<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 9/16/40 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 243965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIA Group Ltd., Subordinated Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 9/30/54 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 413428<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Junior Subordinated Notes (6.550% to 4/30/34 then 5 year Treasury <br> Constant Maturity Rate + 2.317%) | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 10/30/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 826648<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allianz SE, Subordinated Notes (6.350% to 9/6/33 then 5 year Treasury Constant <br> Maturity Rate + 3.232%) | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 9/6/53 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 429530<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.805% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 147766<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AmFam Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.833% | &nbsp;&nbsp; 3/11/51 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 112424<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 187583<br>|
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/54 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 786144<br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 283510<br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 381560<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Junior Subordinated Notes (6.875% to 6/28/35 then 5 year <br> Treasury Constant Maturity Rate + 2.582%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/28/55 | &nbsp;&nbsp; $640000<br>| &nbsp;&nbsp;&nbsp; $656269<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 244994<br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/19/55 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 407034<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 297583<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/23/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 113242<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/23/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 410709<br>|
| &nbsp;&nbsp;&nbsp; Chubb INA Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 12/15/61 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 87809<br>|
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Insurance Co. Ltd., Subordinated Notes (6.200% to 1/16/35 then 5 year <br> Treasury Constant Maturity Rate + 2.515%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 1/16/35 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 717757<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 95368<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 89162<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 486150<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 188622<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 83849<br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 647760<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts Mutual Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 4/1/77 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 204264<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Meiji Yasuda Life Insurance Co., Subordinated Notes (5.800% to 9/11/34 then 5 year <br> Treasury Constant Maturity Rate + 3.033%) | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 9/11/54 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 368012<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Meiji Yasuda Life Insurance Co., Subordinated Notes (6.100% to 6/11/35 then 5 year <br> Treasury Constant Maturity Rate + 2.911%) | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 6/11/55 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 801777<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 221237<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 74855<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Subordinated Notes (6.350% to 3/15/35 then 5 year Treasury Constant <br> Maturity Rate + 2.078%) | &nbsp;&nbsp; 6.350% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 255215<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Senior Secured Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/28/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 176217<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/28/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69950<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 340280<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/15/69 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 103613<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., Subordinated Notes (6.250% to 9/13/33 then 5 year <br> Treasury Constant Maturity Rate + 2.954%) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/13/53 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 435207<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., Subordinated Notes (6.500% to 4/30/35 then 5 year <br> Treasury Constant Maturity Rate + 3.189%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/30/55 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 420300<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 6.063% | &nbsp;&nbsp; 3/30/40 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 446204<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 9/30/47 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 777565<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 6.170% | &nbsp;&nbsp; 5/29/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 344646<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II, Secured Notes | &nbsp;&nbsp; 1.512% | &nbsp;&nbsp; 9/28/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 301913<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, Subordinated Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 559800<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Travelers Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/4/49 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 107406<br>|
| &nbsp;&nbsp;&nbsp; Travelers Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 7/24/55 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 217707<br>|
| &nbsp;&nbsp;&nbsp; Wynnton Funding Trust II, Senior Notes | &nbsp;&nbsp; 5.991% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 380052<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *15217304* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 4/22/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 109096<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37618<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 1/30/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 68301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112250<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Mortgage Real Estate Investment Trusts (REITs) — continued* | *Mortgage Real Estate Investment Trusts (REITs) — continued* | *Mortgage Real Estate Investment Trusts (REITs) — continued* | *Mortgage Real Estate Investment Trusts (REITs) — continued* | *Mortgage Real Estate Investment Trusts (REITs) — continued* |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; $20000<br>| &nbsp;&nbsp;&nbsp; $20983<br> <sup>(a)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *348248* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **77388056** |
| **Health Care — 8.5%** | **Health Care — 8.5%** | **Health Care — 8.5%** | **Health Care — 8.5%** | **Health Care — 8.5%** |
| *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 298517<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 11/21/39 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 787974<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 140845<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 666029<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 368169<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330089<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 307049<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 228099<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 165784<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 233175<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 379290<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/63 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 399355<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 136384<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 136040<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 45983<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 292939<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *4915721* |
| *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co., Senior Notes | &nbsp;&nbsp; 4.669% | &nbsp;&nbsp; 6/6/47 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 159189<br>|
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 386369<br>|
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 6.377% | &nbsp;&nbsp; 11/22/52 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 287495<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 43000<br>| &nbsp;&nbsp;&nbsp; 44385<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114758<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 449000<br>| &nbsp;&nbsp;&nbsp; 461573<br>|
| &nbsp;&nbsp;&nbsp; Stryker Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/10/35 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 237277<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1691046* |
| *Health Care Providers & Services — 5.2%* | *Health Care Providers & Services — 5.2%* | *Health Care Providers & Services — 5.2%* | *Health Care Providers & Services — 5.2%* | *Health Care Providers & Services — 5.2%* |
| &nbsp;&nbsp;&nbsp; Aetna Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 86505<br>|
| &nbsp;&nbsp;&nbsp; Aetna Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 67869<br>|
| &nbsp;&nbsp;&nbsp; Bon Secours Mercy Health Inc., Secured Notes | &nbsp;&nbsp; 3.464% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 87294<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 186935<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 298218<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 99647<br>|
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281018<br>|
| &nbsp;&nbsp;&nbsp; Cencora Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 225354<br>|
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 128879<br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; 195000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 221186<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 324594<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 341348<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59043<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; Cleveland Clinic Foundation, Senior Notes | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 1/1/2114 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp;&nbsp; $86827<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Secured Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 189641<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 372438<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.318% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91520<br>|
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, Senior Secured Notes | &nbsp;&nbsp; 5.548% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 183409<br>|
| &nbsp;&nbsp;&nbsp; CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/27/42 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 136921<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/27/62 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 151890<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Junior Subordinated Notes (6.750% to 12/10/34 then 5 year <br> Treasury Constant Maturity Rate + 2.516%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/10/54 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82708<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year <br> Treasury Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 199774<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 8/21/27 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 549625<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 185328<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114840<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 3/25/38 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1003304<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/25/48 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 605562<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 199766<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 58769<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 333532<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 114231<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 230111<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 96403<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197603<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330870<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 485503<br>|
| &nbsp;&nbsp;&nbsp; Horizon Mutual Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 244598<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 378906<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 133250<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 111031<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 28654<br>|
| &nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, Senior Notes | &nbsp;&nbsp; 2.810% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 340966<br>|
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 238247<br>|
| &nbsp;&nbsp;&nbsp; Orlando Health Obligated Group, Senior Notes | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 156725<br>|
| &nbsp;&nbsp;&nbsp; Quest Diagnostics Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 293661<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239286<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 172278<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 805036<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 123205<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 144779<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 488001<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/44 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60148<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 374192<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 925907<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 288316<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 271266<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 2/15/63 | &nbsp;&nbsp; $540000<br>| &nbsp;&nbsp;&nbsp; $564478<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *14986395* |
| *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 134859<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/22/44 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 80922<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 11/13/50 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 336662<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 349672<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/22/54 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 189500<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 232653<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 8/14/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60263<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/9/54 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 160965<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/14/54 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 210041<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/27/63 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 138634<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/14/64 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 67378<br>|
| &nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 292542<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201243<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 218509<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 141964<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2815807* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **24408969** |
| **Industrials — 6.4%** | **Industrials — 6.4%** | **Industrials — 6.4%** | **Industrials — 6.4%** | **Industrials — 6.4%** |
| *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 879575<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1526639<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132728<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 173979<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 103513<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.805% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139960<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 1004488<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 7.008% | &nbsp;&nbsp; 5/1/64 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 104265<br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 137255<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/29/36 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 233297<br>|
| &nbsp;&nbsp;&nbsp; HEICO Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 380021<br>|
| &nbsp;&nbsp;&nbsp; Hexcel Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/26/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 251126<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92416<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91506<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60408<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/31/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 166834<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99952<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/31/53 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100684<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 718691<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.090% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 88879<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 268472<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 259188<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/15/64 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 491249<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 395219<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; $350000<br>| &nbsp;&nbsp;&nbsp; $333532<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 427198<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 11/16/38 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 197756<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 352873<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 84421<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/16/48 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 115005<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 81681<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 19796<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/27/53 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 274125<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 302287<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *10089018* |
| *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* | *Air Freight & Logistics — 0.1%* |
| &nbsp;&nbsp;&nbsp; United Parcel Service Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 5/14/55 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; *344973*<br>|
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 96000<br>| &nbsp;&nbsp;&nbsp; 103068<br>|
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 65131<br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *168199* |
| *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; California Institute of Technology, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/1/<br> 2111<br>| &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 308620<br>|
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp., Senior Notes | &nbsp;&nbsp; 5.643% | &nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 234425<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rollins Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/24/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101832<br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 379542<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Management Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 244999<br>|
| &nbsp;&nbsp;&nbsp; Waste Management Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197240<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *1466658* |
| *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* |
| &nbsp;&nbsp;&nbsp; AECOM, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204642<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vinci SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 502713<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *707355* |
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Eaton Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/2/42 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; *159221*<br>|
| *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 128059<br>|
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 222840<br>|
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 188395<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 294766<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.973% | &nbsp;&nbsp; 9/16/62 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 437963<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.799% | &nbsp;&nbsp; 4/6/71 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 197657<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *1469680* |
| *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 250435<br>|
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/28/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207624<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/28/55 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 268686<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/28/65 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 249781<br> <sup>(a)</sup><br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *976526* |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Machinery — 0.2%* | *Machinery — 0.2%* | *Machinery — 0.2%* | *Machinery — 0.2%* | *Machinery — 0.2%* |
| &nbsp;&nbsp;&nbsp; Caterpillar Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; $320000<br>| &nbsp;&nbsp;&nbsp; $327159<br>|
| &nbsp;&nbsp;&nbsp; Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/14/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 106274<br>|
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 197198<br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *630631* |
| *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104378<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp;&nbsp; 35045<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 74928<br>| &nbsp;&nbsp;&nbsp; 73750<br>|
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 12595<br>| &nbsp;&nbsp;&nbsp; 12148<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48611<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50302<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 325197<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 10/7/28 | &nbsp;&nbsp; 137197<br>| &nbsp;&nbsp;&nbsp; 130276<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 307881<br>| &nbsp;&nbsp;&nbsp; 319517<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/37 | &nbsp;&nbsp; 415174<br>| &nbsp;&nbsp;&nbsp; 424951<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1524175* |
| *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Junior Subordinated Notes (6.000% to 12/15/29 then 5 year <br> Treasury Constant Maturity Rate + 2.560%) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/24/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 262458<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 107743<br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 216357<br>|
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 306179<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *892737* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18429173** |
| **Information Technology — 5.4%** | **Information Technology — 5.4%** | **Information Technology — 5.4%** | **Information Technology — 5.4%** | **Information Technology — 5.4%** |
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Jabil Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; *103222*<br>|
| *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Accenture Capital Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/4/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 562504<br>|
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 90954<br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *653458* |
| *Semiconductors & Semiconductor Equipment — 2.4%* | *Semiconductors & Semiconductor Equipment — 2.4%* | *Semiconductors & Semiconductor Equipment — 2.4%* | *Semiconductors & Semiconductor Equipment — 2.4%* | *Semiconductors & Semiconductor Equipment — 2.4%* |
| &nbsp;&nbsp;&nbsp; Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 442914<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 270231<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 208306<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 365351<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 340226<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 427893<br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 211020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 539955<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 427192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 433723<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 323050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 8/12/41 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 230963<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 12/8/47 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 36956<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/5/52 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 387320<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/10/53 | &nbsp;&nbsp; $70000<br>| &nbsp;&nbsp;&nbsp; $67741<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 8/12/61 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 101726<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101542<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/15/52 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 168485<br>|
| &nbsp;&nbsp;&nbsp; Lam Research corp., Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 99387<br>|
| &nbsp;&nbsp;&nbsp; Lam Research Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/60 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 32180<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 173967<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 2.703% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 80123<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 126000<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 94726<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64142<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 3.366% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 116122<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 285981<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/20/52 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 225394<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 181831<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 251880<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 153362<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *6969689* |
| *Software — 2.6%* | *Software — 2.6%* | *Software — 2.6%* | *Software — 2.6%* | *Software — 2.6%* |
| &nbsp;&nbsp;&nbsp; Autodesk Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82246<br>|
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 291967<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62782<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252001<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380586<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 341949<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/26/45 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1103622<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 561224<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 11/9/52 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 356277<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/6/53 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp; 1335085<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/3/55 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 271241<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/26/55 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1207116<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 3/25/61 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 93699<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111250<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 132456<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102223<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50883<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 565570<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *7302177* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., Senior Notes | &nbsp;&nbsp; 8.100% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 158499<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 306250<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *464749* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **15493295** |
| **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** | **Materials — 2.9%** |
| *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* | *Chemicals — 0.5%* |
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/23/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 188028<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/23/51 | &nbsp;&nbsp; $460000<br>| &nbsp;&nbsp;&nbsp; $384963<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/2/54 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 577775<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/10/51 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 374564<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1525330* |
| *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CRH SMW Finance DAC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/9/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 288340<br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *381107* |
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC, Senior Notes | &nbsp;&nbsp; 5.777% | &nbsp;&nbsp; 4/3/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *204482*<br>|
| *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* | *Metals & Mining — 2.1%* |
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201174<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Anglo American Capital PLC, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/5/54 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 205834<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antofagasta PLC, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/9/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 316250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 217292<br>|
| &nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 155406<br>|
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance USA Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/8/53 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71170<br>|
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154633<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 445651<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 433414<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 724233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport Minerals Corp., Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 48529<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99440<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71784<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 221667<br>|
| &nbsp;&nbsp;&nbsp; Glencore Finance Canada Ltd., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/25/42 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68770<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/8/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 143832<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/23/51 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 54898<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.893% | &nbsp;&nbsp; 4/4/54 | &nbsp;&nbsp; 349000<br>| &nbsp;&nbsp;&nbsp; 352989<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 784767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/14/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 350506<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/14/55 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 298668<br>|
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/8/42 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 222538<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 373530<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *6016975* |
| *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* | *Paper & Forest Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *71856*<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **8199750** |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/18/32 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 186068<br>|
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/18/51 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 201846<br>|
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 241478<br>|
| &nbsp;&nbsp;&nbsp; Ventas Realty LP, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110344<br>|
| &nbsp;&nbsp;&nbsp; Welltower OP LLC, Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 105465<br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *845201* |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Prologis LP, Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; $120000<br>| &nbsp;&nbsp;&nbsp; $66180<br>|
| &nbsp;&nbsp;&nbsp; Prologis LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 135638<br>|
| *Total Industrial REITs* | *Total Industrial REITs* | *Total Industrial REITs* | *Total Industrial REITs* | &nbsp;&nbsp; *201818* |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *121848*<br> <sup>(a)</sup><br>|
| *Residential REITs — 0.0%††* | *Residential REITs — 0.0%††* | *Residential REITs — 0.0%††* | *Residential REITs — 0.0%††* | *Residential REITs — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; *29035*<br>|
| *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; *246803*<br>|
| *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *417282*<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1861987** |
| **Utilities — 10.7%** | **Utilities — 10.7%** | **Utilities — 10.7%** | **Utilities — 10.7%** | **Utilities — 10.7%** |
| *Electric Utilities — 9.4%* | *Electric Utilities — 9.4%* | *Electric Utilities — 9.4%* | *Electric Utilities — 9.4%* | *Electric Utilities — 9.4%* |
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 136142<br>|
| &nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 95022<br>|
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 182531<br>|
| &nbsp;&nbsp;&nbsp; Alabama Power Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/2/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 153372<br>|
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp., Junior Subordinated Notes (5.750% to 4/1/31 then 5 year <br> Treasury Constant Maturity Rate + 2.077%) | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250566<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc., Junior Subordinated Notes (6.050% to 3/15/36 <br> then 5 year Treasury Constant Maturity Rate + 1.940%) | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 421641<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Transmission Systems Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 152608<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 353405<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 245697<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101817<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 182083<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 107264<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/49 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 92659<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, Senior Secured Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 108144<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 281461<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 329949<br>|
| &nbsp;&nbsp;&nbsp; Connecticut Light and Power Co., First Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 173182<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 98010<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 122716<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 432434<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy South Carolina Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 175735<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy South Carolina Inc., First Mortgage Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 143143<br>|
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 211986<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, First Mortgage Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72007<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202398<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/15/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 158839<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 172776<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 148770<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 232209<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 153271<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; $270000<br>| &nbsp;&nbsp;&nbsp; $264761<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 388210<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 109641<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90186<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 164810<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 283236<br>|
| &nbsp;&nbsp;&nbsp; Edison International, Junior Subordinated Notes (5.375% to 3/15/26 then 5 year <br> Treasury Constant Maturity Rate + 4.698%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 369499<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 206971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/13/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 103929<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/13/55 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 565647<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 7.050% | &nbsp;&nbsp; 10/14/25 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320283<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 317809<br>|
| &nbsp;&nbsp;&nbsp; Entergy Mississippi LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 153091<br>|
| &nbsp;&nbsp;&nbsp; Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 205214<br>|
| &nbsp;&nbsp;&nbsp; Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50863<br>|
| &nbsp;&nbsp;&nbsp; Entergy Texas Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 88590<br>|
| &nbsp;&nbsp;&nbsp; Evergy Kansas Central Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101440<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 271502<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 558466<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 419883<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112549<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120851<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200363<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146138<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 118864<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 167400<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/65 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 335741<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 308255<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 144483<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 317890<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 262037<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 125934<br>|
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 179132<br>|
| &nbsp;&nbsp;&nbsp; Interstate Power and Light Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/30/54 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 106537<br>|
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60845<br>|
| &nbsp;&nbsp;&nbsp; Kentucky Utilities Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 119158<br>|
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 87847<br>|
| &nbsp;&nbsp;&nbsp; Monongahela Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 285598<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Monongahela Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 12/15/43 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 108979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (6.375% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.053%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 187066<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (6.500% to 8/15/35 then 5 year <br> Treasury Constant Maturity Rate + 1.979%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 137837<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 12/2/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 364367<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 431731<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; $270000<br>| &nbsp;&nbsp;&nbsp; $284606<br>|
| &nbsp;&nbsp;&nbsp; Ohio Edison Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92028<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio Edison Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 311956<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Secured Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 443374<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 244954<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 124192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 334520<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 667833<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 326907<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 167018<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 196091<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 172066<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 277656<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 134775<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 133262<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 326439<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 237201<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 4/1/53 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 428239<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 312285<br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 399699<br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, First Mortgage Bonds | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 470895<br>|
| &nbsp;&nbsp;&nbsp; PacifiCorp, Junior Subordinated Notes (7.375% to 9/15/30 then 5 year Treasury <br> Constant Maturity Rate + 3.319%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 21086<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 9/10/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101975<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/16/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39520<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp., Junior Subordinated Notes (7.375% to 3/15/30 then 5 year Treasury <br> Constant Maturity Rate + 3.883%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102913<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Wildfire Recovery Funding LLC, Senior Secured Notes | &nbsp;&nbsp; 4.674% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 354997<br>|
| &nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60562<br>|
| &nbsp;&nbsp;&nbsp; Progress Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 159153<br>|
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, First Mortgage Bonds | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 334386<br>|
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 473762<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/18/55 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 672324<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co., Senior Secured Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 224898<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193806<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 116602<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 115377<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 332634<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 771178<br>|
| &nbsp;&nbsp;&nbsp; Southern California Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90839<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Junior Subordinated Notes (4.000% to 1/15/26 then 5 year Treasury <br> Constant Maturity Rate + 3.733%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp;&nbsp; 41896<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Junior Subordinated Notes (6.375% to 3/15/35 then 5 year Treasury <br> Constant Maturity Rate + 2.069%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 319898<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 207992<br>|
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102630<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; $90000<br>| &nbsp;&nbsp;&nbsp; $91287<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 201694<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 437360<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 12/30/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41427<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 150218<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Power and Light Co., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 58894<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *27060774* |
| *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* | *Gas Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co. Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 90920<br>|
| &nbsp;&nbsp;&nbsp; Snam SpA, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/28/35 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207552<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Snam SpA, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/28/55 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 612672<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 314605<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *1225749* |
| *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* |
| &nbsp;&nbsp;&nbsp; AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 356379<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AES Corp., Junior Subordinated Notes (6.950% to 7/15/30 then 5 year Treasury <br> Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/15/55 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 186936<br> <sup>(d)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *543315* |
| *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; Ameren Illinois Co., First Mortgage Bonds | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 163229<br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61989<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 175243<br>|
| &nbsp;&nbsp;&nbsp; Engie SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/10/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 206170<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern States Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 265368<br>|
| &nbsp;&nbsp;&nbsp; Northern States Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 575531<br>|
| &nbsp;&nbsp;&nbsp; PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 87284<br>|
| &nbsp;&nbsp;&nbsp; PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 153461<br>|
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.320% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 56181<br>|
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 4/15/54 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59092<br>|
| &nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., Senior Secured Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 114829<br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 76070<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *1994447* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **30824285** |
| **Total Corporate Bonds & Notes (Cost — $237,767,300)** | **Total Corporate Bonds & Notes (Cost — $237,767,300)** | **Total Corporate Bonds & Notes (Cost — $237,767,300)** | **Total Corporate Bonds & Notes (Cost — $237,767,300)** | &nbsp;&nbsp; **247381768** |
| **U.S. Government & Agency Obligations — 3.8%** | **U.S. Government & Agency Obligations — 3.8%** | **U.S. Government & Agency Obligations — 3.8%** | **U.S. Government & Agency Obligations — 3.8%** | **U.S. Government & Agency Obligations — 3.8%** |
| *U.S. Government Obligations — 3.8%* | *U.S. Government Obligations — 3.8%* | *U.S. Government Obligations — 3.8%* | *U.S. Government Obligations — 3.8%* | *U.S. Government Obligations — 3.8%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp; 1717669<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; 4615812<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 69852<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 327770<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 268650<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; 1452643<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/31/32 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19944<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/30/32 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 309007<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp; 2197883<br>|
| **Total U.S. Government & Agency Obligations (Cost — $10,846,264)** | **Total U.S. Government & Agency Obligations (Cost — $10,846,264)** | **Total U.S. Government & Agency Obligations (Cost — $10,846,264)** | **Total U.S. Government & Agency Obligations (Cost — $10,846,264)** | &nbsp;&nbsp; **10979230** |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** |
| *Bahamas — 0.1%* | *Bahamas — 0.1%* | *Bahamas — 0.1%* | *Bahamas — 0.1%* | *Bahamas — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/24/36 | &nbsp;&nbsp; $220000<br>| &nbsp;&nbsp;&nbsp; $*237943*<br> <sup>(a)</sup><br>|
| *Bermuda — 0.1%* | *Bermuda — 0.1%* | *Bermuda — 0.1%* | *Bermuda — 0.1%* | *Bermuda — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bermuda Government International Bond, Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 8/20/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 183200<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bermuda Government International Bond, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 155914<br> <sup>(a)</sup><br>|
| *Total Bermuda* | *Total Bermuda* | *Total Bermuda* | *Total Bermuda* | &nbsp;&nbsp; *339114* |
| *Brazil — 0.1%* | *Brazil — 0.1%* | *Brazil — 0.1%* | *Brazil — 0.1%* | *Brazil — 0.1%* |
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/13/54 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; *264355*<br>|
| *Chile — 0.1%* | *Chile — 0.1%* | *Chile — 0.1%* | *Chile — 0.1%* | *Chile — 0.1%* |
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; *305440*<br>|
| *Indonesia — 0.1%* | *Indonesia — 0.1%* | *Indonesia — 0.1%* | *Indonesia — 0.1%* | *Indonesia — 0.1%* |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bond, Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 10/30/49 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; *367823*<br>|
| *Israel — 0.4%* | *Israel — 0.4%* | *Israel — 0.4%* | *Israel — 0.4%* | *Israel — 0.4%* |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 195663<br>|
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/3/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 144258<br>|
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/12/54 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 872108<br>|
| *Total Israel* | *Total Israel* | *Total Israel* | *Total Israel* | &nbsp;&nbsp; *1212029* |
| *Ivory Coast — 0.1%* | *Ivory Coast — 0.1%* | *Ivory Coast — 0.1%* | *Ivory Coast — 0.1%* | *Ivory Coast — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *209088*<br> <sup>(a)</sup><br>|
| *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* | *Mexico — 1.8%* |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1015810<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 206730<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 620310<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/12/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 348400<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/7/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 409840<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/29/38 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 294983<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.280% | &nbsp;&nbsp; 8/14/41 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 162550<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/8/44 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 858247<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/47 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 154640<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/7/54 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 744428<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/12/<br> 2110<br>| &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 274560<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *5090498* |
| *Panama — 0.1%* | *Panama — 0.1%* | *Panama — 0.1%* | *Panama — 0.1%* | *Panama — 0.1%* |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 3.870% | &nbsp;&nbsp; 7/23/60 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; *187500*<br>|
| *Paraguay — 0.0%††* | *Paraguay — 0.0%††* | *Paraguay — 0.0%††* | *Paraguay — 0.0%††* | *Paraguay — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bond, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/30/50 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *184544*<br> <sup>(a)</sup><br>|
| *Poland — 0.1%* | *Poland — 0.1%* | *Poland — 0.1%* | *Poland — 0.1%* | *Poland — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bank Gospodarstwa Krajowego, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/9/54 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *355132*<br> <sup>(a)</sup><br>|
| *Supranational — 0.1%* | *Supranational — 0.1%* | *Supranational — 0.1%* | *Supranational — 0.1%* | *Supranational — 0.1%* |
| &nbsp;&nbsp;&nbsp; Africa Finance Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 10/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *204945*<br> <sup>(a)</sup><br>|
| **Total Sovereign Bonds (Cost — $8,682,458)** | **Total Sovereign Bonds (Cost — $8,682,458)** | **Total Sovereign Bonds (Cost — $8,682,458)** | **Total Sovereign Bonds (Cost — $8,682,458)** | &nbsp;&nbsp; **8958411** |
| **Asset-Backed Securities — 2.2%** | **Asset-Backed Securities — 2.2%** | **Asset-Backed Securities — 2.2%** | **Asset-Backed Securities — 2.2%** | **Asset-Backed Securities — 2.2%** |
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.982% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 313552<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2013-12A BRR (3 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.768% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 430502<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apollo Aviation Securitization Equity Trust, 2024-1A A2 | &nbsp;&nbsp; 6.261% | &nbsp;&nbsp; 5/16/49 | &nbsp;&nbsp; 270042<br>| &nbsp;&nbsp;&nbsp; 279400<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A BRR (3 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 6.044% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; $700000<br>| &nbsp;&nbsp;&nbsp; $701486<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd., 2015-5A A2R3 (3 mo. Term SOFR + <br> 1.650%) | &nbsp;&nbsp; 5.975% | &nbsp;&nbsp; 1/20/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160522<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2024-1 D | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41066<br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2020-2A A2 | &nbsp;&nbsp; 3.237% | &nbsp;&nbsp; 1/20/51 | &nbsp;&nbsp; 633606<br>| &nbsp;&nbsp;&nbsp; 612931<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2018-26A BR (3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 5.804% | &nbsp;&nbsp; 11/22/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250659<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goodgreen Trust, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/17/61 | &nbsp;&nbsp; 193694<br>| &nbsp;&nbsp;&nbsp; 193586<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harbor Park CLO Ltd., 2018-1A B1R (3 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 6.025% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220353<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust, 2023-1A C | &nbsp;&nbsp; 6.940% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 40034<br>| &nbsp;&nbsp;&nbsp; 41351<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; J.G. Wentworth LLC, 2017-2A B | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 9/17/74 | &nbsp;&nbsp; 120663<br>| &nbsp;&nbsp;&nbsp; 109721<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; J.G. Wentworth LLC, 2018-2A B | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/77 | &nbsp;&nbsp; 47124<br>| &nbsp;&nbsp;&nbsp; 42983<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jimmy Johns Funding LLC, 2022-1A A2I | &nbsp;&nbsp; 4.077% | &nbsp;&nbsp; 4/30/52 | &nbsp;&nbsp; 309600<br>| &nbsp;&nbsp;&nbsp; 305619<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, 2021-1 A | &nbsp;&nbsp; 2.636% | &nbsp;&nbsp; 10/15/46 | &nbsp;&nbsp; 174561<br>| &nbsp;&nbsp;&nbsp; 165124<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., 2024-A A (30 Day Average SOFR + 0.850%) | &nbsp;&nbsp; 5.222% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160197<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PFS Financing Corp., 2024-A B (30 Day Average SOFR + 1.300%) | &nbsp;&nbsp; 5.672% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100152<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Broadband Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.336% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 323360<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renew Financial, 2023-1A A | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 11/20/58 | &nbsp;&nbsp; 352502<br>| &nbsp;&nbsp;&nbsp; 350391<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renew Financial, 2024-1A A | &nbsp;&nbsp; 6.208% | &nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp; 328612<br>| &nbsp;&nbsp;&nbsp; 333156<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Romark CLO Ltd., 2021-5A BR (3 mo. Term SOFR + 1.800%) | &nbsp;&nbsp; 6.086% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 671337<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLM Private Education Loan Trust, 2010-C A5 (1 mo. Term SOFR + 4.864%) | &nbsp;&nbsp; 9.015% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 135136<br>| &nbsp;&nbsp;&nbsp; 141849<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2023-C B | &nbsp;&nbsp; 6.360% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 104875<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program Trust, 2021-A AFX | &nbsp;&nbsp; 1.030% | &nbsp;&nbsp; 8/17/43 | &nbsp;&nbsp; 37637<br>| &nbsp;&nbsp;&nbsp; 33289<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verdelite Static CLO Ltd., 2024-1A B (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.975% | &nbsp;&nbsp; 7/20/32 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270332<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $6,296,082)** | **Total Asset-Backed Securities (Cost — $6,296,082)** | **Total Asset-Backed Securities (Cost — $6,296,082)** | **Total Asset-Backed Securities (Cost — $6,296,082)** | &nbsp;&nbsp; **6357793** |
| **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** | **Municipal Bonds — 1.4%** |
| *California — 0.6%* | *California — 0.6%* | *California — 0.6%* | *California — 0.6%* | *California — 0.6%* |
| &nbsp;&nbsp;&nbsp; California State, GO, Build America Bonds  | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 1053949<br>|
| &nbsp;&nbsp;&nbsp; Regents of the University of California, CA, General Revenue, Series AD  | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 5/15/<br> 2112<br>| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 140265<br>|
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area, CA, Toll Authority Bridge Revenue, Build America Bonds, <br> Series F-2  | &nbsp;&nbsp; 6.263% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 529040<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *1723254* |
| *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* | *Florida — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Seaport Revenue, Series 2023 | &nbsp;&nbsp; 6.224% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; *20707*<br>|
| *Illinois — 0.1%* | *Illinois — 0.1%* | *Illinois — 0.1%* | *Illinois — 0.1%* | *Illinois — 0.1%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Build America Bonds, <br> Series B  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 210812<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO, Pension Funding, Series 2003  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 130882 | &nbsp;&nbsp;&nbsp; 133227<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *344039* |
| *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* | *Michigan — 0.1%* |
| &nbsp;&nbsp;&nbsp; Regents of the University of Michigan, MI, General Revenue, Series A | &nbsp;&nbsp; 4.454% | &nbsp;&nbsp; 4/1/2122 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; *88838*<br>|
| *Minnesota — 0.0%††* | *Minnesota — 0.0%††* | *Minnesota — 0.0%††* | *Minnesota — 0.0%††* | *Minnesota — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Regents of the University of Minnesota, MN, GO, Series 2022 | &nbsp;&nbsp; 4.048% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; *81878*<br>|
| *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* |
| &nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue, Build America Bonds, Series A | &nbsp;&nbsp; 7.102% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; *289898*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2025, Series D | &nbsp;&nbsp; 5.094% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $95707<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal 2025, Series D | &nbsp;&nbsp; 5.114% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 47845<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue, New York University, Series B  | &nbsp;&nbsp; 5.832% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 393433<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue, Consolidated Series 164  | &nbsp;&nbsp; 5.647% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 533368<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *1070353* |
| *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined Hydroelectric Projects, Build America Bonds, Series B | &nbsp;&nbsp; 8.084% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 128551<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meldahl Hydroelectric Project, Build America Bonds, Series E | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 141026<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *269577* |
| **Total Municipal Bonds (Cost — $3,866,357)** | **Total Municipal Bonds (Cost — $3,866,357)** | **Total Municipal Bonds (Cost — $3,866,357)** | **Total Municipal Bonds (Cost — $3,866,357)** | &nbsp;&nbsp; **3888544** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.9%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.9%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.9%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.9%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.9%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, 2025-FL1 C (1 mo. Term SOFR + <br> 2.693%) | &nbsp;&nbsp; 6.828% | &nbsp;&nbsp; 1/20/43 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 229857<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2023-NQM5 A1 | &nbsp;&nbsp; 6.505% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 61369<br>| &nbsp;&nbsp;&nbsp; 61901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2023-NQM5 A3 | &nbsp;&nbsp; 7.012% | &nbsp;&nbsp; 6/25/63 | &nbsp;&nbsp; 61470<br>| &nbsp;&nbsp;&nbsp; 62103<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M1 (30 Day <br> Average SOFR + 1.500%) | &nbsp;&nbsp; 5.856% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 183762<br>| &nbsp;&nbsp;&nbsp; 184001<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R08 1M2 (30 Day <br> Average SOFR + 2.500%) | &nbsp;&nbsp; 6.856% | &nbsp;&nbsp; 10/25/43 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 482856<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, 2023-4SZN B | &nbsp;&nbsp; 7.795% | &nbsp;&nbsp; 11/10/39 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 133292<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes, 2024-HC3 D (1 mo. Term SOFR + 5.333%) | &nbsp;&nbsp; 9.483% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109650<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2023-SHIP A | &nbsp;&nbsp; 4.466% | &nbsp;&nbsp; 9/10/38 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99798<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.732% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 466362<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2023-NQM7 A1 | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 4/25/63 | &nbsp;&nbsp; 59877<br>| &nbsp;&nbsp;&nbsp; 60704<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2024-NQM15 A2 | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; 81520<br>| &nbsp;&nbsp;&nbsp; 81992<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2024-NQM15 A3 | &nbsp;&nbsp; 5.722% | &nbsp;&nbsp; 10/25/64 | &nbsp;&nbsp; 138584<br>| &nbsp;&nbsp;&nbsp; 139442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-AFC1 A2 | &nbsp;&nbsp; 6.636% | &nbsp;&nbsp; 3/25/59 | &nbsp;&nbsp; 265055<br>| &nbsp;&nbsp;&nbsp; 268403<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Redwood Funding Trust, 2025-3 A | &nbsp;&nbsp; 6.231% | &nbsp;&nbsp; 12/27/56 | &nbsp;&nbsp; 295142<br>| &nbsp;&nbsp;&nbsp; 295865<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $2,640,650)** | **Total Collateralized Mortgage Obligations (Cost — $2,640,650)** | **Total Collateralized Mortgage Obligations (Cost — $2,640,650)** | **Total Collateralized Mortgage Obligations (Cost — $2,640,650)** | &nbsp;&nbsp; **2676226** |
| **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| *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; X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%) | 10.958% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 1658<br>| &nbsp;&nbsp;&nbsp; 1629<br> <sup>(d)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 341535<br> <sup>(h)(i)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **343164** |
| **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** | **Consumer Discretionary — 0.0%††** |
| *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Incremental Term Loan B1 (1 mo. Term SOFR + 2.250%)  | 6.413% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 375<br>| &nbsp;&nbsp;&nbsp;&nbsp; **375**<br> <sup>(d)(h)(i)</sup><br>|
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR + 2.750%)  | 6.752% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 349355<br>| &nbsp;&nbsp;&nbsp;&nbsp; **349901**<br> <sup>(d)(h)(i)</sup><br>|
| **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** | **Materials — 0.1%** |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. Term SOFR + 1.750%)  | 6.013% | &nbsp;&nbsp; 9/7/27 | &nbsp;&nbsp; 170698<br>| &nbsp;&nbsp;&nbsp;&nbsp; **170870**<br> <sup>(d)(h)(i)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Long Credit VIT**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Vistra Zero Operating Co. LLC, Initial Term Loan (1 mo. Term SOFR + 2.000%)  | 6.163% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; $288550<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$285936**<br> <sup>(d)(h)(i)</sup><br>|
| **Total Senior Loans (Cost — $1,148,881)** | **Total Senior Loans (Cost — $1,148,881)** | **Total Senior Loans (Cost — $1,148,881)** | **Total Senior Loans (Cost — $1,148,881)** | &nbsp;&nbsp; **1150246** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** | **Preferred Stocks — 0.1%** |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 9.276% |  | &nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp; 103976<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + 5.005%) | &nbsp;&nbsp; 8.981% |  | &nbsp;&nbsp; 2136 | &nbsp;&nbsp;&nbsp; 49342<br> <sup>(d)</sup><br>|
| **Total Preferred Stocks (Cost — $147,659)** | **Total Preferred Stocks (Cost — $147,659)** | **Total Preferred Stocks (Cost — $147,659)** | **Total Preferred Stocks (Cost — $147,659)** | &nbsp;&nbsp; **153318** |
| **Total Investments before Short-Term Investments (Cost — $271,395,651)** | **Total Investments before Short-Term Investments (Cost — $271,395,651)** | **Total Investments before Short-Term Investments (Cost — $271,395,651)** | **Total Investments before Short-Term Investments (Cost — $271,395,651)** | &nbsp;&nbsp; **281545536** |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $2,069,880)  | &nbsp;&nbsp; 4.101% |  | &nbsp;&nbsp; 2069880<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2069880**<br> <sup>(j)(k)</sup><br>|
| **Total Investments — 98.6% (Cost — $273,465,531)** | **Total Investments — 98.6% (Cost — $273,465,531)** | **Total Investments — 98.6% (Cost — $273,465,531)** | **Total Investments — 98.6% (Cost — $273,465,531)** | &nbsp;&nbsp; **283615416** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; 4096391 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$287711807** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(c)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(e)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(f)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(g)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(h)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(i)</sup> | Senior loans may be considered restricted in that the Portfolio ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(k)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Portfolio ownership of at least 5% of the <br> outstanding voting securities of an issuer, or a company which is under common ownership or control with the Portfolio. At September 30, 2025, the total <br> market value of investments in Affiliated Companies was $2,069,880 and the cost was $2,069,880 (Note 2).<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| ICE |  | Intercontinental Exchange |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

See Notes to Schedule of Investments.

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

 **Western Asset Long Credit VIT**

At September 30, 2025, the Portfolio had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $43297021 | &nbsp;&nbsp;&nbsp;&nbsp; $43346875 | &nbsp;&nbsp;&nbsp;&nbsp; $49854 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 37850112 | &nbsp;&nbsp;&nbsp;&nbsp; 37890773 | &nbsp;&nbsp;&nbsp;&nbsp; 40661 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3031031 | &nbsp;&nbsp;&nbsp;&nbsp; 3037500 | &nbsp;&nbsp;&nbsp;&nbsp; 6469 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24457777 | &nbsp;&nbsp;&nbsp;&nbsp; 24951062 | &nbsp;&nbsp;&nbsp;&nbsp; 493285 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 590269 |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 25918827 | &nbsp;&nbsp;&nbsp;&nbsp; 26122736 | &nbsp;&nbsp;&nbsp;&nbsp; (203909) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9704469 | &nbsp;&nbsp;&nbsp;&nbsp; 9965187 | &nbsp;&nbsp;&nbsp;&nbsp; (260718) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (464627) |
| **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; **$125642** |

---

At September 30, 2025, the Portfolio had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Depreciation<br>|
| JPY | &nbsp;&nbsp; 29287186 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 201777 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; **$(3387)** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| JPY |  | Japanese Yen |
| USD |  | United States Dollar |

---

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

See Notes to Schedule of Investments.

------

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

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

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

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

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

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

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

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $21549753 | &nbsp;&nbsp; $409973 | &nbsp;&nbsp; $21959726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 225422042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 225422042 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 10979230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10979230 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 8958411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8958411 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6357793 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6357793 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3888544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3888544 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2676226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2676226 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1150246 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $153318 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153318 |
| Total Long-Term Investments | &nbsp;&nbsp; 153318 | &nbsp;&nbsp; 280982245 | &nbsp;&nbsp; 409973 | &nbsp;&nbsp; 281545536 |
| Short-Term Investments† | &nbsp;&nbsp; 2069880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2069880 |
| **Total Investments** | &nbsp;&nbsp; **$2223198** | &nbsp;&nbsp; **$280982245** | &nbsp;&nbsp; **$409973** | &nbsp;&nbsp; **$283615416** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $590269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $590269 |
| **Total** | &nbsp;&nbsp; **$2813467** | &nbsp;&nbsp; **$280982245** | &nbsp;&nbsp; **$409973** | &nbsp;&nbsp; **$284205685** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $464627 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $464627 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3387 |
| **Total** | &nbsp;&nbsp; **$464627** | &nbsp;&nbsp; **$3387** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$468014** |

---

&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 Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the period ended September 30, 2025. The following transactions

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

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

were effected in such company for the period ended September 30, 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>December 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $8638431 | $98238807 | 98238807 | $104807358 | 104807358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>September 30, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $65637 |  | $2069880 |

---

------

Western Asset Long Credit VIT 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Legg Mason Partners Variable Income Trust

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

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

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

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

  - **Street Address 1:** 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 Long Credit VIT

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

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

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $289251516.21

**Total Liabilities:** $1540182.74

**Net Assets:** $287711333.47

**Delayed Delivery Securities:** $429995.70

**Cash Not Reported:** $930862.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 88.40000000 | **1-Year:** 6238.61000000 | **5-Year:** 45216.47000000 | **10-Year:** 151742.90000000 | **30-Year:** 24956.00000000

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

- **3-Month:** 39.38000000 | **1-Year:** 1350.91000000 | **5-Year:** 2721.68000000 | **10-Year:** 1962.43000000 | **30-Year:** 147.09000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241838 | 0.10%                | 1.12%                | 2.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $261495.07               | $-783846.86                                |
| Month 2  | $140810.87               | $1198446.12                                |
| Month 3  | $591908.06               | $4219803.09                                |

**Designated Index Information**

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

- **Index Identifier:** WISER

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BROADCOM INC                                            | Broadcom Inc                                                                     | CUSIP: 11135FCG4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208305.86    | 0.07%             | 2032-04-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WISCONSIN POWER & LIGHT                                 | Wisconsin Power and Light Co                                                     | CUSIP: 976826BN6<br>LEI: JWBYHVQVMY66CVCOSO49 | Long             | DBT              | CORP              | US        |     80000 | PA      | $58894.20     | 0.02%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                    | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAL4<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90186.18     | 0.03%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                     | Gilead Sciences Inc                                                              | CUSIP: 375558BZ5<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136384.28    | 0.05%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                         | Cigna Group/The                                                                  | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    340000 | PA      | $324594.45    | 0.11%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                     | CommonSpirit Health                                                              | CUSIP: 20268JAS2<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91520.03     | 0.03%             | 2034-12-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAE3<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $210531.63    | 0.07%             | 2042-08-23      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                    | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132727.78    | 0.05%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 293791AF6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    130000 | PA      | $147518.30    | 0.05%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                                | Burlington Northern Santa Fe LLC                                                 | CUSIP: 12189LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $128058.67    | 0.04%             | 2041-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Commercial Real E                          | Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC                           | CUSIP: 03881KAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    230000 | PA      | $229856.85    | 0.08%             | 2043-01-20      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                                   | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    270000 | PA      | $262457.46    | 0.09%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                      | New Generation Gas Gathering LLC                                                 | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |    416216 | PA      | $409973.00    | 0.14%             | 2029-09-30      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| GLENCORE FINANCE CANADA                                 | Glencore Finance Canada Ltd                                                      | CUSIP: 98417EAR1<br>LEI: 5493005TTO0UJ33KCK70 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $68769.51     | 0.02%             | 2042-10-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                                    | Howmet Aerospace Inc                                                             | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92415.83     | 0.03%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                          | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    180000 | PA      | $186970.64    | 0.06%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91086QAZ1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    320000 | PA      | $274560.00    | 0.10%             | 2110-10-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967NF4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     40000 | PA      | $29332.82     | 0.01%             | 2042-11-03      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                             | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71784.28     | 0.02%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                                  | Tennessee Gas Pipeline Co LLC                                                    | CUSIP: 880451AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $269081.30    | 0.09%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                             | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    230000 | PA      | $221667.24    | 0.08%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                   | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114758.30    | 0.04%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308KR7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134775.21    | 0.05%             | 2034-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| OGLETHORPE POWER CORP                                   | Oglethorpe Power Corp                                                            | CUSIP: 677050AU0<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    270000 | PA      | $284606.21    | 0.10%             | 2053-12-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                                        | ABN AMRO Bank NV                                                                 | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $203914.41    | 0.07%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                               | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50526.11     | 0.02%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                          | CUSIP: 44891ACV7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154737.39    | 0.05%             | 2031-01-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO                                     | General Electric Co                                                              | CUSIP: 369604CA9<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233296.67    | 0.08%             | 2036-01-29      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PEH1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    240000 | PA      | $239286.41    | 0.08%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                 | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    480000 | PA      | $550532.76    | 0.19%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101081.50    | 0.04%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    440000 | PA      | $347845.05    | 0.12%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                   | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179674.95    | 0.06%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                | Interstate Power and Light Co                                                    | CUSIP: 461070AW4<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106537.37    | 0.04%             | 2054-09-30      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP                                       | CI Financial Corp                                                                | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1119469.92   | 0.39%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113873.32    | 0.04%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAT7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $140944.76    | 0.05%             | 2030-12-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE                                 | Walt Disney Co/The                                                               | CUSIP: 254687EH5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    110000 | PA      | $127123.67    | 0.04%             | 2037-11-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                          | Galaxy XXVI CLO Ltd                                                              | CUSIP: 36321LAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250659.10    | 0.09%             | 2031-11-22      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    220000 | PA      | $224670.54    | 0.08%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                                   | MidAmerican Energy Co                                                            | CUSIP: 595620AZ8<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87846.59     | 0.03%             | 2055-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BQ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    130000 | PA      | $83849.18     | 0.03%             | 2051-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                  | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113628.98    | 0.04%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                 | Columbia Pipelines Operating Co LLC                                              | CUSIP: 19828TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $75149.25     | 0.03%             | 2053-11-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HBN6<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    360000 | PA      | $296263.40    | 0.10%             | 2049-09-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                                | Teachers Insurance & Annuity Association of America                              | CUSIP: 878091BG1<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |    810000 | PA      | $559800.47    | 0.19%             | 2050-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                         | San Diego Gas & Electric Co                                                      | CUSIP: 797440CF9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59091.73     | 0.02%             | 2054-04-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Apollo Aviation Securitization                          | AASET 2024-1                                                                     | CUSIP: 00255JAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270042 | PA      | $279399.69    | 0.10%             | 2049-05-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                                   | Norfolk Southern Corp                                                            | CUSIP: 655844CT3<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    210000 | PA      | $222840.18    | 0.08%             | 2034-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                  | Mitsubishi UFJ Financial Group Inc                                               | CUSIP: 606822CE2<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $199841.36    | 0.07%             | 2028-04-19      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| MASS MUTUAL LIFE INS CO                                 | Massachusetts Mutual Life Insurance Co                                           | CUSIP: 575767AL2<br>LEI: R6ZXK5P01NP6HXSY1S07 | Long             | DBT              | CORP              | US        |    240000 | PA      | $204263.90    | 0.07%             | 2077-04-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $430367.67    | 0.15%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                | Interstate Power and Light Co                                                    | CUSIP: 461070AV6<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179132.24    | 0.06%             | 2034-09-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                                    | CUSIP: 842400JJ3<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    190000 | PA      | $193805.60    | 0.07%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                             | CUSIP: 378272BK3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143831.72    | 0.05%             | 2028-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1103622.39   | 0.38%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                              | CUSIP: 025816EK1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    540000 | PA      | $549558.29    | 0.19%             | 2033-07-20      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                       | L3Harris Technologies Inc                                                        | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99952.38     | 0.03%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                           | CUSIP: 699149AH3<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    200000 | PA      | $184544.00    | 0.06%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $237201.14    | 0.08%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                     | Elevance Health Inc                                                              | CUSIP: 036752AX1<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    320000 | PA      | $333532.28    | 0.12%             | 2052-10-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                          | PECO Energy Co                                                                   | CUSIP: 693304BJ5<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153461.38    | 0.05%             | 2055-09-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                 | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91743.39     | 0.03%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $277656.08    | 0.10%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                        | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    220000 | PA      | $228099.19    | 0.08%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    210000 | PA      | $186573.07    | 0.06%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                                      | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    890000 | PA      | $879574.87    | 0.31%             | 2032-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KKR GROUP FINANCE CO VII                                | KKR Group Finance Co VII LLC                                                     | CUSIP: 48252DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $286520.84    | 0.10%             | 2050-02-25      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $237219.16    | 0.08%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS PWR & LIGHT                                | Indianapolis Power & Light Co                                                    | CUSIP: 455434BW9<br>LEI: 2T85JNP2R2B2GTSFND21 | Long             | DBT              | CORP              | US        |    260000 | PA      | $262037.06    | 0.09%             | 2054-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    680000 | PA      | $725153.95    | 0.25%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1330000 | PA      | $1323298.05   | 0.46%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                        | CUSIP: 682680BX0<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $47196.94     | 0.02%             | 2046-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                   | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBJ2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72007.49     | 0.03%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                                      | Ingersoll Rand Inc                                                               | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106274.30    | 0.04%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER CO                                    | Monongahela Power Co                                                             | CUSIP: 609935AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $285597.74    | 0.10%             | 2034-02-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                                  | Massachusetts Institute of Technology                                            | CUSIP: 575718AK7<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    370000 | PA      | $389598.48    | 0.14%             | 2055-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                 | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    180000 | PA      | $138181.21    | 0.05%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                       | CUSIP: 444859BV3<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    360000 | PA      | $378905.49    | 0.13%             | 2033-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                         | Cigna Group/The                                                                  | CUSIP: 125523CW8<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59042.76     | 0.02%             | 2054-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PPL ELECTRIC UTILITIES                                  | PPL Electric Utilities Corp                                                      | CUSIP: 69351UBD4<br>LEI: 549300GCZLSGYEYPIR35 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60561.58     | 0.02%             | 2055-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $251839.09    | 0.09%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PCD6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    850000 | PA      | $663379.13    | 0.23%             | 2042-04-22      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Renew Financial                                         | Renew 2023-1                                                                     | CUSIP: 75973HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352502 | PA      | $350391.24    | 0.12%             | 2058-11-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    180000 | PA      | $177138.16    | 0.06%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1335085.33   | 0.46%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST I                                  | ILFC E-Capital Trust I                                                           | CUSIP: 44965TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $439854.17    | 0.15%             | 2065-12-21      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                   | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    640000 | PA      | $557387.95    | 0.19%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                  | GE HealthCare Technologies Inc                                                   | CUSIP: 36266GAB3<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    380000 | PA      | $386368.90    | 0.13%             | 2031-01-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                          | Port Authority of New York & New Jersey                                          | CUSIP: 73358WCW2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533368.05    | 0.19%             | 2040-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WAZ5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $280404.26    | 0.10%             | 2051-02-09      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                 | Duke Energy Florida LLC                                                          | CUSIP: 26444HAR2<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    140000 | PA      | $153271.34    | 0.05%             | 2053-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650DX5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185328.07    | 0.06%             | 2031-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3386.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                   | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1040000 | PA      | $1112490.08   | 0.39%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                     | Gilead Sciences Inc                                                              | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45982.96     | 0.02%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680000 | PA      | $689730.24    | 0.24%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KENTUCKY UTILITIES CO                                   | Kentucky Utilities Co                                                            | CUSIP: 491674BM8<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |    170000 | PA      | $119157.65    | 0.04%             | 2050-06-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                              | CUSIP: 14149YBP2<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    180000 | PA      | $186935.27    | 0.06%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280CT4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    210000 | PA      | $190392.50    | 0.07%             | 2032-05-24      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                             | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    260000 | PA      | $251670.30    | 0.09%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                                | Kaiser Foundation Hospitals                                                      | CUSIP: 48305QAF0<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |    460000 | PA      | $340966.44    | 0.12%             | 2041-06-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                                     | Invitation Homes Operating Partnership LP                                        | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29034.99     | 0.01%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Education Loan Trust 2010-C                                          | CUSIP: 78445QAE1<br>LEI: 549300JEA36NHBYED811 | Long             | ABS-O            | CORP              | US        |    135136 | PA      | $141848.80    | 0.05%             | 2041-10-15      | Floating      | 9.01%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                                 | CUSIP: 373334LA7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $308254.91    | 0.11%             | 2031-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                                | CUSIP: 37045VAF7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    230000 | PA      | $234020.29    | 0.08%             | 2043-10-02      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY OP LLC                                     | Kimco Realty OP LLC                                                              | CUSIP: 49446RAY5<br>LEI: 549300EA7I6T15IBYS12 | Long             | DBT              | CORP              | US        |    280000 | PA      | $246803.09    | 0.09%             | 2031-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                              | PacifiCorp                                                                       | CUSIP: 695114DE5<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    480000 | PA      | $470895.43    | 0.16%             | 2055-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ENTERGY MISSISSIPPI LLC                                 | Entergy Mississippi LLC                                                          | CUSIP: 29366WAD8<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153091.35    | 0.05%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                             | CUSIP: 539830CD9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    710000 | PA      | $718691.23    | 0.25%             | 2034-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    520000 | PA      | $577775.47    | 0.20%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                    | Saudi Arabian Oil Co                                                             | CUSIP: 80414L3F0<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    400000 | PA      | $426689.69    | 0.15%             | 2055-06-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                 | CUSIP: 05526DCD5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    500000 | PA      | $523185.99    | 0.18%             | 2055-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     80000 | PA      | $82615.56     | 0.03%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                                           | AIA Group Ltd                                                                    | CUSIP: 00131LAS4<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    420000 | PA      | $413427.58    | 0.14%             | 2054-09-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                    | Waste Management Inc                                                             | CUSIP: 94106LCF4<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197240.20    | 0.07%             | 2054-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                     | Carrier Global Corp                                                              | CUSIP: 14448CBD5<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     60000 | PA      | $65130.77     | 0.02%             | 2054-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                                           | CUSIP: 25278XAW9<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112749.24    | 0.04%             | 2053-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                      | Meta Platforms Inc                                                               | CUSIP: 30303M8W5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59606.25     | 0.02%             | 2064-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613AL2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    220000 | PA      | $167997.37    | 0.06%             | 2043-02-11      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                                | Northwestern Mutual Life Insurance Co/The                                        | CUSIP: 668131AA3<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    420000 | PA      | $446203.58    | 0.16%             | 2040-03-30      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBW7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    470000 | PA      | $490301.12    | 0.17%             | 2059-01-23      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                                     | Carrier Global Corp                                                              | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     96000 | PA      | $103068.34    | 0.04%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                                | CUSIP: 25179MAU7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    190000 | PA      | $165580.75    | 0.06%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209757.99    | 0.07%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                                       | TSMC Arizona Corp                                                                | CUSIP: 872898AE1<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $153361.54    | 0.05%             | 2051-10-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    370000 | PA      | $382374.04    | 0.13%             | 2029-07-20      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RWE FINANCE US LLC                                      | RWE Finance US LLC                                                               | CUSIP: 749983AE2<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    680000 | PA      | $672324.44    | 0.23%             | 2055-09-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                  | CUSIP: 842587EB9<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    300000 | PA      | $319898.10    | 0.11%             | 2055-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                             | CUSIP: 539830BX6<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    260000 | PA      | $268471.76    | 0.09%             | 2054-11-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XAN8<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    120000 | PA      | $107263.61    | 0.04%             | 2044-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                  | Global Atlantic Fin Co                                                           | CUSIP: 37959GAF4<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     90000 | PA      | $95367.85     | 0.03%             | 2054-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51322.94     | 0.02%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                       | CUSIP: 458140BV1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    330000 | PA      | $230962.57    | 0.08%             | 2041-08-12      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                 | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    130000 | PA      | $138934.40    | 0.05%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    200000 | PA      | $209087.91    | 0.07%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | Citibank NA                                                                      | CUSIP: 17325FBG2<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424108.80    | 0.15%             | 2034-04-30      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    260000 | PA      | $257466.25    | 0.09%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                | Constellation Energy Generation LLC                                              | CUSIP: 210385AD2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     90000 | PA      | $98009.68     | 0.03%             | 2034-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233975.34    | 0.08%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                                 | Metropolitan Life Global Funding I                                               | CUSIP: 59217GFP9<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176216.84    | 0.06%             | 2033-03-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                 | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105137.87    | 0.04%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                          | CUSIP: 55336VBV1<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150100.81    | 0.05%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    270000 | PA      | $268650.00    | 0.09%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    350000 | PA      | $341949.39    | 0.12%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                   | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CBL7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158839.29    | 0.06%             | 2054-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PEK8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185982.75    | 0.06%             | 2035-07-22      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    900000 | PA      | $925906.91    | 0.32%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $413717.28    | 0.14%             | 2049-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                     | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50882.62     | 0.02%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Romark CLO Ltd                                          | Romark CLO V Ltd                                                                 | CUSIP: 77588PAQ5<br>LEI: 549300NIP2J0NPQTYT18 | Long             | ABS-CBDO         | CORP              | KY        |    670000 | PA      | $671337.39    | 0.23%             | 2035-01-15      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    480000 | PA      | $342552.93    | 0.12%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                         | Cigna Group/The                                                                  | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221186.00    | 0.08%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    410000 | PA      | $422951.37    | 0.15%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99629.27     | 0.03%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                    | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175242.69    | 0.06%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PER9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    770000 | PA      | $805035.71    | 0.28%             | 2033-02-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                    | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1526638.98   | 0.53%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                                         | Nordea Bank Abp                                                                  | CUSIP: 65558RAK5<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    320000 | PA      | $323838.72    | 0.11%             | N/A             | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN ENER PART                                 | Kinder Morgan Energy Partners LP                                                 | CUSIP: 494550AQ9<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |    100000 | PA      | $114461.70    | 0.04%             | 2033-08-15      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                                          | PECO Energy Co                                                                   | CUSIP: 693304BG1<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87284.37     | 0.03%             | 2054-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 91282CNW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19943.75     | 0.01%             | 2032-08-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                 | CUSIP: 50212YAQ7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194994.42    | 0.07%             | 2035-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                 | Chimera Investment Corp                                                          | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |      2136 | NS      | $49341.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                       | CUSIP: 034863BF6<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205834.44    | 0.07%             | 2054-04-05      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                       | CUSIP: 00287YDX4<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    330000 | PA      | $330088.75    | 0.11%             | 2064-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                   | CUSIP: 958254AH7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130223.64    | 0.05%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PFC1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $288316.47    | 0.10%             | 2054-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES XLIV CLO Ltd                                                                | CUSIP: 04016NBP7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $701486.45    | 0.24%             | 2034-04-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RKG6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66277.01     | 0.02%             | 2028-02-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                 | AEP Transmission Co LLC                                                          | CUSIP: 00115AAP4<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    110000 | PA      | $95022.35     | 0.03%             | 2052-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                   | Evergy Kansas Central Inc                                                        | CUSIP: 30036FAB7<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101439.87    | 0.04%             | 2053-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                             | CUSIP: 969457CQ1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72287.64     | 0.03%             | 2055-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| J.G. Wentworth XXXIX LLC                                | J.G. Wentworth XXXIX LLC                                                         | CUSIP: 46620VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120663 | PA      | $109721.03    | 0.04%             | 2074-09-17      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                    | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $154633.35    | 0.05%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2023-R08                                     | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $482856.10    | 0.17%             | 2043-10-25      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                                    | Southern Copper Corp                                                             | CUSIP: 84265VAG0<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    230000 | PA      | $222537.90    | 0.08%             | 2042-11-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                         | Goodgreen 2023-1                                                                 | CUSIP: 38217DAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193694 | PA      | $193585.78    | 0.07%             | 2061-01-17      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XCB9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $93699.32     | 0.03%             | 2061-03-25      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCZ5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124191.59    | 0.04%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                  | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $984749.33    | 0.34%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                           | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    200000 | PA      | $188028.20    | 0.07%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                              | CUSIP: 46115HCF2<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    790000 | PA      | $976806.54    | 0.34%             | 2053-11-28      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| VINCI SA                                                | Vinci SA                                                                         | CUSIP: 927320AA9<br>LEI: 213800WFQ334R8UXUG83 | Long             | DBT              | CORP              | FR        |    510000 | PA      | $502712.33    | 0.17%             | 2029-04-10      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     50000 | PA      | $51019.83     | 0.02%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBF4<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    180000 | PA      | $182083.27    | 0.06%             | 2035-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Renew Financial                                         | Renew 2024-1                                                                     | CUSIP: 75973VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    328612 | PA      | $333155.62    | 0.12%             | 2059-11-20      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                  | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    280000 | PA      | $289900.54    | 0.10%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    160000 | PA      | $109136.05    | 0.04%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VCG6<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    240000 | PA      | $242106.10    | 0.08%             | 2035-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $747615.07    | 0.26%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP                                   | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                         | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $157725.35    | 0.05%             | 2035-04-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Jimmy John's Funding, LLC                               | Jimmy Johns Funding LLC                                                          | CUSIP: 47760QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    309600 | PA      | $305619.41    | 0.11%             | 2052-04-30      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                         | Israel Government International Bond                                             | CUSIP: 46514BRM1<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    920000 | PA      | $872107.93    | 0.30%             | 2054-03-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PFQ0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144779.14    | 0.05%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                   | Northrop Grumman Corp                                                            | CUSIP: 666807CM2<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    350000 | PA      | $333531.44    | 0.12%             | 2054-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                             | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $203137.00    | 0.07%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 404119BY4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96403.33     | 0.03%             | 2039-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CSL FINANCE PLC                                         | CSL Finance PLC                                                                  | CUSIP: 12661PAF6<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    170000 | PA      | $151890.45    | 0.05%             | 2062-04-27      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                          | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134859.05    | 0.05%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                   | Indonesia Government International Bond                                          | CUSIP: 455780CN4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    480000 | PA      | $367823.02    | 0.13%             | 2049-10-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                                           | AIA Group Ltd                                                                    | CUSIP: 00131LAR6<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    270000 | PA      | $272218.12    | 0.09%             | 2035-03-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                  | Daimler Truck Finance North America LLC                                          | CUSIP: 233853AW0<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194044.81    | 0.07%             | 2034-01-18      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                                  | Synovus Financial Corp                                                           | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145389.94    | 0.05%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                 | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    220000 | PA      | $223556.83    | 0.08%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    210000 | PA      | $215434.97    | 0.07%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                             | PRKCM 2024-AFC1 Trust                                                            | CUSIP: 69380WAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    265055 | PA      | $268403.21    | 0.09%             | 2059-03-25      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                              | Allianz SE                                                                       | CUSIP: 018820AC4<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    400000 | PA      | $429530.40    | 0.15%             | 2053-09-06      | Fixed         | 6.35%                 | 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        |    160000 | PA      | $157242.51    | 0.05%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308KT3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    320000 | PA      | $312284.76    | 0.11%             | 2054-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                   | Uber Technologies Inc                                                            | CUSIP: 90353TAU4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188395.11    | 0.07%             | 2035-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                      | Athene Holding Ltd                                                               | CUSIP: 04686JAH4<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    240000 | PA      | $244993.96    | 0.09%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                | Duke Energy Progress LLC                                                         | CUSIP: 26442UAR5<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    290000 | PA      | $283235.84    | 0.10%             | 2053-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2023-C                                          | CUSIP: 83207DAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $104874.62    | 0.04%             | 2052-11-15      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| AETNA INC                                               | Aetna Inc                                                                        | CUSIP: 00817YAZ1<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |     90000 | PA      | $67868.82     | 0.02%             | 2047-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                       | CUSIP: 00287YCA5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    880000 | PA      | $787973.99    | 0.27%             | 2039-11-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                               | PG&E Corp                                                                        | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102913.01    | 0.04%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                       | Ares Capital Corp                                                                | CUSIP: 04010LBK8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    430000 | PA      | $435496.45    | 0.15%             | 2030-09-01      | Fixed         | 5.50%                 | 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        |      -227 | NC      | $-203908.50   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| STATE OF ISRAEL                                         | Israel Government International Bond                                             | CUSIP: 46513JB42<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $144258.57    | 0.05%             | 2050-07-03      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RDJ8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $169638.09    | 0.06%             | 2048-03-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                            | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    520000 | PA      | $539955.28    | 0.19%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                   | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44384.60     | 0.02%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SOCIEDAD QUIMICA Y MINER                                | Sociedad Quimica y Minera de Chile SA                                            | CUSIP: 833636AL7<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |    530000 | PA      | $374563.66    | 0.13%             | 2051-09-10      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KLA CORP                                                | KLA Corp                                                                         | CUSIP: 482480AM2<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    180000 | PA      | $168485.36    | 0.06%             | 2052-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967KR1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88916.57     | 0.03%             | 2046-05-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                                | CUSIP: 37045VAT7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156085.35    | 0.05%             | 2049-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                                | CUSIP: 115236AL5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    290000 | PA      | $297582.97    | 0.10%             | 2032-06-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                 | CUSIP: 337932AM9<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    600000 | PA      | $419883.35    | 0.15%             | 2050-03-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AMEREN ILLINOIS CO                                      | Ameren Illinois Co                                                               | CUSIP: 02361DBC3<br>LEI: RC71E2BZ6UOMFPDJSE79 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163228.97    | 0.06%             | 2055-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967KU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    440000 | PA      | $439638.94    | 0.15%             | 2028-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                             | Netflix Inc                                                                      | CUSIP: 64110LBA3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    280000 | PA      | $282207.72    | 0.10%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                                      | Siemens Funding BV                                                               | CUSIP: 82622RAF3<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $268685.48    | 0.09%             | 2055-05-28      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PCC8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    620000 | PA      | $563676.34    | 0.20%             | 2032-04-22      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170355.04    | 0.06%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                                | Northwestern Mutual Life Insurance Co/The                                        | CUSIP: 668138AA8<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $777564.84    | 0.27%             | 2047-09-30      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAH2<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200363.00    | 0.07%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                        | CUSIP: 031162DP2<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307048.82    | 0.11%             | 2028-03-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ADT9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    270000 | PA      | $276680.67    | 0.10%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                                | Delta Air Lines Inc / SkyMiles IP Ltd                                            | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     50000 | PA      | $50301.96     | 0.02%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    810000 | PA      | $801219.48    | 0.28%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $707474.98    | 0.25%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748CD2<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    660000 | PA      | $647759.99    | 0.23%             | 2055-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    380000 | PA      | $326439.50    | 0.11%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                        | Welltower OP LLC                                                                 | CUSIP: 95040QAR5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    110000 | PA      | $105465.30    | 0.04%             | 2032-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BAB6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $154640.00    | 0.05%             | 2047-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                | Berkshire Hathaway Energy Co                                                     | CUSIP: 084659AX9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    420000 | PA      | $344398.53    | 0.12%             | 2050-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                        | CUSIP: 674599CY9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $37231.31     | 0.01%             | 2049-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RMZ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1047628.64   | 0.36%             | 2056-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    230000 | PA      | $201422.91    | 0.07%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                                        | FirstEnergy Corp                                                                 | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    630000 | PA      | $558465.54    | 0.19%             | 2047-07-15      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                              | CUSIP: 14149YBS6<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    290000 | PA      | $298218.39    | 0.10%             | 2034-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCU6<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    670000 | PA      | $667833.28    | 0.23%             | 2054-06-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBS3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    650000 | PA      | $643296.52    | 0.22%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    190000 | PA      | $159864.90    | 0.06%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                | Northern States Power Co/MN                                                      | CUSIP: 665772DA4<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    560000 | PA      | $575530.84    | 0.20%             | 2055-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                         | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    170000 | PA      | $172567.02    | 0.06%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| OTIS WORLDWIDE CORP                                     | Otis Worldwide Corp                                                              | CUSIP: 68902VAR8<br>LEI: 549300ZLBKR8VSU25153 | Long             | DBT              | CORP              | US        |    190000 | PA      | $197197.51    | 0.07%             | 2031-11-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    790000 | PA      | $812362.53    | 0.28%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                   | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAU0<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    340000 | PA      | $350506.04    | 0.12%             | 2035-03-14      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    280000 | PA      | $294982.80    | 0.10%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                | Eagle Funding Luxco Sarl                                                         | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   1000000 | PA      | $1015810.00   | 0.35%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED PARCEL SERVICE                                   | United Parcel Service Inc                                                        | CUSIP: 911312CK0<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    330000 | PA      | $344972.86    | 0.12%             | 2055-05-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                                | Rogers Communications Inc                                                        | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $223259.91    | 0.08%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE / IRELAND DAC                                 | Aircastle Ltd / Aircastle Ireland DAC                                            | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    300000 | PA      | $306179.23    | 0.11%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20731.45     | 0.01%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| WISCONSIN PUBLIC SERVICE                                | Wisconsin Public Service Corp                                                    | CUSIP: 976843BN1<br>LEI: 549300BJRHJVYNUMQZ30 | Long             | DBT              | CORP              | US        |    120000 | PA      | $76070.24     | 0.03%             | 2051-12-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114231.06    | 0.04%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61772BAB9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    260000 | PA      | $255940.93    | 0.09%             | 2027-05-04      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JDA9<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    430000 | PA      | $443373.99    | 0.15%             | 2055-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                             | CUSIP: 87612GAD3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    930000 | PA      | $979766.87    | 0.34%             | 2053-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                                  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX     | CUSIP: 07336UAC7<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |    290000 | PA      | $298282.40    | 0.10%             | 2029-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                                           | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    370000 | PA      | $375469.57    | 0.13%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                       | EOG Resources Inc                                                                | CUSIP: 26875PAN1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9291.05      | 0.00%             | 2035-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                            | CUSIP: 595112BS1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     90000 | PA      | $80122.61     | 0.03%             | 2032-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 10YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        27 | NC      | $6468.73      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186898.33    | 0.06%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                     | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    130000 | PA      | $134343.06    | 0.05%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                      | Meta Platforms Inc                                                               | CUSIP: 30303M8R6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    270000 | PA      | $277906.82    | 0.10%             | 2063-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                 | American Electric Power Co Inc                                                   | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    420000 | PA      | $421640.63    | 0.15%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                       | Entergy Texas Inc                                                                | CUSIP: 29365TAN4<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50863.36     | 0.02%             | 2053-09-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| AEP TRANSMISSION CO LLC                                 | AEP Transmission Co LLC                                                          | CUSIP: 00115AAM1<br>LEI: 549300X123Z1I0LA3Y84 | Long             | DBT              | CORP              | US        |    180000 | PA      | $136142.13    | 0.05%             | 2050-04-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                     | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102223.03    | 0.04%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KYNDRYL HOLDINGS INC                                    | Kyndryl Holdings Inc                                                             | CUSIP: 50155QAL4<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90953.98     | 0.03%             | 2031-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165118.23    | 0.06%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                                            | Autodesk Inc                                                                     | CUSIP: 052769AJ5<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82245.47     | 0.03%             | 2035-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    460000 | PA      | $478380.68    | 0.17%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL                                           | ArcelorMittal SA                                                                 | CUSIP: 03938LAS3<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $217292.50    | 0.08%             | 2041-03-01      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                     | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132455.49    | 0.05%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| OHIO EDISON CO                                          | Ohio Edison Co                                                                   | CUSIP: 677347CH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $311956.08    | 0.11%             | 2033-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MAZ8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    630000 | PA      | $518161.28    | 0.18%             | 2041-10-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                                | CUSIP: 49456BAT8<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14078.59     | 0.00%             | 2051-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PFK3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60147.73     | 0.02%             | 2044-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                | Viper Energy Partners LLC                                                        | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111907.95    | 0.04%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                                 | Public Service Co of Colorado                                                    | CUSIP: 744448DC2<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |    330000 | PA      | $334385.88    | 0.12%             | 2035-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER & LIGHT                                | Interstate Power and Light Co                                                    | CUSIP: 461070AU8<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    120000 | PA      | $125933.85    | 0.04%             | 2033-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                                     | Georgia-Pacific LLC                                                              | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71855.51     | 0.02%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE INSURANCE                                 | New York Life Insurance Co                                                       | CUSIP: 64952GAQ1<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |    130000 | PA      | $103613.43    | 0.04%             | 2069-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                                      | Siemens Funding BV                                                               | CUSIP: 82622RAG1<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    230000 | PA      | $249781.42    | 0.09%             | 2065-05-28      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                                | CUSIP: 25179MAN3<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    220000 | PA      | $192007.76    | 0.07%             | 2042-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $135790.80    | 0.05%             | 2031-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                              | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    330000 | PA      | $325196.44    | 0.11%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123205.17    | 0.04%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                                         | Cigna Group/The                                                                  | CUSIP: 125523AK6<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    380000 | PA      | $341348.41    | 0.12%             | 2048-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO                                | Columbia Pipelines Holding Co LLC                                                | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $62629.44     | 0.02%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                             | CUSIP: 378272CB2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    750000 | PA      | $784767.36    | 0.27%             | 2055-04-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                                              | Intuit Inc                                                                       | CUSIP: 46124HAH9<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252000.42    | 0.09%             | 2053-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK GOSPODARSTWA KRAJOW                                | Bank Gospodarstwa Krajowego                                                      | CUSIP: 06237MAD5<br>LEI: 259400BCOV9JJIGLYF05 | Long             | DBT              | NUSS              | PL        |    340000 | PA      | $355131.69    | 0.12%             | 2054-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    910000 | PA      | $561037.74    | 0.20%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                                       | Travelers Cos Inc/The                                                            | CUSIP: 89417EAU3<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    210000 | PA      | $217706.57    | 0.08%             | 2055-07-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748CC4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    480000 | PA      | $486149.75    | 0.17%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                            | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    410000 | PA      | $392099.79    | 0.14%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    390000 | PA      | $352872.59    | 0.12%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                         | San Diego Gas & Electric Co                                                      | CUSIP: 797440BY9<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     80000 | PA      | $56180.88     | 0.02%             | 2050-04-15      | Fixed         | 3.32%                 | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYS INC                                  | Cadence Design Systems Inc                                                       | CUSIP: 127387AN8<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |    290000 | PA      | $291966.88    | 0.10%             | 2029-09-10      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ACCENTURE CAPITAL INC                                   | Accenture Capital Inc                                                            | CUSIP: 00440KAD5<br>LEI: 254900FRO0P7RIINYT25 | Long             | DBT              | CORP              | US        |    570000 | PA      | $562503.82    | 0.20%             | 2034-10-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                  | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    430000 | PA      | $442667.37    | 0.15%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP                                       | Lam Research Corp                                                                | CUSIP: 512807AV0<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |    110000 | PA      | $99387.37     | 0.03%             | 2030-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $197037.56    | 0.07%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    240000 | PA      | $265366.56    | 0.09%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2023-NQM7 Trust                                                              | CUSIP: 67117XAA4<br>LEI: 254900K7TTKPUWNMSZ83 | Long             | ABS-MBS          | CORP              | US        |     59877 | PA      | $60703.82     | 0.02%             | 2063-04-25      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                  | ConocoPhillips Co                                                                | CUSIP: 20826FBG0<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59167.18     | 0.02%             | 2054-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA95<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    110000 | PA      | $117240.27    | 0.04%             | 2035-04-25      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131781.32    | 0.05%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                  | CUSIP: 718172CS6<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    180000 | PA      | $159477.64    | 0.06%             | 2030-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                        | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    320000 | PA      | $364071.74    | 0.13%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                                          | Solventum Corp                                                                   | CUSIP: 83444MAS0<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    449000 | PA      | $461572.72    | 0.16%             | 2054-04-30      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    510000 | PA      | $470349.64    | 0.16%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PAMPA ENERGIA SA                                        | Pampa Energia SA                                                                 | CUSIP: 697660AE8<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    100000 | PA      | $101975.00    | 0.04%             | 2031-09-10      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC                                  | GE HealthCare Technologies Inc                                                   | CUSIP: 36267VAM5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    260000 | PA      | $287495.31    | 0.10%             | 2052-11-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                               | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20008.01     | 0.01%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOUTHERN NATURAL GAS                                    | Southern Natural Gas Co LLC                                                      | CUSIP: 84346LAA8<br>LEI: 254900KDLS1X42SY7037 | Long             | DBT              | CORP              | US        |    140000 | PA      | $124570.69    | 0.04%             | 2047-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                            | QUALCOMM Inc                                                                     | CUSIP: 747525BR3<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    260000 | PA      | $225394.15    | 0.08%             | 2052-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                   | Nippon Life Insurance Co                                                         | CUSIP: 654579AP6<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    390000 | PA      | $420299.88    | 0.15%             | 2055-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                 | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $417281.60    | 0.15%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    240000 | PA      | $253328.52    | 0.09%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                         | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    190000 | PA      | $194304.55    | 0.07%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2023-R08                                     | CUSIP: 20755CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183762 | PA      | $184000.84    | 0.06%             | 2043-10-25      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                             | City of New York NY                                                              | CUSIP: 64966SHN9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $47845.06     | 0.02%             | 2054-10-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                                  | CUSIP: 58013MFA7<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    180000 | PA      | $166576.31    | 0.06%             | 2045-12-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    100000 | PA      | $101966.39    | 0.04%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                 | CUSIP: 02209SBE2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    580000 | PA      | $601787.65    | 0.21%             | 2039-02-14      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    460000 | PA      | $399683.81    | 0.14%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| HORIZON MUTUAL HOLDINGS                                 | Horizon Mutual Holdings Inc                                                      | CUSIP: 43990FAA6<br>LEI: 254900R6BWV4LUXBN549 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244597.72    | 0.09%             | 2034-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL CAP FND                                   | Golub Capital Private Credit Fund                                                | CUSIP: 38179RAE5<br>LEI: 254900B5KBW6OY1F9951 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150819.24    | 0.05%             | 2028-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                             | MetLife Inc                                                                      | CUSIP: 59156RCC0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74854.99     | 0.03%             | 2052-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    360000 | PA      | $369277.77    | 0.13%             | 2031-05-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VCB7<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    800000 | PA      | $545244.40    | 0.19%             | 2053-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20983.29     | 0.01%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                                | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    180000 | PA      | $194369.18    | 0.07%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46625HJM3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    170000 | PA      | $176050.68    | 0.06%             | 2043-08-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    320000 | PA      | $356276.60    | 0.12%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE ENTRMN                                | Time Warner Cable Enterprises LLC                                                | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $985815.07    | 0.34%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                     | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250326.84    | 0.09%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ANTOFAGASTA PLC                                         | Antofagasta PLC                                                                  | CUSIP: 03718NAD8<br>LEI: 213800MY6QVH4FVLD628 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $316249.60    | 0.11%             | 2035-09-09      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES FINANCIAL                                 | Raymond James Financial Inc                                                      | CUSIP: 754730AK5<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1102525.96   | 0.38%             | 2055-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NEQ0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    430000 | PA      | $444699.04    | 0.15%             | 2055-05-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                      | Panama Government International Bond                                             | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    290000 | PA      | $187499.50    | 0.07%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                   | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232653.35    | 0.08%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141EC31<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    130000 | PA      | $120788.49    | 0.04%             | 2044-07-08      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES                           | Chicago Transit Authority Sales Tax Receipts Fund                                | CUSIP: 16772PAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210812.56    | 0.07%             | 2040-12-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                | Toyota Motor Credit Corp                                                         | CUSIP: 89236TNJ0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143454.09    | 0.05%             | 2030-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FREEPORT MINERALS CORP                                  | Freeport Minerals Corp                                                           | CUSIP: 717265AL6<br>LEI: G4008SUSNH0WBKRVG414 | Long             | DBT              | CORP              | US        |     40000 | PA      | $48528.51     | 0.02%             | 2031-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                            | CUSIP: 350930AJ2<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $427192.12    | 0.15%             | 2037-01-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    410000 | PA      | $433413.82    | 0.15%             | 2033-03-01      | Fixed         | 8.00%                 | 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        |   1138816 | NS      | $1138816.23   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE HOLDING LTD                                      | Athene Holding Ltd                                                               | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    640000 | PA      | $656268.80    | 0.23%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 19-1 A PTT                                  | British Airways 2019-1 Class A Pass Through Trust                                | CUSIP: 11043XAB9<br>LEI: 635400GSHSFIWYIDXC76 | Long             | DBT              | CORP              | US        |     12595 | PA      | $12148.20     | 0.00%             | 2029-06-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| VENTAS REALTY LP                                        | Ventas Realty LP                                                                 | CUSIP: 92277GAN7<br>LEI: 32SXKSJ72K64GM3HOU64 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110343.48    | 0.04%             | 2029-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                                | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129492.93    | 0.05%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                             | Point Broadband Funding LLC                                                      | CUSIP: 73052AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320000 | PA      | $323359.55    | 0.11%             | 2055-07-20      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 75513ECP4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     30000 | PA      | $19795.77     | 0.01%             | 2052-03-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NCN9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    290000 | PA      | $254609.51    | 0.09%             | 2058-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE LEND                                    | Atlas Warehouse Lending Co LP                                                    | CUSIP: 049463AE2<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |    340000 | PA      | $349741.85    | 0.12%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GGG8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    460000 | PA      | $403757.37    | 0.14%             | 2048-01-20      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                       | CUSIP: 444859BG6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    130000 | PA      | $111031.11    | 0.04%             | 2047-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                               | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61017.11     | 0.02%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    190000 | PA      | $199774.16    | 0.07%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                                      | BMW US Capital LLC                                                               | CUSIP: 05565ECS2<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173286.55    | 0.06%             | 2031-08-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33343.37     | 0.01%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                         | Israel Government International Bond                                             | CUSIP: 46513YJH2<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |    200000 | PA      | $195662.67    | 0.07%             | 2028-01-17      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                                  | Reliance Standard Life Global Funding II                                         | CUSIP: 75951AAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $301912.63    | 0.10%             | 2026-09-28      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    350000 | PA      | $374280.21    | 0.13%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967MD0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    190000 | PA      | $169604.18    | 0.06%             | 2048-07-23      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PES1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    940000 | PA      | $967281.25    | 0.34%             | 2045-11-29      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                                          | Halliburton Co                                                                   | CUSIP: 406216BJ9<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128128.99    | 0.04%             | 2035-11-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                             | MetLife Inc                                                                      | CUSIP: 59156RCQ9<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    240000 | PA      | $255215.04    | 0.09%             | 2055-03-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                             | Prologis LP                                                                      | CUSIP: 74340XBQ3<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    120000 | PA      | $66180.19     | 0.02%             | 2050-10-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    540000 | PA      | $546330.39    | 0.19%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                  | CUSIP: 718172AC3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $112277.27    | 0.04%             | 2038-05-16      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                                | American Transmission Systems Inc                                                | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $152607.68    | 0.05%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                               | CUSIP: 69335PFD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100152.01    | 0.03%             | 2028-01-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                                             | Cencora Inc                                                                      | CUSIP: 03073EAU9<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    220000 | PA      | $225354.29    | 0.08%             | 2034-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY SOUTH                                   | Dominion Energy South Carolina Inc                                               | CUSIP: 25731VAB0<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    130000 | PA      | $143143.48    | 0.05%             | 2053-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                              | CUSIP: 025816DU0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156778.51    | 0.05%             | 2030-04-25      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INSTITUTE OF                                 | California Institute of Technology                                               | CUSIP: 13034VAA2<br>LEI: 549300CITPNHOTVPHC04 | Long             | DBT              | CORP              | US        |    370000 | PA      | $308619.62    | 0.11%             | 2111-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                            | AES Andes SA                                                                     | CUSIP: 00111VAD9<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    340000 | PA      | $356379.21    | 0.12%             | 2032-03-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MCCORMICK & CO                                          | McCormick & Co Inc/MD                                                            | CUSIP: 579780AU1<br>LEI: 549300JQQA6MQ4OJP259 | Long             | DBT              | CORP              | US        |    170000 | PA      | $166850.05    | 0.06%             | 2034-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29278NAD5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    340000 | PA      | $346954.00    | 0.12%             | 2038-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    380000 | PA      | $394493.16    | 0.14%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                      | Meta Platforms Inc                                                               | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    490000 | PA      | $484496.17    | 0.17%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO G & E                                         | San Diego Gas & Electric Co                                                      | CUSIP: 797440BZ6<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    130000 | PA      | $114829.38    | 0.04%             | 2030-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 913017CX5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    130000 | PA      | $115005.43    | 0.04%             | 2048-11-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    390000 | PA      | $488794.86    | 0.17%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCH5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    390000 | PA      | $334520.53    | 0.12%             | 2052-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                            | QatarEnergy                                                                      | CUSIP: 74730DAD5<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    200000 | PA      | $141132.10    | 0.05%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                          | CUSIP: 808513CE3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107063.73    | 0.04%             | 2034-05-19      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                   | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    390000 | PA      | $339728.86    | 0.12%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                                | Constellation Energy Generation LLC                                              | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    110000 | PA      | $122715.54    | 0.04%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                                | Cooperatieve Rabobank UA                                                         | CUSIP: 74977RDP6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    270000 | PA      | $256820.61    | 0.09%             | 2033-04-06      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $151338.29    | 0.05%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                         | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    310000 | PA      | $317282.90    | 0.11%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ACS2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    280000 | PA      | $263593.15    | 0.09%             | 2029-03-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                        | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399355.50    | 0.14%             | 2063-03-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                                    | CUSIP: 842400FZ1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    390000 | PA      | $332634.22    | 0.12%             | 2043-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD                                           | AIA Group Ltd                                                                    | CUSIP: 00131LAK1<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |    310000 | PA      | $243965.46    | 0.08%             | 2040-09-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY                                 | Oncor Electric Delivery Co LLC                                                   | CUSIP: 68233JCS1<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |    230000 | PA      | $244953.57    | 0.09%             | 2033-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY SOUTH                                   | Dominion Energy South Carolina Inc                                               | CUSIP: 25731VAC8<br>LEI: 3QRVFYR22IUIEOORTK28 | Long             | DBT              | CORP              | US        |    170000 | PA      | $175735.18    | 0.06%             | 2035-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                         | CUSIP: 83304JAB3<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $207551.65    | 0.07%             | 2035-05-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                                | Viper Energy Partners LLC                                                        | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221814.25    | 0.08%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                 | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $121847.56    | 0.04%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280EM7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    330000 | PA      | $336123.65    | 0.12%             | 2028-11-19      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA                                | Meiji Yasuda Life Insurance Co                                                   | CUSIP: 585270AD3<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    360000 | PA      | $368012.52    | 0.13%             | 2054-09-11      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Vistra Zero Operating Co LLC                            | VISTRA ZERO OPERATING CO                                                         | CUSIP: 92841DAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    288550 | PA      | $285935.74    | 0.10%             | 2031-04-30      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 75513ECS8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    280000 | PA      | $274125.30    | 0.10%             | 2053-02-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA                                  | Daimler Truck Finance North America LLC                                          | CUSIP: 233853AM2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198450.64    | 0.07%             | 2027-04-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL LIFE                                | Northwestern Mutual Life Insurance Co/The                                        | CUSIP: 668138AF7<br>LEI: 1DU7IM20QESYGDO4HO54 | Long             | DBT              | CORP              | US        |    320000 | PA      | $344646.06    | 0.12%             | 2055-05-29      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VBM4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90072.01     | 0.03%             | 2077-08-16      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES                          | New York State Dormitory Authority                                               | CUSIP: 64985SFG3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    370000 | PA      | $393432.99    | 0.14%             | 2055-07-01      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR INC                                         | Caterpillar Inc                                                                  | CUSIP: 149123CM1<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | DBT              | CORP              | US        |    320000 | PA      | $327159.47    | 0.11%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBG2<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    240000 | PA      | $245696.96    | 0.09%             | 2030-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                | Devon Energy Corp                                                                | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240843.10    | 0.08%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | Florida Power & Light Co                                                         | CUSIP: 341081GM3<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    170000 | PA      | $167399.76    | 0.06%             | 2053-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                       | Chile Government International Bond                                              | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    400000 | PA      | $305440.00    | 0.11%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                     | CUSIP: 11135FCM1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    330000 | PA      | $340225.84    | 0.12%             | 2035-07-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                          | CUSIP: 05571ABA2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    460000 | PA      | $492492.87    | 0.17%             | 2036-01-14      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AW9<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    220000 | PA      | $186068.04    | 0.06%             | 2032-05-18      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                                        | Ford Motor Credit Co LLC                                                         | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181954.38    | 0.06%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WASHINGTON UNIVERSITY                                   | Washington University/The                                                        | CUSIP: 940663AD9<br>LEI: 2V765680J33YAZOYW441 | Long             | DBT              | CORP              | US        |    180000 | PA      | $140144.96    | 0.05%             | 2122-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                | Pioneer Natural Resources Co                                                     | CUSIP: 723787AR8<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    130000 | PA      | $116942.14    | 0.04%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    520000 | PA      | $381549.54    | 0.13%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                          | CUSIP: 110122EK0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189499.89    | 0.07%             | 2054-02-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BARRICK NA FINANCE LLC                                  | Barrick North America Finance LLC                                                | CUSIP: 06849RAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $155405.68    | 0.05%             | 2043-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                               | CUSIP: 907818FS2<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    280000 | PA      | $197657.10    | 0.07%             | 2071-04-06      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     35000 | PA      | $35045.19     | 0.01%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271BD0<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241477.84    | 0.08%             | 2054-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 404119CR8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197602.62    | 0.07%             | 2053-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    245000 | PA      | $195000.40    | 0.07%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VBJ1<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    300000 | PA      | $275899.19    | 0.10%             | 2046-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                       | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    290000 | PA      | $298516.84    | 0.10%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                                    | Enel Finance International NV                                                    | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    320000 | PA      | $320283.37    | 0.11%             | 2025-10-14      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST                                  | Commonwealth Bank of Australia                                                   | CUSIP: 202712BQ7<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    260000 | PA      | $200123.18    | 0.07%             | 2041-03-11      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                             | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99439.73     | 0.03%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1207115.83   | 0.42%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                                            | CUSIP: 03740MAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $786144.44    | 0.27%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                                | CUSIP: 115236AN1<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    390000 | PA      | $410708.77    | 0.14%             | 2055-06-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GLAXOSMITHKLINE CAP INC                                 | GlaxoSmithKline Capital Inc                                                      | CUSIP: 377372AQ0<br>LEI: 5493007Q8VD7Q3ZYZS59 | Long             | DBT              | CORP              | US        |    290000 | PA      | $292542.50    | 0.10%             | 2035-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JERSEY CENTRAL PWR & LT                                 | Jersey Central Power & Light Co                                                  | CUSIP: 476556DF9<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60844.90     | 0.02%             | 2035-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                     | Bank of Nova Scotia/The                                                          | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $329876.27    | 0.11%             | 2082-10-27      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BON SECOURS MERCY                                       | Bon Secours Mercy Health Inc                                                     | CUSIP: 09778PAA3<br>LEI: 5493006NA7JSVYYYF398 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87294.25     | 0.03%             | 2030-06-01      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                                         | McDonald's Corp                                                                  | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    710000 | PA      | $532265.98    | 0.19%             | 2049-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MANAGEMENT                                | Element Fleet Management Corp                                                    | CUSIP: 286181AM4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |    230000 | PA      | $234425.28    | 0.08%             | 2027-03-13      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                   | CUSIP: 532457CS5<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    220000 | PA      | $210041.29    | 0.07%             | 2054-08-14      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                  | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41895.58     | 0.01%             | 2051-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    330000 | PA      | $248112.98    | 0.09%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POWER CO                                    | Monongahela Power Co                                                             | CUSIP: 610202BP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $108979.46    | 0.04%             | 2043-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN                                    | University of Minnesota                                                          | CUSIP: 914460WT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $81877.88     | 0.03%             | 2052-04-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| TRUIST INSURANCE HOLDING                                | TRUIST INSURANCE HOLDING                                                         | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    349355 | PA      | $349901.58    | 0.12%             | 2031-05-06      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                   | Entergy Louisiana LLC                                                            | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    310000 | PA      | $317809.18    | 0.11%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN ELECTRI                                | FirstEnergy Pennsylvania Electric Co                                             | CUSIP: 591894CE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $112548.65    | 0.04%             | 2028-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CORP                                   | General Dynamics Corp                                                            | CUSIP: 369550BH0<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137254.59    | 0.05%             | 2040-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                       | CUSIP: 458140BX7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    170000 | PA      | $101725.85    | 0.04%             | 2061-08-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY ENERG                                | Berkshire Hathaway Energy Co                                                     | CUSIP: 59562VAM9<br>LEI: 549300JD0S5IZJE9LY15 | Long             | DBT              | CORP              | US        |    430000 | PA      | $468068.59    | 0.16%             | 2036-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                       | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    790000 | PA      | $666028.84    | 0.23%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RCG5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    110000 | PA      | $98321.94     | 0.03%             | 2044-06-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Social Professional Loan Progr                          | SOFI PROFESSIONAL LOAN PROGRAM 2021-A TRUST                                      | CUSIP: 83405YAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37637 | PA      | $33289.44     | 0.01%             | 2043-08-17      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 17327CBA0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30677.41     | 0.01%             | 2036-03-27      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     90000 | PA      | $99209.06     | 0.03%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CARLYLE GROUP INC/THE                                   | Carlyle Group Inc/The                                                            | CUSIP: 14316JAA6<br>LEI: 529900NGGVF94UK6PG95 | Long             | DBT              | CORP              | US        |    430000 | PA      | $428662.40    | 0.15%             | 2035-09-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ALLIANT ENERGY CORP                                     | Alliant Energy Corp                                                              | CUSIP: 018802AF5<br>LEI: 5493009ML300G373MZ12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250566.50    | 0.09%             | 2056-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    190000 | PA      | $194114.64    | 0.07%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                                | Apollo Global Management Inc                                                     | CUSIP: 03769MAD8<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89540.12     | 0.03%             | 2054-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                     | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    480000 | PA      | $468134.31    | 0.16%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2023-NQM5                                        | CUSIP: 10569UAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61470 | PA      | $62103.19     | 0.02%             | 2063-06-25      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                                | Alexandria Real Estate Equities Inc                                              | CUSIP: 015271AX7<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    320000 | PA      | $201846.32    | 0.07%             | 2051-05-18      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2023-1 A PTT                                 | United Airlines 2023-1 Class A Pass Through Trust                                | CUSIP: 90932LAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    307880 | PA      | $319517.15    | 0.11%             | 2036-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    390000 | PA      | $387845.33    | 0.13%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                   | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    170000 | PA      | $160965.21    | 0.06%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    270000 | PA      | $271241.33    | 0.09%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1096560.91   | 0.38%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON                                           | UBS AG/London                                                                    | CUSIP: 902674A26<br>LEI: BFM8T61CT2L1QCEMIK50 | Long             | DBT              | CORP              | CH        |    490000 | PA      | $434815.34    | 0.15%             | 2048-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $167902.25    | 0.06%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                                        | Hewlett Packard Enterprise Co                                                    | CUSIP: 42824CBW8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    320000 | PA      | $306249.86    | 0.11%             | 2054-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                            | DNB Bank ASA                                                                     | CUSIP: 23341CAE3<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |    320000 | PA      | $326600.29    | 0.11%             | 2030-11-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                              | CUSIP: 14149YBD9<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    110000 | PA      | $99646.87     | 0.03%             | 2045-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142271.22    | 0.05%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GC51<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    860000 | PA      | $892263.54    | 0.31%             | 2056-01-28      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2023-SHIP                                      | CUSIP: 36270GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99798.38     | 0.03%             | 2038-09-10      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PDX7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    190000 | PA      | $172278.36    | 0.06%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $103929.23    | 0.04%             | 2035-01-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                                      | Siemens Funding BV                                                               | CUSIP: 82622RAE6<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $207623.92    | 0.07%             | 2035-05-28      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                          | Carlyle Global Market Strategies CLO 2015-5 Ltd                                  | CUSIP: 14312JBJ0<br>LEI: 5493007AYUHLOG0AMH17 | Long             | ABS-CBDO         | CORP              | KY        |    160000 | PA      | $160521.57    | 0.06%             | 2032-01-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                | Santander UK Group Holdings PLC                                                  | CUSIP: 80281LAY1<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $683905.14    | 0.24%             | 2036-09-22      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                                      | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    430000 | PA      | $466362.48    | 0.16%             | 2038-12-05      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                   | CUSIP: 532457CT3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67377.60     | 0.02%             | 2064-08-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                             | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83357.11     | 0.03%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                     | CommonSpirit Health                                                              | CUSIP: 20268JAT0<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    190000 | PA      | $183409.03    | 0.06%             | 2054-12-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                  | ConocoPhillips Co                                                                | CUSIP: 20826FBF2<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154649.12    | 0.05%             | 2033-09-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAW0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    120000 | PA      | $116289.64    | 0.04%             | 2054-05-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RDG4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54097.35     | 0.02%             | 2041-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 28504DAG8<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    540000 | PA      | $565647.04    | 0.20%             | 2055-01-13      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    370000 | PA      | $379542.30    | 0.13%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2023-NQM5                                        | CUSIP: 10569UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61368 | PA      | $61900.96     | 0.02%             | 2063-06-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                  | Brazilian Government International Bond                                          | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    260000 | PA      | $264355.00    | 0.09%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                                 | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    140000 | PA      | $144482.67    | 0.05%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                     | CommonSpirit Health                                                              | CUSIP: 20268JAR4<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    360000 | PA      | $372437.70    | 0.13%             | 2031-12-01      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                               | CUSIP: 907818GH5<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    290000 | PA      | $294765.95    | 0.10%             | 2054-12-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP                                            | Stryker Corp                                                                     | CUSIP: 863667BM2<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237277.31    | 0.08%             | 2035-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                                | Electricite de France SA                                                         | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $206971.41    | 0.07%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                               | CUSIP: 22535WAS6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    840000 | PA      | $835111.47    | 0.29%             | 2033-09-25      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                                 | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    310000 | PA      | $317889.97    | 0.11%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DAI-ICHI LIFE INSURANCE                                 | Dai-ichi Life Insurance Co Ltd/The                                               | CUSIP: 23381LAA2<br>LEI: 3538001235ACEIORUV72 | Long             | DBT              | CORP              | JP        |    690000 | PA      | $717756.63    | 0.25%             | N/A             | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                   | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    430000 | PA      | $419865.95    | 0.15%             | 2030-02-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                 | Duke Energy Indiana LLC                                                          | CUSIP: 26443TAF3<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    370000 | PA      | $388209.69    | 0.13%             | 2055-05-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2016-2 A PTT                                 | United Airlines 2016-2 Class A Pass Through Trust                                | CUSIP: 90932DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    137197 | PA      | $130276.18    | 0.05%             | 2028-10-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4600000 | PA      | $4615812.50   | 1.60%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $53570.01     | 0.02%             | 2036-05-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                            | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    120000 | PA      | $126000.42    | 0.04%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                       | General Motors Co                                                                | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51946.16     | 0.02%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SEAPORT REV                          | County of Miami-Dade Seaport Department                                          | CUSIP: 59335KFS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20706.82     | 0.01%             | 2055-11-01      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                            | QatarEnergy                                                                      | CUSIP: 74730DAE3<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |    290000 | PA      | $223856.80    | 0.08%             | 2041-07-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                                      | Analog Devices Inc                                                               | CUSIP: 032654BC8<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    450000 | PA      | $442913.86    | 0.15%             | 2054-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                    | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139959.91    | 0.05%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                             | CUSIP: 378272BH0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     80000 | PA      | $54897.84     | 0.02%             | 2051-09-23      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                             | State of Illinois                                                                | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    130882 | PA      | $133226.69    | 0.05%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                               | CUSIP: 05964HAY1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $641733.19    | 0.22%             | 2028-11-07      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                | Banco Bilbao Vizcaya Argentaria SA                                               | CUSIP: 05946KAQ4<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $413393.42    | 0.14%             | 2029-03-13      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                                         | Danske Bank A/S                                                                  | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    280000 | PA      | $280327.45    | 0.10%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC                                | Duke Energy Progress LLC                                                         | CUSIP: 26442UAS3<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    160000 | PA      | $164810.08    | 0.06%             | 2034-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    210000 | PA      | $120017.98    | 0.04%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    620000 | PA      | $620310.00    | 0.22%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                               | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $483009.47    | 0.17%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                                | Intercontinental Exchange Inc                                                    | CUSIP: 45866FAY0<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    290000 | PA      | $276504.53    | 0.10%             | 2062-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    270000 | PA      | $271678.97    | 0.09%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $201242.59    | 0.07%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                             | CUSIP: 87612KAC6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20417.96     | 0.01%             | 2052-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PFR8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    260000 | PA      | $271266.21    | 0.09%             | 2055-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                          | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    560000 | PA      | $336661.71    | 0.12%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| SMURFIT KAPPA TREASURY                                  | Smurfit Kappa Treasury ULC                                                       | CUSIP: 83272GAF8<br>LEI: 635400B3DOXSWFOWJT40 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $204482.16    | 0.07%             | 2054-04-03      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| ENGIE SA                                                | Engie SA                                                                         | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $206170.32    | 0.07%             | 2029-04-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                          | CUSIP: 110122EB0<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    320000 | PA      | $349671.64    | 0.12%             | 2053-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                 | Duke Energy Florida LLC                                                          | CUSIP: 26444HAA9<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    200000 | PA      | $148770.06    | 0.05%             | 2046-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PBE5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    290000 | PA      | $273936.30    | 0.10%             | 2030-10-15      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                                      | AmFam Holdings Inc                                                               | CUSIP: 03115AAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $112423.94    | 0.04%             | 2051-03-11      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                            | CaixaBank SA                                                                     | CUSIP: 12803RAM6<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    380000 | PA      | $389425.84    | 0.14%             | 2036-07-03      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                            | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     60000 | PA      | $64141.87     | 0.02%             | 2035-11-01      | Fixed         | 6.05%                 | 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        |     74928 | PA      | $73749.66     | 0.03%             | 2027-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                            | Hilton Grand Vacations Trust 2023-1                                              | CUSIP: 432917AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40034 | PA      | $41351.39     | 0.01%             | 2038-01-25      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| PFS Financing Corp.                                     | PFS Financing Corp                                                               | CUSIP: 69335PFC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $160197.28    | 0.06%             | 2028-01-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75926.46     | 0.03%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                                | Fox Corp                                                                         | CUSIP: 35137LAJ4<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    330000 | PA      | $331407.24    | 0.12%             | 2039-01-25      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                   | Antero Resources Corp                                                            | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231506.96    | 0.08%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                                | Blackstone Holdings Finance Co LLC                                               | CUSIP: 09256BAG2<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37617.49     | 0.01%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                             | CUSIP: 969457CS7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233509.94    | 0.08%             | 2035-09-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 17327CAY9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    430000 | PA      | $434509.29    | 0.15%             | 2056-03-04      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      9000 | PA      | $6716.25      | 0.00%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YFV2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    700000 | PA      | $708093.59    | 0.25%             | 2055-11-19      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                             | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    320000 | PA      | $304196.64    | 0.11%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748CE0<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188622.35    | 0.07%             | 2044-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                                   | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    390000 | PA      | $315139.51    | 0.11%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                 | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    280000 | PA      | $283510.24    | 0.10%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                                  | Teck Resources Ltd                                                               | CUSIP: 878742AW5<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $373530.14    | 0.13%             | 2041-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                  | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8G8<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    470000 | PA      | $471193.13    | 0.16%             | 2027-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                                | Blackstone Holdings Finance Co LLC                                               | CUSIP: 09261BAH3<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |    100000 | PA      | $68300.91     | 0.02%             | 2052-01-30      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | Florida Power & Light Co                                                         | CUSIP: 341081FX0<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    170000 | PA      | $118863.65    | 0.04%             | 2049-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AS5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $112250.05    | 0.04%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PCE4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $179998.61    | 0.06%             | 2052-04-22      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                                   | Duke Energy Carolinas LLC                                                        | CUSIP: 26442CAH7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202398.25    | 0.07%             | 2040-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                                   | Nippon Life Insurance Co                                                         | CUSIP: 654579AM3<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    410000 | PA      | $435206.62    | 0.15%             | 2053-09-13      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG                                | New York Life Global Funding                                                     | CUSIP: 64952WEZ2<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69950.55     | 0.02%             | 2033-01-28      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BAQ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $162550.00    | 0.06%             | 2041-08-14      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    500000 | PA      | $515000.50    | 0.18%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                  | Philip Morris International Inc                                                  | CUSIP: 718172AU3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    150000 | PA      | $124747.62    | 0.04%             | 2042-08-21      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $196090.90    | 0.07%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US LONG BOND(CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       214 | NC      | $493285.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                        | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $532240.56    | 0.18%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650ED8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114839.83    | 0.04%             | 2034-06-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1241466.46   | 0.43%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MDX5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $201196.83    | 0.07%             | 2031-07-08      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                     | CUSIP: 11135FCX7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    430000 | PA      | $427892.57    | 0.15%             | 2038-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VGW8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    530000 | PA      | $522440.99    | 0.18%             | 2054-02-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                              | CUSIP: 025816EH8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    490000 | PA      | $517941.62    | 0.18%             | 2036-04-25      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP                                | Toyota Motor Credit Corp                                                         | CUSIP: 89236TMK8<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142206.69    | 0.05%             | 2029-08-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                                | Anheuser-Busch InBev Worldwide Inc                                               | CUSIP: 03523TBY3<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237395.36    | 0.08%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                     | CUSIP: 11135FBY6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    260000 | PA      | $270231.35    | 0.09%             | 2031-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    200000 | PA      | $206730.00    | 0.07%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XII                                                                   | CUSIP: 03764DAP6<br>LEI: 549300M5NMLBQJXUO195 | Long             | ABS-CBDO         | CORP              | KY        |    430000 | PA      | $430501.85    | 0.15%             | 2031-04-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                    | Edison International                                                             | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    380000 | PA      | $369498.67    | 0.13%             | N/A             | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                | Virginia Electric and Power Co                                                   | CUSIP: 927804FY5<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    260000 | PA      | $201694.36    | 0.07%             | 2047-09-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                  | BP Capital Markets PLC                                                           | CUSIP: 05565QDX3<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $279999.72    | 0.10%             | N/A             | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2024-1 A PTT                                 | United Airlines 2024-1 Class A Pass Through Trust                                | CUSIP: 90932WAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415174 | PA      | $424951.25    | 0.15%             | 2037-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $242900.00    | 0.08%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 404119DC0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    470000 | PA      | $485502.92    | 0.17%             | 2055-03-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                     | CUSIP: 11135FAS0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    370000 | PA      | $365350.85    | 0.13%             | 2032-11-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    180000 | PA      | $191304.36    | 0.07%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ACT0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    810000 | PA      | $555437.34    | 0.19%             | 2052-10-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                            | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    160000 | PA      | $173966.96    | 0.06%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER CALIFORNIA INC                                 | Frontier California Inc                                                          | CUSIP: 362311AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $619006.65    | 0.22%             | 2027-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                | Vistra Operations Co LLC                                                         | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41427.28     | 0.01%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                    | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    880000 | PA      | $1004487.58   | 0.35%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                | Virginia Electric and Power Co                                                   | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91287.04     | 0.03%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OHIO EDISON CO                                          | Ohio Edison Co                                                                   | CUSIP: 677347CJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $92028.39     | 0.03%             | 2029-12-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE                                  | American Honda Finance Corp                                                      | CUSIP: 02665WEZ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211668.21    | 0.07%             | 2034-01-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GRUMA SAB DE CV                                         | Gruma SAB de CV                                                                  | CUSIP: 400131AH1<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $204800.00    | 0.07%             | 2034-12-09      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 913017CA5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84421.16     | 0.03%             | 2045-05-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                                 | Hyundai Capital America                                                          | CUSIP: 44891ADD6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257585.10    | 0.09%             | 2031-06-24      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WAX0<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $180423.72    | 0.06%             | 2031-02-09      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                       | L3Harris Technologies Inc                                                        | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    160000 | PA      | $166834.23    | 0.06%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                 | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1053296.49   | 0.37%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                              | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    450000 | PA      | $432433.76    | 0.15%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VBA0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    390000 | PA      | $358960.92    | 0.12%             | 2044-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                 | CUSIP: 50212YAM6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    580000 | PA      | $591418.37    | 0.21%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1058155.14   | 0.37%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BQ0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    270000 | PA      | $281171.34    | 0.10%             | 2036-05-09      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| QUEST DIAGNOSTICS INC                                   | Quest Diagnostics Inc                                                            | CUSIP: 74834LBG4<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | DBT              | CORP              | US        |    290000 | PA      | $293660.64    | 0.10%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULFSTREAM NATURAL GAS                                  | Gulfstream Natural Gas System LLC                                                | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $410066.24    | 0.14%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308KK2<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    400000 | PA      | $428238.81    | 0.15%             | 2053-04-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                             | City of New York NY                                                              | CUSIP: 64966SHM1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    100000 | PA      | $95706.99     | 0.03%             | 2049-10-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                                 | Arthur J Gallagher & Co                                                          | CUSIP: 04316JAP4<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    390000 | PA      | $381559.62    | 0.13%             | 2055-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                                   | Rio Tinto Finance USA PLC                                                        | CUSIP: 76720AAV8<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    290000 | PA      | $298667.66    | 0.10%             | 2055-03-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $196380.00    | 0.07%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                  | CUSIP: 842587EA1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    210000 | PA      | $207991.73    | 0.07%             | 2035-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH CO/INBEV                                 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc                      | CUSIP: 03522AAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $140629.90    | 0.05%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP                                       | Lam Research Corp                                                                | CUSIP: 512807AX6<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |     50000 | PA      | $32180.43     | 0.01%             | 2060-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    430000 | PA      | $431731.18    | 0.15%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    490000 | PA      | $514421.46    | 0.18%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                       | CUSIP: 444859CB6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28654.18     | 0.01%             | 2054-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $400465.68    | 0.14%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SOFTBANK CORP                                           | SoftBank Corp                                                                    | CUSIP: 83405KAA0<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |    320000 | PA      | $322729.25    | 0.11%             | 2030-07-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                               | CUSIP: 437076CQ3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    660000 | PA      | $494863.65    | 0.17%             | 2052-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                 | Duke Energy Florida LLC                                                          | CUSIP: 26444HAQ4<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    160000 | PA      | $172776.01    | 0.06%             | 2033-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                           | American Municipal Power Inc                                                     | CUSIP: 02765UEQ3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    135000 | PA      | $141025.91    | 0.05%             | 2050-02-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 75513ECW9<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    390000 | PA      | $427197.57    | 0.15%             | 2034-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                              | PacifiCorp                                                                       | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    390000 | PA      | $399698.96    | 0.14%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VFL3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    180000 | PA      | $157408.98    | 0.05%             | 2030-09-18      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                          | CUSIP: 05571ABB0<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    460000 | PA      | $494218.29    | 0.17%             | 2046-01-14      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| BECTON DICKINSON & CO                                   | Becton Dickinson & Co                                                            | CUSIP: 075887BX6<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | DBT              | CORP              | US        |    180000 | PA      | $159189.06    | 0.06%             | 2047-06-06      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                             | Prologis LP                                                                      | CUSIP: 74340XCK5<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135638.21    | 0.05%             | 2054-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                        | Alabama Power Co                                                                 | CUSIP: 010392GB8<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    170000 | PA      | $182531.07    | 0.06%             | 2033-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $122090.91    | 0.04%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                 | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $158499.28    | 0.06%             | 2036-07-15      | Fixed         | 8.10%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                 | CUSIP: 05526DBT1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48435.26     | 0.02%             | 2040-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| SIERRA PACIFIC POWER CO                                 | Sierra Pacific Power Co                                                          | CUSIP: 826418BQ7<br>LEI: QB888G5GSVGE1LD1WV84 | Long             | DBT              | CORP              | US        |    220000 | PA      | $224897.64    | 0.08%             | 2054-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2180000 | PA      | $2197882.80   | 0.76%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GJM2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    990000 | PA      | $638484.96    | 0.22%             | 2051-10-24      | Fixed         | 2.83%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PDZ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    580000 | PA      | $374192.25    | 0.13%             | 2050-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    820000 | PA      | $825994.20    | 0.29%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                            | AES Corp/The                                                                     | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    190000 | PA      | $186936.27    | 0.06%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                      | Meta Platforms Inc                                                               | CUSIP: 30303M8U9<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    220000 | PA      | $222960.24    | 0.08%             | 2034-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WAY8<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $298154.48    | 0.10%             | 2041-02-09      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                               | Kroger Co/The                                                                    | CUSIP: 501044DX6<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    380000 | PA      | $370950.47    | 0.13%             | 2064-09-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ALABAMA POWER CO                                        | Alabama Power Co                                                                 | CUSIP: 010392GC6<br>LEI: 0RL818ELFOHP5JHOFU19 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153371.97    | 0.05%             | 2035-04-02      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BAY AREA CA TOLL AUTH TOLL BRI                          | Bay Area Toll Authority                                                          | CUSIP: 072024ND0<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529040.30    | 0.18%             | 2049-04-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp              | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $173184.64    | 0.06%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                       | L3Harris Technologies Inc                                                        | CUSIP: 502431AM1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60408.34     | 0.02%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PROGRESS ENERGY INC                                     | Progress Energy Inc                                                              | CUSIP: 743263AP0<br>LEI: 549300FBMTW0JYWMNB26 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159152.98    | 0.06%             | 2039-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    450000 | PA      | $536540.40    | 0.19%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                             | CUSIP: 539830BT5<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    320000 | PA      | $259188.32    | 0.09%             | 2062-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                                              | Intuit Inc                                                                       | CUSIP: 46124HAG1<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62782.34     | 0.02%             | 2033-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    760000 | PA      | $744427.60    | 0.26%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                       | Entergy Texas Inc                                                                | CUSIP: 29365TAQ7<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205213.54    | 0.07%             | 2035-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                   | Aon North America Inc                                                            | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180000 | PA      | $187582.61    | 0.07%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NUVEEN LLC                                              | Nuveen LLC                                                                       | CUSIP: 67080LAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $484343.17    | 0.17%             | 2034-04-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    420000 | PA      | $421381.80    | 0.15%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                               | CUSIP: 05964HBG9<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $420115.44    | 0.15%             | 2031-07-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| J.G. Wentworth XLII LLC                                 | JG Wentworth XLII LLC                                                            | CUSIP: 46590UAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47124 | PA      | $42983.15     | 0.01%             | 2077-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280ES4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206467.75    | 0.07%             | 2036-03-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                                       | TSMC Arizona Corp                                                                | CUSIP: 872898AD3<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    310000 | PA      | $251879.87    | 0.09%             | 2041-10-25      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                               | CUSIP: 22534PAC7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    310000 | PA      | $319761.46    | 0.11%             | 2028-07-12      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YFT7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92898.90     | 0.03%             | 2035-07-19      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                 | DCP Midstream Operating LP                                                       | CUSIP: 23311VAK3<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182373.48    | 0.06%             | 2032-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                         | Bermuda Government International Bond                                            | CUSIP: 085209AG9<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    200000 | PA      | $183200.00    | 0.06%             | 2030-08-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GJW0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    530000 | PA      | $420647.47    | 0.15%             | 2042-04-22      | Fixed         | 3.31%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61772BAC7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $117362.07    | 0.04%             | 2042-04-22      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 404119DB2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    220000 | PA      | $230110.78    | 0.08%             | 2035-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                   | Northrop Grumman Corp                                                            | CUSIP: 666807BU5<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    410000 | PA      | $395219.14    | 0.14%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $327048.74    | 0.11%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMRIZE FINANCE US LLC                                   | Amrize Finance US LLC                                                            | CUSIP: 43475RAD8<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92767.20     | 0.03%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                       | CUSIP: 00287YDV8<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140844.95    | 0.05%             | 2044-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273RBC2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $147700.01    | 0.05%             | 2029-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    340000 | PA      | $326907.13    | 0.11%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM15 Trust                                                             | CUSIP: 67449DAB5<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-MBS          | CORP              | US        |     81520 | PA      | $81992.07     | 0.03%             | 2064-10-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| HEICO CORP                                              | HEICO Corp                                                                       | CUSIP: 422806AA7<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | DBT              | CORP              | US        |    370000 | PA      | $380021.35    | 0.13%             | 2028-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FLORIDA LLC                                 | Duke Energy Florida LLC                                                          | CUSIP: 26444HAN1<br>LEI: 7MOHLM3DKE63RX2ZCN83 | Long             | DBT              | CORP              | US        |    220000 | PA      | $232209.29    | 0.08%             | 2052-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                     | CommonSpirit Health                                                              | CUSIP: 14916RAD6<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    220000 | PA      | $189641.11    | 0.07%             | 2042-11-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                            | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    920000 | PA      | $1005700.64   | 0.35%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                          | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    330000 | PA      | $330869.55    | 0.12%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                   | CUSIP: 532457CR7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60262.88     | 0.02%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                                       | TSMC Arizona Corp                                                                | CUSIP: 872898AC5<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181830.95    | 0.06%             | 2031-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                      | CUSIP: 71647NBD0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    110000 | PA      | $108350.00    | 0.04%             | 2049-03-19      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                     | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    140000 | PA      | $128878.67    | 0.04%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER MEXICO                                  | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | CUSIP: 05969BAF0<br>LEI: SCRYQ25DTVRHYYMM6P89 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $208602.00    | 0.07%             | 2029-12-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FS Commerical Mortgage Trust 2                          | FS Commercial Mortgage Trust 2023-4SZN                                           | CUSIP: 30334RAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $133292.41    | 0.05%             | 2039-11-10      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| ENTERGY TEXAS INC                                       | Entergy Texas Inc                                                                | CUSIP: 29365TAP9<br>LEI: LWXX58X12AJXISQ28573 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88589.54     | 0.03%             | 2054-09-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146627.75    | 0.05%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                                      | AmFam Holdings Inc                                                               | CUSIP: 03115AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $147766.19    | 0.05%             | 2031-03-11      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                | Cheniere Energy Partners LP                                                      | CUSIP: 16411QAV3<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    320000 | PA      | $327127.82    | 0.11%             | 2035-10-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                               | CUSIP: 05964HBF1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $204149.10    | 0.07%             | 2028-07-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    580000 | PA      | $637475.71    | 0.22%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                        | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159520.80    | 0.06%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| GREENSAIF PIPELINES BIDC                                | Greensaif Pipelines Bidco Sarl                                                   | CUSIP: 39541EAD5<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $210203.18    | 0.07%             | 2036-02-23      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                 | CUSIP: 02209SAM5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    320000 | PA      | $269668.76    | 0.09%             | 2042-08-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBB3<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101816.81    | 0.04%             | 2033-04-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MEIJI YASUDA LIFE INSURA                                | Meiji Yasuda Life Insurance Co                                                   | CUSIP: 585270AE1<br>LEI: 549300SLU4LP6YMRLK07 | Long             | DBT              | CORP              | JP        |    770000 | PA      | $801777.13    | 0.28%             | 2055-06-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                        | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    160000 | PA      | $165783.85    | 0.06%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                                | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113241.83    | 0.04%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US ULTRA BOND CBT                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -83 | NC      | $-260718.95   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 5YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       347 | NC      | $40660.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                        | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $280079.97    | 0.10%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                                          | Eli Lilly & Co                                                                   | CUSIP: 532457CH9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138633.73    | 0.05%             | 2063-02-27      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                             | CUSIP: 539830CE7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    520000 | PA      | $491248.97    | 0.17%             | 2064-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WBL5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $418590.04    | 0.15%             | 2054-11-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 2YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       215 | NC      | $52566.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XAT5<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    110000 | PA      | $92658.70     | 0.03%             | 2049-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                                  | Commonwealth Edison Co                                                           | CUSIP: 202795JY7<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    290000 | PA      | $281461.13    | 0.10%             | 2053-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 75513ECX7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    270000 | PA      | $302286.84    | 0.11%             | 2054-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| AFRICA FINANCE CORP                                     | Africa Finance Corp                                                              | CUSIP: 00830YAF8<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | N/A       |    200000 | PA      | $204945.34    | 0.07%             | 2029-10-08      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2024-NQM15 Trust                                                             | CUSIP: 67449DAC3<br>LEI: 254900YXEB756F6RCA13 | Long             | ABS-MBS          | CORP              | US        |    138584 | PA      | $139441.64    | 0.05%             | 2064-10-25      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                    | Waste Management Inc                                                             | CUSIP: 94106LCC1<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    240000 | PA      | $244999.31    | 0.09%             | 2030-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                                       | EOG Resources Inc                                                                | CUSIP: 26875PAT8<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     90000 | PA      | $82027.78     | 0.03%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    180000 | PA      | $169969.47    | 0.06%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| TRANS-ALLEGHENY INTERSTA                                | Trans-Allegheny Interstate Line Co                                               | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102630.11    | 0.04%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                            | CUSIP: 595112BT9<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    150000 | PA      | $116122.05    | 0.04%             | 2041-11-01      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC                                     | Cardinal Health Inc                                                              | CUSIP: 14149YBT4<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    280000 | PA      | $281017.71    | 0.10%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINANCE PLC                                    | BAT International Finance PLC                                                    | CUSIP: 05530QAQ3<br>LEI: 21380041YBGOQDFAC823 | Long             | DBT              | CORP              | GB        |    290000 | PA      | $304705.69    | 0.11%             | 2029-02-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                 | Honeywell International Inc                                                      | CUSIP: 438516CT1<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    260000 | PA      | $250435.10    | 0.09%             | 2054-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                            | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $433722.71    | 0.15%             | 2038-01-25      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| AMERICA MOVIL SAB DE CV                                 | America Movil SAB de CV                                                          | CUSIP: 02364WAW5<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |    170000 | PA      | $181997.81    | 0.06%             | 2040-03-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                             | MetLife Inc                                                                      | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    210000 | PA      | $221236.89    | 0.08%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                     | Elevance Health Inc                                                              | CUSIP: 036752AU7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     70000 | PA      | $58768.49     | 0.02%             | 2052-05-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                                 | Duke Energy Indiana LLC                                                          | CUSIP: 26443TAD8<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    270000 | PA      | $264761.15    | 0.09%             | 2053-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WBK7<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $209491.07    | 0.07%             | 2035-05-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82707.60     | 0.03%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH EDISON CO                                  | Commonwealth Edison Co                                                           | CUSIP: 202795KB5<br>LEI: D8YOXB8L2ZDC8P7Q0771 | Long             | DBT              | CORP              | US        |    310000 | PA      | $329949.21    | 0.11%             | 2055-06-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                         | CUSIP: 00206RMX7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406950.60    | 0.14%             | 2030-08-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                 | Bahamas Government International Bond                                            | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |    220000 | PA      | $237943.20    | 0.08%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                                         | DTE Electric Co                                                                  | CUSIP: 23338VAP1<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $211985.99    | 0.07%             | 2051-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                                          | Halliburton Co                                                                   | CUSIP: 406216BE0<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |    110000 | PA      | $98541.54     | 0.03%             | 2043-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB78<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    940000 | PA      | $946704.37    | 0.33%             | 2035-10-23      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                                    | CUSIP: 842400HD8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    130000 | PA      | $115377.11    | 0.04%             | 2031-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                        | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $189941.74    | 0.07%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                        | LPL Holdings Inc                                                                 | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    230000 | PA      | $245576.73    | 0.09%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179858.25    | 0.06%             | 2056-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 94974BGQ7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    710000 | PA      | $646992.81    | 0.22%             | 2045-11-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                       | CUSIP: 458140CB4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    450000 | PA      | $387320.32    | 0.13%             | 2052-08-05      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                    | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    140000 | PA      | $103513.06    | 0.04%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TRAVELERS COS INC                                       | Travelers Cos Inc/The                                                            | CUSIP: 89417EAP4<br>LEI: 549300Y650407RU8B149 | Long             | DBT              | CORP              | US        |    130000 | PA      | $107406.20    | 0.04%             | 2049-03-04      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| AETNA INC                                               | Aetna Inc                                                                        | CUSIP: 00817YAJ7<br>LEI: 549300QKBENKLBXQ8968 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86504.78     | 0.03%             | 2042-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARES MANAGEMENT CORP                                    | Ares Management Corp                                                             | CUSIP: 03990BAB7<br>LEI: 529900JUV61FH7B8VW38 | Long             | DBT              | CORP              | US        |    310000 | PA      | $300128.62    | 0.10%             | 2054-10-11      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2021-II LLC                                                      | CUSIP: 03755QAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $313551.73    | 0.11%             | 2034-10-20      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                                | Blackstone Holdings Finance Co LLC                                               | CUSIP: 09261BAK6<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109096.03    | 0.04%             | 2033-04-22      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC                                | Marsh & McLennan Cos Inc                                                         | CUSIP: 571748BP6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89162.02     | 0.03%             | 2031-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                         | CUSIP: 571676BD6<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    160000 | PA      | $163306.21    | 0.06%             | 2065-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $218509.00    | 0.08%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ASPLUNDH TREE EXPERT LLC                                | Asplundh Tree Expert LLC                                                         | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    171163 | PA      | $171335.65    | 0.06%             | 2027-09-07      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU                          | New Jersey Turnpike Authority                                                    | CUSIP: 646139X83<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    250000 | PA      | $289898.13    | 0.10%             | 2041-01-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $409840.00    | 0.14%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REMIC FUNDING TRUST 98-1                                | Redwood Funding Trust 2025-3                                                     | CUSIP: 75806GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    295142 | PA      | $295864.58    | 0.10%             | 2056-12-27      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                                     | Elevance Health Inc                                                              | CUSIP: 036752AW3<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    190000 | PA      | $199765.87    | 0.07%             | 2032-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION                                | FirstEnergy Transmission LLC                                                     | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120851.33    | 0.04%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| MASS INSTITUTE OF TECH                                  | Massachusetts Institute of Technology                                            | CUSIP: 575718AA9<br>LEI: DLZO3A31IADZ27B62557 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253913.41    | 0.09%             | 2111-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                             | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238156.18    | 0.08%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                            | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211019.96    | 0.07%             | 2030-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| GRUMA SAB DE CV                                         | Gruma SAB de CV                                                                  | CUSIP: 400131AJ7<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | DBT              | CORP              | MX        |    400000 | PA      | $398565.26    | 0.14%             | 2054-12-09      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| ALLIANZ SE                                              | Allianz SE                                                                       | CUSIP: 018820AE0<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |    800000 | PA      | $826648.00    | 0.29%             | N/A             | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                         | CUSIP: 26884LBH1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101947.33    | 0.04%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                  | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDF4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    130000 | PA      | $137836.53    | 0.05%             | 2055-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380585.55    | 0.13%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| X CORP                                                  | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    340000 | PA      | $341535.10    | 0.12%             | 2029-10-29      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND CLINIC FOUND                                  | Cleveland Clinic Foundation/The                                                  | CUSIP: 18600TAA0<br>LEI: 5493005LGDPOFHUC6Z36 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86827.19     | 0.03%             | 2114-01-01      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GGR4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1020784.36   | 0.35%             | 2028-07-21      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| Verdelite Static CLO Ltd                                | Verdelite Static CLO 2024-1 Ltd                                                  | CUSIP: 92338VAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    270000 | PA      | $270332.02    | 0.09%             | 2032-07-20      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    850000 | PA      | $858957.00    | 0.30%             | 2036-09-11      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN USA LTD                                | BHP Billiton Finance USA Ltd                                                     | CUSIP: 055451BF4<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |     70000 | PA      | $71170.32     | 0.02%             | 2053-09-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $724232.60    | 0.25%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                    | AGNC Investment Corp                                                             | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |      4100 | NS      | $103976.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    101000 | PA      | $91853.22     | 0.03%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                             | Exelon Corp                                                                      | CUSIP: 30161NAC5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $271501.86    | 0.09%             | 2035-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                                 | Transcontinental Gas Pipe Line Co LLC                                            | CUSIP: 893574AR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $251058.43    | 0.09%             | 2050-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                        | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    230000 | PA      | $228447.04    | 0.08%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| AECOM                                                   | AECOM                                                                            | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204642.00    | 0.07%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF GAS CO                                   | Southern California Gas Co                                                       | CUSIP: 842434DD1<br>LEI: XY0N0J73VHV5F4CUJV89 | Long             | DBT              | CORP              | US        |    300000 | PA      | $314605.31    | 0.11%             | 2055-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                                   | CUSIP: 548661DY0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    170000 | PA      | $149675.23    | 0.05%             | 2030-10-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NEK3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    270000 | PA      | $265165.47    | 0.09%             | 2054-06-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PAA4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    440000 | PA      | $378723.15    | 0.13%             | 2048-02-22      | Fixed         | 4.26%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                          | Greystone CRE Notes 2024-HC3                                                     | CUSIP: 39808MAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    110000 | PA      | $109649.53    | 0.04%             | 2041-03-15      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    380000 | PA      | $364366.99    | 0.13%             | 2027-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| WYNNTON FUNDING TRUST II                                | Wynnton Funding Trust II                                                         | CUSIP: 983197AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $380052.19    | 0.13%             | 2055-08-15      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                                           | J M Smucker Co/The                                                               | CUSIP: 832696AY4<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $218244.77    | 0.08%             | 2043-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1003304.23   | 0.35%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | Sasol Financing USA LLC                                                          | CUSIP: 80386WAF2<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207633.20    | 0.07%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    590000 | PA      | $611383.96    | 0.21%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280AH2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    340000 | PA      | $370523.49    | 0.13%             | 2037-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                             | Netflix Inc                                                                      | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    230000 | PA      | $237361.27    | 0.08%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CONOCOPHILLIPS COMPANY                                  | ConocoPhillips Co                                                                | CUSIP: 20826FBH8<br>LEI: 6VJJ5GQWIRDQ06DUXG89 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158840.99    | 0.06%             | 2063-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                     | CUSIP: 871607AB3<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    110000 | PA      | $111250.32    | 0.04%             | 2028-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                                    | CUSIP: 842400GU1<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    130000 | PA      | $116601.71    | 0.04%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GB37<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    770000 | PA      | $792949.59    | 0.28%             | 2035-07-23      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                      | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    130000 | PA      | $138152.95    | 0.05%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                               | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40994.32     | 0.01%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| JABIL INC                                               | Jabil Inc                                                                        | CUSIP: 46656PAA2<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103222.20    | 0.04%             | 2029-02-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PET5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    540000 | PA      | $564477.56    | 0.20%             | 2063-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BALTIMORE GAS & ELECTRIC                                | Baltimore Gas and Electric Co                                                    | CUSIP: 059165ET3<br>LEI: 88V8C2WYSOD1SPSSLH72 | Long             | DBT              | CORP              | US        |    340000 | PA      | $353405.19    | 0.12%             | 2035-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                | Florida Gas Transmission Co LLC                                                  | CUSIP: 340711BA7<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    310000 | PA      | $274031.51    | 0.10%             | 2031-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                  | CUSIP: 80007RAL9<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    590000 | PA      | $580525.72    | 0.20%             | 2030-06-18      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                       | L3Harris Technologies Inc                                                        | CUSIP: 502431AR0<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100684.36    | 0.03%             | 2053-07-31      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                    | Royal Bank of Canada                                                             | CUSIP: 78016HZW3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     60000 | PA      | $62543.13     | 0.02%             | 2034-02-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA                                  | Skandinaviska Enskilda Banken AB                                                 | CUSIP: 830505BK8<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    540000 | PA      | $541520.72    | 0.19%             | 2030-09-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| QUALCOMM INC                                            | QUALCOMM Inc                                                                     | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    280000 | PA      | $285980.96    | 0.10%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    350000 | PA      | $328421.15    | 0.11%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                | CUSIP: 29379VBZ5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $59728.71     | 0.02%             | 2060-01-31      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51969.12     | 0.02%             | 2034-04-24      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PAN6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $121038.78    | 0.04%             | 2049-01-23      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    400000 | PA      | $348400.00    | 0.12%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENER HOUSTON                                | CenterPoint Energy Houston Electric LLC                                          | CUSIP: 15189XBC1<br>LEI: 549300S8SEQBOJLKHW63 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108144.27    | 0.04%             | 2053-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1680000 | PA      | $1717668.76   | 0.60%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    330000 | PA      | $316171.94    | 0.11%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EATON CORP                                              | Eaton Corp                                                                       | CUSIP: 278062AE4<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    180000 | PA      | $159220.99    | 0.06%             | 2042-11-02      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                                | Virginia Electric and Power Co                                                   | CUSIP: 927804GS7<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    440000 | PA      | $437359.61    | 0.15%             | 2054-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP                                  | Bank of New York Mellon Corp/The                                                 | CUSIP: 06406RCJ4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    310000 | PA      | $320878.64    | 0.11%             | 2036-06-06      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                     | Charles Schwab Corp/The                                                          | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    340000 | PA      | $319492.15    | 0.11%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES FINANCIAL                                 | Raymond James Financial Inc                                                      | CUSIP: 754730AF6<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73919.89     | 0.03%             | 2046-07-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                                    | Lockheed Martin Corp                                                             | CUSIP: 539830BN8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    110000 | PA      | $88879.34     | 0.03%             | 2052-09-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    550000 | PA      | $575704.50    | 0.20%             | 2036-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                          | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40587.59     | 0.01%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                                   | CUSIP: 00914AAT9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    210000 | PA      | $216356.48    | 0.08%             | 2027-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CRH SMW FINANCE DAC                                     | CRH SMW Finance DAC                                                              | CUSIP: 12704PAB4<br>LEI: 54930044475SH442C864 | Long             | DBT              | CORP              | IE        |    280000 | PA      | $288339.67    | 0.10%             | 2030-01-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                       | Kinder Morgan Inc                                                                | CUSIP: 49456BAJ0<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    420000 | PA      | $382248.17    | 0.13%             | 2046-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    600000 | PA      | $546561.56    | 0.19%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| ROLLINS INC                                             | Rollins Inc                                                                      | CUSIP: 775711AC8<br>LEI: 549300F2A0BXT4SGWD84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101831.52    | 0.04%             | 2035-02-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC                                  | Chubb INA Holdings LLC                                                           | CUSIP: 171239AJ5<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    140000 | PA      | $87808.63     | 0.03%             | 2061-12-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                     | CUSIP: 225401BP2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    450000 | PA      | $448011.02    | 0.16%             | 2037-03-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| RWE FINANCE US LLC                                      | RWE Finance US LLC                                                               | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    480000 | PA      | $473762.42    | 0.16%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                                          | Mastercard Inc                                                                   | CUSIP: 57636QAP9<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48684.09     | 0.02%             | 2030-03-26      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                    | CUSIP: 097023CK9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    230000 | PA      | $173979.25    | 0.06%             | 2049-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                       | CUSIP: 034863AU4<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201174.51    | 0.07%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                                  | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KDE7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    180000 | PA      | $187066.08    | 0.07%             | 2055-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308JK4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    170000 | PA      | $167017.64    | 0.06%             | 2028-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                       | CUSIP: 458140BG4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36955.85     | 0.01%             | 2047-12-08      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| CSL FINANCE PLC                                         | CSL Finance PLC                                                                  | CUSIP: 12661PAD1<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $136920.96    | 0.05%             | 2042-04-27      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $647408.17    | 0.23%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited                           | Lunar 2021-1 Structured Aircraft Portfolio Notes                                 | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |    174561 | PA      | $165124.29    | 0.06%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| ILFC E-CAPITAL TRUST II                                 | ILFC E-Capital Trust II                                                          | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $249099.01    | 0.09%             | 2065-12-21      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                                  | BP Capital Markets PLC                                                           | CUSIP: 05565QDW5<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $74831.68     | 0.03%             | N/A             | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                    | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     90000 | PA      | $104265.10    | 0.04%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                              | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    350000 | PA      | $349782.69    | 0.12%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                    | CUSIP: 693070AD6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    140000 | PA      | $146693.82    | 0.05%             | 2027-06-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 75513EAC5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    120000 | PA      | $81681.30     | 0.03%             | 2050-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                                      | Meta Platforms Inc                                                               | CUSIP: 30303M8H8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    170000 | PA      | $165516.54    | 0.06%             | 2032-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL                                  | Mondelez International Inc                                                       | CUSIP: 609207AW5<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $60770.39     | 0.02%             | 2050-09-04      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104377.80    | 0.04%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                  | PNC Financial Services Group Inc/The                                             | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    360000 | PA      | $365112.06    | 0.13%             | 2032-10-21      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Harbor Park CLO Ltd                                     | Harbor Park CLO 18-1 Ltd                                                         | CUSIP: 41154XAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $220352.77    | 0.08%             | 2031-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                             | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    180000 | PA      | $184064.32    | 0.06%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                           | CUSIP: 67091TAE5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    460000 | PA      | $384962.50    | 0.13%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                      | CUSIP: 68389XBJ3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    720000 | PA      | $561224.39    | 0.20%             | 2046-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PG&E WILDFIRE RECOVERY                                  | PG&E Wildfire Recovery Funding LLC                                               | CUSIP: 693342AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $354996.66    | 0.12%             | 2051-12-01      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                             | CUSIP: 87612GAF8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     60000 | PA      | $65415.99     | 0.02%             | 2034-03-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                                      | Union Pacific Corp                                                               | CUSIP: 907818FN3<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    730000 | PA      | $437963.17    | 0.15%             | 2062-09-16      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                                        | Coca-Cola Co/The                                                                 | CUSIP: 191216DZ0<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    440000 | PA      | $431356.28    | 0.15%             | 2055-01-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 226373AR9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    590000 | PA      | $598421.82    | 0.21%             | 2029-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| L'OREAL SA                                              | L'Oreal SA                                                                       | CUSIP: 502117AA2<br>LEI: 529900JI1GG6F7RKVI53 | Long             | DBT              | CORP              | FR        |    260000 | PA      | $267822.39    | 0.09%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VGC2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    250000 | PA      | $176251.92    | 0.06%             | 2061-03-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                                    | Duke Energy Ohio Inc                                                             | CUSIP: 26442EAH3<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |    120000 | PA      | $109640.83    | 0.04%             | 2030-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                                          | Lowe's Cos Inc                                                                   | CUSIP: 548661EE3<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    110000 | PA      | $79695.89     | 0.03%             | 2041-09-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC                                            | Alphabet Inc                                                                     | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    370000 | PA      | $368464.92    | 0.13%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     76000 | PA      | $69730.00     | 0.02%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                    | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $269343.61    | 0.09%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                            | Comcast Corp                                                                     | CUSIP: 20030NCG4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    480000 | PA      | $369075.49    | 0.13%             | 2052-11-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN                                | Northern States Power Co/MN                                                      | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    260000 | PA      | $265367.70    | 0.09%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                           | State of California                                                              | CUSIP: 13063A7D0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    900000 | PA      | $1053948.87   | 0.37%             | 2039-10-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ORLANDO HEALTH OBL GRP                                  | Orlando Health Obligated Group                                                   | CUSIP: 686514AP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156725.41    | 0.05%             | 2035-10-01      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                              | AbbVie Inc                                                                       | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    370000 | PA      | $368168.83    | 0.13%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FLORIDA GAS TRANSMISSION                                | Florida Gas Transmission Co LLC                                                  | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124529.16    | 0.04%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO                                 | Columbia Pipelines Operating Co LLC                                              | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $320222.49    | 0.11%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                                 | Laboratory Corp of America Holdings                                              | CUSIP: 50540RBB7<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238246.58    | 0.08%             | 2034-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | Florida Power & Light Co                                                         | CUSIP: 341081GU5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146137.76    | 0.05%             | 2034-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                                             | Citibank NA                                                                      | CUSIP: 17325FBL1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    360000 | PA      | $362879.06    | 0.13%             | 2027-11-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                         | Bermuda Government International Bond                                            | CUSIP: 085209AH7<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    220000 | PA      | $155914.00    | 0.05%             | 2050-08-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                                        | Bank of Montreal                                                                 | CUSIP: 06368L5Q5<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $371995.75    | 0.13%             | 2084-11-26      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    190000 | PA      | $141964.22    | 0.05%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U2Q5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $807787.83    | 0.28%             | 2041-04-30      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA                                  | Morgan Stanley Bank NA                                                           | CUSIP: 61690U8B9<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255587.86    | 0.09%             | 2028-05-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                               | Kroger Co/The                                                                    | CUSIP: 501044DW8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    360000 | PA      | $351179.73    | 0.12%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON UNIVERSITY                                   | Washington University/The                                                        | CUSIP: 940663AC1<br>LEI: 2V765680J33YAZOYW441 | Long             | DBT              | CORP              | US        |    150000 | PA      | $110847.37    | 0.04%             | 2054-04-15      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                | Sumitomo Mitsui Financial Group Inc                                              | CUSIP: 86562MEB2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $512214.47    | 0.18%             | 2046-07-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding, LLC                              | Driven Brands Funding LLC                                                        | CUSIP: 26209XAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    633605 | PA      | $612930.57    | 0.21%             | 2051-01-20      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                                            | Comerica Inc                                                                     | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |    220000 | PA      | $228986.95    | 0.08%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    200000 | PA      | $205012.67    | 0.07%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| HEXCEL CORP                                             | Hexcel Corp                                                                      | CUSIP: 428291AP3<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | DBT              | CORP              | US        |    240000 | PA      | $251125.68    | 0.09%             | 2035-02-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                                          | S&P Global Inc                                                                   | CUSIP: 78409VAS3<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43580.15     | 0.02%             | 2030-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                           | CUSIP: 91324PCD2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    560000 | PA      | $488000.58    | 0.17%             | 2043-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                        | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    380000 | PA      | $379290.52    | 0.13%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER                                | Wisconsin Electric Power Co                                                      | CUSIP: 976656CT3<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |    160000 | PA      | $150217.56    | 0.05%             | 2054-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                   | CUSIP: 61748UAF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    370000 | PA      | $387566.60    | 0.13%             | 2036-01-18      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                     | Delta Air Lines Inc                                                              | CUSIP: 247361ZT8<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48611.34     | 0.02%             | 2029-10-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| KLA CORP                                                | KLA Corp                                                                         | CUSIP: 482480AL4<br>LEI: 549300H0BF5JCG96TJ81 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101542.52    | 0.04%             | 2032-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SNAM SPA                                                | Snam SpA                                                                         | CUSIP: 83304JAC1<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |    570000 | PA      | $612671.68    | 0.21%             | 2055-05-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT LIGHT & PWR                                 | Connecticut Light and Power Co/The                                               | CUSIP: 207597ER2<br>LEI: 549300O45IUXEDS1VZ32 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173182.08    | 0.06%             | 2029-01-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                             | CUSIP: 969457BB5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    580000 | PA      | $657595.52    | 0.23%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                              | PacifiCorp                                                                       | CUSIP: 695114DF2<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21086.35     | 0.01%             | 2055-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                | CUSIP: 404280DW6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $220090.14    | 0.08%             | 2044-03-09      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VDC5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    210000 | PA      | $171535.49    | 0.06%             | 2046-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RES                                  | CenterPoint Energy Resources Corp                                                | CUSIP: 15189WAS9<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61988.40     | 0.02%             | 2034-07-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PAMPA ENERGIA SA                                        | Pampa Energia SA                                                                 | CUSIP: 697660AF5<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |     40000 | PA      | $39520.00     | 0.01%             | 2034-12-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                       | L3Harris Technologies Inc                                                        | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91506.14     | 0.03%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VBG8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    510000 | PA      | $414687.17    | 0.14%             | 2042-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                                     | American Express Co                                                              | CUSIP: 025816DR7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    290000 | PA      | $309164.53    | 0.11%             | 2035-04-25      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                        | CUSIP: 674599CJ2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39259.84     | 0.01%             | 2046-04-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP                                   | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                         | CUSIP: 472140AC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $677797.11    | 0.24%             | 2055-02-25      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                              | Intel Corp                                                                       | CUSIP: 458140CJ7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67741.02     | 0.02%             | 2053-02-10      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68661.38     | 0.02%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                 | CarMax Auto Owner Trust 2024-1                                                   | CUSIP: 14318WAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $41066.01     | 0.01%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                              | CUSIP: 46647PEH5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213170.52    | 0.07%             | 2035-04-22      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                                | RTX Corp                                                                         | CUSIP: 913017CW7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    210000 | PA      | $197756.01    | 0.07%             | 2038-11-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $501059.10    | 0.17%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC                                    | Glencore Funding LLC                                                             | CUSIP: 378272BV9<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    349000 | PA      | $352988.85    | 0.12%             | 2054-04-04      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                            | CUSIP: 350930AK9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    300000 | PA      | $323050.27    | 0.11%             | 2039-01-25      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                      | CUSIP: 71647NBJ7<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $329704.64    | 0.11%             | 2051-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE INSURANCE                                 | New York Life Insurance Co                                                       | CUSIP: 64952GAT5<br>LEI: TAE73CY392TBWJ3O3305 | Long             | DBT              | CORP              | US        |    450000 | PA      | $340280.03    | 0.12%             | 2050-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                          | Home Depot Inc/The                                                               | CUSIP: 437076BP6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    130000 | PA      | $92644.98     | 0.03%             | 2056-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                      | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     70000 | PA      | $72570.40     | 0.03%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MARS INC                                                | Mars Inc                                                                         | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    660000 | PA      | $669020.04    | 0.23%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 91282CNY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    330000 | PA      | $327769.92    | 0.11%             | 2028-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                 | Bristol-Myers Squibb Co                                                          | CUSIP: 110122EJ3<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80922.03     | 0.03%             | 2044-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                            | Synopsys Inc                                                                     | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    560000 | PA      | $565569.96    | 0.20%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    980000 | PA      | $861575.26    | 0.30%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                            | CUSIP: 595112CE1<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94726.06     | 0.03%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    680000 | PA      | $605561.69    | 0.21%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                             | CUSIP: 91086QBB3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1030000 | PA      | $858247.50    | 0.30%             | 2044-03-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH                           | American Municipal Power Inc                                                     | CUSIP: 02765UEK6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    100000 | PA      | $128551.26    | 0.04%             | 2050-02-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                           | TopBuild Corp                                                                    | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179472.57    | 0.06%             | 2034-01-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                     | Gilead Sciences Inc                                                              | CUSIP: 375558AS2<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136040.24    | 0.05%             | 2041-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PVT BANK                                 | Morgan Stanley Private Bank NA                                                   | CUSIP: 61776NVG5<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |    280000 | PA      | $284316.93    | 0.10%             | 2031-07-18      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                                                 | CUSIP: 91282CNZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    310000 | PA      | $309007.03    | 0.11%             | 2032-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                      | Athene Holding Ltd                                                               | CUSIP: 04686JAL5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    380000 | PA      | $407034.53    | 0.14%             | 2055-05-19      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                                   | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    110000 | PA      | $107743.39    | 0.04%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                               | Amgen Inc                                                                        | CUSIP: 031162DS6<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    230000 | PA      | $233174.99    | 0.08%             | 2043-03-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10126.04     | 0.00%             | 2055-12-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PIEDMONT NATURAL GAS CO                                 | Piedmont Natural Gas Co Inc                                                      | CUSIP: 720186AP0<br>LEI: VXB4M3BDPKF3I2AZ3G89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90920.07     | 0.03%             | 2052-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES                             | University of California                                                         | CUSIP: 91412GHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $140265.10    | 0.05%             | 2112-05-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                                        | Altria Group Inc                                                                 | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    110000 | PA      | $96865.89     | 0.03%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    820000 | PA      | $857515.37    | 0.30%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                 | CUSIP: 94974BFP0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $166201.68    | 0.06%             | 2043-11-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                  | CUSIP: 80007RAS4<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    690000 | PA      | $636470.56    | 0.22%             | 2031-08-08      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                   | Toronto-Dominion Bank/The                                                        | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    570000 | PA      | $603231.43    | 0.21%             | 2082-10-31      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    430000 | PA      | $440620.37    | 0.15%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| UNIV OF MICHIGAN MI                                     | University of Michigan                                                           | CUSIP: 914455UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $88837.31     | 0.03%             | 2122-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NUVEEN LLC                                              | Nuveen LLC                                                                       | CUSIP: 67080LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $104298.07    | 0.04%             | 2030-01-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308KM8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    160000 | PA      | $172065.77    | 0.06%             | 2033-06-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO                                | Florida Power & Light Co                                                         | CUSIP: 341081GZ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    320000 | PA      | $335741.01    | 0.12%             | 2065-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20264.85     | 0.01%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                             | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52241.16     | 0.02%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                                    | CUSIP: 842400JK0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90838.81     | 0.03%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                              | Humana Inc                                                                       | CUSIP: 444859BE1<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133249.81    | 0.05%             | 2044-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    420000 | PA      | $445651.50    | 0.15%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                 | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    830000 | PA      | $848413.87    | 0.29%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $186262.53    | 0.06%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    270000 | PA      | $215715.15    | 0.07%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                  | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    580000 | PA      | $549625.30    | 0.19%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOTTERY PLC                                  | Brightstar Lottery PLC                                                           | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $268980.31    | 0.09%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                             | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122181.31    | 0.04%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                                | Ameriprise Financial Inc                                                         | CUSIP: 03076CAM8<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207367.46    | 0.07%             | 2033-05-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                                        | BAT Capital Corp                                                                 | CUSIP: 054989AC2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    470000 | PA      | $532258.56    | 0.18%             | 2043-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                      | CUSIP: 694308KU0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133262.01    | 0.05%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29278NAE3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    440000 | PA      | $433903.30    | 0.15%             | 2048-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                                    | CUSIP: 842400HV8<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    820000 | PA      | $771177.81    | 0.27%             | 2053-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| VISA INC                                                | Visa Inc                                                                         | CUSIP: 92826CAM4<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46008.60     | 0.02%             | 2030-04-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                       | CUSIP: 92343VDU5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    490000 | PA      | $495371.26    | 0.17%             | 2037-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                                     | Gilead Sciences Inc                                                              | CUSIP: 375558CA9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    290000 | PA      | $292938.79    | 0.10%             | 2053-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | Paramount Global                                                                 | CUSIP: 925524AH3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    240000 | PA      | $268036.71    | 0.09%             | 2030-07-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer