# EDGAR Filing Document

**Accession Number:** 0001819559
**File Stem:** 0000940400-25-010435
**Filing Date:** 2025-11
**Character Count:** 368909
**Document Hash:** facc8dc63cfef2bc0e7e1c85f4b7098b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010435.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010435

**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:** Western Asset Diversified Income Fund (WDI)
- **CENTRAL INDEX KEY:** 0001819559

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23598
- **FILM NUMBER:** 251519750

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

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

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

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 72.3%** | **Corporate Bonds & Notes — 72.3%** | **Corporate Bonds & Notes — 72.3%** | **Corporate Bonds & Notes — 72.3%** | **Corporate Bonds & Notes — 72.3%** |
| **Communication Services — 11.5%** | **Communication Services — 11.5%** | **Communication Services — 11.5%** | **Communication Services — 11.5%** | **Communication Services — 11.5%** |
| *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; $3013340<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 2,176,066<br> \*<sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 859050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 869937<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *6918393* |
| *Entertainment — 1.2%* | *Entertainment — 1.2%* | *Entertainment — 1.2%* | *Entertainment — 1.2%* | *Entertainment — 1.2%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 7160000<br>| &nbsp;&nbsp;&nbsp; 3239900<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 4780000<br>| &nbsp;&nbsp;&nbsp; 4138476<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2078898<br> <sup>(a)(b)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *9457274* |
| *Media — 8.0%* | *Media — 8.0%* | *Media — 8.0%* | *Media — 8.0%* | *Media — 8.0%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 3610000<br>| &nbsp;&nbsp;&nbsp; 3807196<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4628084<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.834% | &nbsp;&nbsp; 10/23/55 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5114949<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3590000<br>| &nbsp;&nbsp;&nbsp; 3490695<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 7230000<br>| &nbsp;&nbsp;&nbsp; 7224809<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/37 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4293550<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4425454<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1059077<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 6198500<br>| &nbsp;&nbsp;&nbsp; 6824238<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 3183257<br>| &nbsp;&nbsp;&nbsp; 3284246<br> <sup>(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; EW Scripps Co., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1879126<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2389675<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; 1308817<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Televisa SAB, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/13/45 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp;&nbsp; 1332351<br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1715959<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; McClatchy Media Co. LLC, Senior Secured Notes (11.000% Cash or <br> 12.500% PIK) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 7967942<br>| &nbsp;&nbsp;&nbsp; 8914136<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1034512<br> <sup>(a)(b)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *62726874* |
| *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 12780000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *10755253*<br> <sup>(a)(b)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **89857794** |
| **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** | **Consumer Discretionary — 13.1%** |
| *Automobile Components — 2.8%* | *Automobile Components — 2.8%* | *Automobile Components — 2.8%* | *Automobile Components — 2.8%* | *Automobile Components — 2.8%* |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 3310000<br>| &nbsp;&nbsp;&nbsp; 3337872<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carbon Revolution Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 3187652<br>| &nbsp;&nbsp;&nbsp; 3191637<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 3485000<br>| &nbsp;&nbsp;&nbsp; 3654381<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/14/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2029220<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/23/30 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 532260<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 1980000<br>| &nbsp;&nbsp;&nbsp; 1967757<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 7325000<br>| &nbsp;&nbsp;&nbsp; $7018059<br> <sup>(a)(b)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *21731186* |
| *Automobiles — 1.6%* | *Automobiles — 1.6%* | *Automobiles — 1.6%* | *Automobiles — 1.6%* | *Automobiles — 1.6%* |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1959992<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1024734<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 10640000<br>| &nbsp;&nbsp;&nbsp; 9230200<br> <sup>(a)(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *12214926* |
| *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; QVC Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 6670000<br>| &nbsp;&nbsp;&nbsp; *3868600*<br>|
| *Hotels, Restaurants & Leisure — 2.4%* | *Hotels, Restaurants & Leisure — 2.4%* | *Hotels, Restaurants & Leisure — 2.4%* | *Hotels, Restaurants & Leisure — 2.4%* | *Hotels, Restaurants & Leisure — 2.4%* |
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 10059000<br>| &nbsp;&nbsp;&nbsp; 9344900<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp;&nbsp; 2046712<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco PLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/11/28 | &nbsp;&nbsp; 2500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 3548101<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; 720000<br>| &nbsp;&nbsp;&nbsp; 734685<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3002024<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *18676422* |
| *Household Durables — 1.1%* | *Household Durables — 1.1%* | *Household Durables — 1.1%* | *Household Durables — 1.1%* | *Household Durables — 1.1%* |
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2650590<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 3972205<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2193554<br> <sup>(a)(b)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *8816349* |
| *Specialty Retail — 4.4%* | *Specialty Retail — 4.4%* | *Specialty Retail — 4.4%* | *Specialty Retail — 4.4%* | *Specialty Retail — 4.4%* |
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp;&nbsp; 3349132<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 7.600% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 4275000<br>| &nbsp;&nbsp;&nbsp; 4423637<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; 6374586<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 8500000<br>| &nbsp;&nbsp;&nbsp; 8974810<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 840000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 8515000<br>| &nbsp;&nbsp;&nbsp; 7879857<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Staples Inc., Secured Notes | &nbsp;&nbsp; 12.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1315228<br>| &nbsp;&nbsp;&nbsp; 1062437<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1976628<br> <sup>(a)(b)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *34881087* |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Second Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 3832000<br>| &nbsp;&nbsp;&nbsp; 1992640<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Third Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 143700<br>| &nbsp;&nbsp;&nbsp; 52450<br> <sup>(a)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *2045090* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **102233660** |
| **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** |
| *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Boots Group Finco LP, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 8/31/32 | &nbsp;&nbsp; 640000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *879093*<br> <sup>(a)</sup><br>|
| *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; TKC Holdings Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3597377<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; TKC Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3534636<br> <sup>(a)(b)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *7132013* |
| *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* |
| &nbsp;&nbsp;&nbsp; Turning Point Brands Inc., Senior Secured Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2121400*<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **10132506** |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** | **Energy — 11.6%** |
| *Energy Equipment & Services — 1.3%* | *Energy Equipment & Services — 1.3%* | *Energy Equipment & Services — 1.3%* | *Energy Equipment & Services — 1.3%* | *Energy Equipment & Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 2610000<br>| &nbsp;&nbsp;&nbsp; $2432703<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 7600000<br>| &nbsp;&nbsp;&nbsp; 7977410<br> <sup>(a)(b)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *10410113* |
| *Oil, Gas & Consumable Fuels — 10.3%* | *Oil, Gas & Consumable Fuels — 10.3%* | *Oil, Gas & Consumable Fuels — 10.3%* | *Oil, Gas & Consumable Fuels — 10.3%* | *Oil, Gas & Consumable Fuels — 10.3%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 362000<br>| &nbsp;&nbsp;&nbsp; 362420<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1052414<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2674000<br>| &nbsp;&nbsp;&nbsp; 2778064<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2981335<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 3790000<br>| &nbsp;&nbsp;&nbsp; 3843316<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then <br> 3 mo. USD LIBOR + 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 6645000<br>| &nbsp;&nbsp;&nbsp; 6641438<br> <sup>(b)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/15/48 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3127730<br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term <br> SOFR + 5.750%) | &nbsp;&nbsp; 10.051% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 4474324<br>| &nbsp;&nbsp;&nbsp; 4407209<br> <sup>(a)(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1017569<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2491671<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/1/96 | &nbsp;&nbsp; 8610000<br>| &nbsp;&nbsp;&nbsp; 9539010<br>|
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1989380<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1016257<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1294000<br>| &nbsp;&nbsp;&nbsp; 1408536<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1019370<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP, Junior Subordinated Notes (3 mo. Term <br> SOFR + 4.372%) | &nbsp;&nbsp; 8.583% | &nbsp;&nbsp; 10/30/25 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 7021203<br> <sup>(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 9300000<br>| &nbsp;&nbsp;&nbsp; 9941105<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30 then 5 year <br> Treasury Constant Maturity Rate + 4.230%) | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 5822000<br>| &nbsp;&nbsp;&nbsp; 5917219<br> <sup>(a)(b)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5253377<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 4510000<br>| &nbsp;&nbsp;&nbsp; 4912960<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp;&nbsp; 2399833<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1254106<br> <sup>(a)(b)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *80375522* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **90785635** |
| **Financials — 5.9%** | **Financials — 5.9%** | **Financials — 5.9%** | **Financials — 5.9%** | **Financials — 5.9%** |
| *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2066757<br> <sup>(a)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3157284<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *5224041* |
| *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* |
| &nbsp;&nbsp;&nbsp; Navient Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *9811002*<br> <sup>(b)</sup><br>|
| *Financial Services — 2.7%* | *Financial Services — 2.7%* | *Financial Services — 2.7%* | *Financial Services — 2.7%* | *Financial Services — 2.7%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3184917<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4010376<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LD Holdings Group LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4925600<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 914014<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1641664<br>| &nbsp;&nbsp;&nbsp; 1563974<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; $6607074<br> <sup>(a)(b)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *21205955* |
| *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* |
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2266457*<br> <sup>(a)(b)</sup><br>|
| *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.0%* |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 862535<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6874777<br> <sup>(a)(b)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *7737312* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **46244767** |
| **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** |
| *Health Care Providers & Services — 4.2%* | *Health Care Providers & Services — 4.2%* | *Health Care Providers & Services — 4.2%* | *Health Care Providers & Services — 4.2%* | *Health Care Providers & Services — 4.2%* |
| &nbsp;&nbsp;&nbsp; Akumin Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 6982000<br>| &nbsp;&nbsp;&nbsp; 6222547<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 13930000<br>| &nbsp;&nbsp;&nbsp; 11087166<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2596375<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 3030000<br>| &nbsp;&nbsp;&nbsp; 3212851<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp;&nbsp; 2205362<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3252564<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2628170<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 1883000<br>| &nbsp;&nbsp;&nbsp; 1647625<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *32852660* |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; Claritev Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 1940610<br>| &nbsp;&nbsp;&nbsp; 1508825<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 223925<br>| &nbsp;&nbsp;&nbsp; 195707<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Senior Secured Notes (6.500% Cash and <br> 5.000% PIK) | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 351282<br>| &nbsp;&nbsp;&nbsp; 367839<br> <sup>(a)(b)(d)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *2072371* |
| *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* | *Pharmaceuticals — 2.3%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2920000<br>| &nbsp;&nbsp;&nbsp; 2995459<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4461576<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 7616000<br>| &nbsp;&nbsp;&nbsp; 5953619<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2095870<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2241540<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *17748064* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **52673095** |
| **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** |
| *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* | *Commercial Services & Supplies — 2.0%* |
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3359000<br>| &nbsp;&nbsp;&nbsp; 3551209<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp;&nbsp; 4513866<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 3830000<br>| &nbsp;&nbsp;&nbsp; 3823479<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3590265<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vortex Opco LLC, Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 4075500<br>| &nbsp;&nbsp;&nbsp; 417739<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *15896558* |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower <br> Partners Colombia SAS, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/3/30 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; $1960207<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Empire Communities Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3149310<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 9921000<br>| &nbsp;&nbsp;&nbsp; 11120267<br> <sup>(a)(b)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *16229784* |
| *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 8250000<br>| &nbsp;&nbsp;&nbsp; 7718351<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RXO Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1017692<br> <sup>(a)(b)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *8736043* |
| *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* | *Machinery — 2.2%* |
| &nbsp;&nbsp;&nbsp; Chart Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3125955<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 7690000<br>| &nbsp;&nbsp;&nbsp; 7978913<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 5230000<br>| &nbsp;&nbsp;&nbsp; 5240654<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; TK Elevator US Newco Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 997229<br> <sup>(a)(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *17342751* |
| *Marine Transportation — 0.7%* | *Marine Transportation — 0.7%* | *Marine Transportation — 0.7%* | *Marine Transportation — 0.7%* | *Marine Transportation — 0.7%* |
| &nbsp;&nbsp;&nbsp; Stena International SA, Senior Secured Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *5154560*<br> <sup>(a)(b)</sup><br>|
| *Passenger Airlines — 2.0%* | *Passenger Airlines — 2.0%* | *Passenger Airlines — 2.0%* | *Passenger Airlines — 2.0%* | *Passenger Airlines — 2.0%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3653223<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 4250000<br>| &nbsp;&nbsp;&nbsp; 4314289<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1041700<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RJET 2023-1 A | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 4437500<br>| &nbsp;&nbsp;&nbsp; 4629147<br> <sup>(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 4349753<br>| &nbsp;&nbsp;&nbsp; 1,851,342<br> \*<sup>(a)(b)(c)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *15489701* |
| *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1476148<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 438773<br> <sup>(a)(b)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *1914921* |
| *Transportation Infrastructure — 1.6%* | *Transportation Infrastructure — 1.6%* | *Transportation Infrastructure — 1.6%* | *Transportation Infrastructure — 1.6%* | *Transportation Infrastructure — 1.6%* |
| &nbsp;&nbsp;&nbsp; Gatwick Airport Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/7/26 | &nbsp;&nbsp; 3000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 4021964<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Railworks Holdings LP/Railworks Rally Inc., Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 8500000<br>| &nbsp;&nbsp;&nbsp; 8606505<br> <sup>(a)(b)</sup><br>|
| *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | *Total Transportation Infrastructure* | &nbsp;&nbsp; *12628469* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **93392787** |
| **Information Technology — 4.5%** | **Information Technology — 4.5%** | **Information Technology — 4.5%** | **Information Technology — 4.5%** | **Information Technology — 4.5%** |
| *Communications Equipment — 2.0%* | *Communications Equipment — 2.0%* | *Communications Equipment — 2.0%* | *Communications Equipment — 2.0%* | *Communications Equipment — 2.0%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2071452<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 7589000<br>| &nbsp;&nbsp;&nbsp; 7535887<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2105310<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 1875000<br>| &nbsp;&nbsp;&nbsp; 1761843<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1993623<br> <sup>(a)(b)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *15468115* |
| *IT Services — 0.9%* | *IT Services — 0.9%* | *IT Services — 0.9%* | *IT Services — 0.9%* | *IT Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1757807<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 3210000<br>| &nbsp;&nbsp;&nbsp; 3293874<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sabre GLBL Inc., Senior Secured Notes | &nbsp;&nbsp; 11.125% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1939400<br> <sup>(a)(b)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *6991081* |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* | *Software — 1.3%* |
| &nbsp;&nbsp;&nbsp; Citrix Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 8164000<br>| &nbsp;&nbsp;&nbsp; $7819724<br>|
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2955331<br> <sup>(a)(b)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *10775055* |
| *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* |
| &nbsp;&nbsp;&nbsp; CA Magnum Holdings, Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 10/31/26 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1497177<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/<br> Valassis Direct, Secured Notes | &nbsp;&nbsp; 13.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 676658<br>| &nbsp;&nbsp;&nbsp; 828906<br> <sup>(a)(b)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *2326083* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **35560334** |
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2642332*<br> <sup>(a)(b)</sup><br>|
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 1073814<br>| &nbsp;&nbsp;&nbsp; 32214<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 771280<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *803494* |
| *Metals & Mining — 1.1%* | *Metals & Mining — 1.1%* | *Metals & Mining — 1.1%* | *Metals & Mining — 1.1%* | *Metals & Mining — 1.1%* |
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp;&nbsp; 2705741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2104026<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 2420000<br>| &nbsp;&nbsp;&nbsp; 2558199<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1427773<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *8795739* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **12241565** |
| **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** |
| *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* | *Diversified REITs — 1.3%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6787954<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2088348<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 956994<br> <sup>(a)(b)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *9833296* |
| *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* | *Health Care REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1190568*<br> <sup>(a)(b)</sup><br>|
| *Hotel & Resort REITs — 0.5%* | *Hotel & Resort REITs — 0.5%* | *Hotel & Resort REITs — 0.5%* | *Hotel & Resort REITs — 0.5%* | *Hotel & Resort REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3729142*<br> <sup>(a)(b)</sup><br>|
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or 8.500% <br> PIK) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 534934<br>| &nbsp;&nbsp;&nbsp; 32096<br> <sup>(d)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000% <br> PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 434618<br>| &nbsp;&nbsp;&nbsp; 8692<br> <sup>(d)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800% <br> PIK) | &nbsp;&nbsp; 9.800% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 571519<br>| &nbsp;&nbsp;&nbsp; 11431<br> <sup>(d)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31 <br> then 1.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/30/2173 | &nbsp;&nbsp; 786962<br>| &nbsp;&nbsp;&nbsp; 5902<br> <sup>(f)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 213422<br>| &nbsp;&nbsp;&nbsp; 3735<br> <sup>(d)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., Senior Secured Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/27/24 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 297,500<br> \*<sup>(k)(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1068112<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* | *Real Estate Management & Development — continued* |
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; $2203410<br> <sup>(a)(b)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *3630878* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **18383884** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* |
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 6180000<br>| &nbsp;&nbsp;&nbsp; 6184750<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pampa Energia SA, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 9/10/31 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1233898<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *7418648* |
| *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* |
| &nbsp;&nbsp;&nbsp; AES Andes SA, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/14/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 314452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1589162<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/10/35 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1939410<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransAlta Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; 2845235<br> <sup>(b)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *6688259* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **14106907** |
| **Total Corporate Bonds & Notes (Cost — $554,690,256)** | **Total Corporate Bonds & Notes (Cost — $554,690,256)** | **Total Corporate Bonds & Notes (Cost — $554,690,256)** | **Total Corporate Bonds & Notes (Cost — $554,690,256)** | &nbsp;&nbsp; **565612934** |
| **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 23.9%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 23.9%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 23.9%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 23.9%** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— 23.9%** |
| &nbsp;&nbsp;&nbsp; Atrium Hotel Portfolio Trust, 2017-ATRM E (1 mo. Term SOFR + 3.347%) | &nbsp;&nbsp; 7.498% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2509313<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 H | &nbsp;&nbsp; 1.767% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 9451000<br>| &nbsp;&nbsp;&nbsp; 3663803<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 K | &nbsp;&nbsp; 1.767% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 21846154<br>| &nbsp;&nbsp;&nbsp; 7760449<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B27 F | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/15/54 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 2883312<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2021-B27 G | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/15/54 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 2302918<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BSREP Commercial Mortgage Trust, 2021-DC HRR (1 mo. Term SOFR + <br> 5.614%) | &nbsp;&nbsp; 9.765% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 15903970<br>| &nbsp;&nbsp;&nbsp; 3175010<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, 2013-1515 F | &nbsp;&nbsp; 4.058% | &nbsp;&nbsp; 3/10/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2519423<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2019-IMC G (1 mo. Term SOFR + <br> 3.646%) | &nbsp;&nbsp; 7.796% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3850822<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; CAFL Issuer LLC, 2024-RTL1 A2 | &nbsp;&nbsp; 8.680% | &nbsp;&nbsp; 11/28/31 | &nbsp;&nbsp; 4570000<br>| &nbsp;&nbsp;&nbsp; 4678373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIM Trust, 2021-INV1 AXS, IO | &nbsp;&nbsp; 0.190% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 174954256<br>| &nbsp;&nbsp;&nbsp; 1669396<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-GC29 D | &nbsp;&nbsp; 3.110% | &nbsp;&nbsp; 4/10/48 | &nbsp;&nbsp; 2439000<br>| &nbsp;&nbsp;&nbsp; 1743714<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 D | &nbsp;&nbsp; 3.225% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 551360<br>| &nbsp;&nbsp;&nbsp; 533929<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-ADV G (1 mo. Term SOFR + 6.364%) | &nbsp;&nbsp; 10.515% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 7860000<br>| &nbsp;&nbsp;&nbsp; 1313<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Easy Street Mortgage Loan Trust, 2025-RTL1 A2 | &nbsp;&nbsp; 8.299% | &nbsp;&nbsp; 5/25/40 | &nbsp;&nbsp; 2990000<br>| &nbsp;&nbsp;&nbsp; 3021644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured <br> Pass-Through Certificates, 2021-MN2 B1 (30 Day Average SOFR + <br> 5.500%) | &nbsp;&nbsp; 9.856% | &nbsp;&nbsp; 7/25/41 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2520428<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2020-DNA1 B2 (30 Day Average SOFR + 5.364%) | &nbsp;&nbsp; 9.721% | &nbsp;&nbsp; 1/25/50 | &nbsp;&nbsp; 2225000<br>| &nbsp;&nbsp;&nbsp; 2479762<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2020-DNA2 B2 (30 Day Average SOFR + 4.914%) | &nbsp;&nbsp; 9.271% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 7250000<br>| &nbsp;&nbsp;&nbsp; 7930626<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2020-DNA6 B2 (30 Day Average SOFR + 5.650%) | &nbsp;&nbsp; 10.006% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5769569<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA1 B2 (30 Day Average SOFR + 4.750%) | &nbsp;&nbsp; 9.106% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 6654276<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA2 B2 (30 Day Average SOFR + 6.000%) | &nbsp;&nbsp; 10.356% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 7361280<br> <sup>(a)(g)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(m)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR + 6.250%) | &nbsp;&nbsp; 10.606% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; $6175561<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA5 B2 (30 Day Average SOFR + 5.500%) | &nbsp;&nbsp; 9.856% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 6700000<br>| &nbsp;&nbsp;&nbsp; 7977050<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA6 B2 (30 Day Average SOFR + 7.500%) | &nbsp;&nbsp; 11.856% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 6590000<br>| &nbsp;&nbsp;&nbsp; 6921926<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk <br> Transfer Trust, 2018-3 BX  | &nbsp;&nbsp; 2.153% | &nbsp;&nbsp; 8/25/57 | &nbsp;&nbsp; 9337124<br>| &nbsp;&nbsp;&nbsp; 2850685<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Seasoned Credit Risk <br> Transfer Trust, 2022-1 M | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/25/61 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4640312<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit <br> Risk Trust, 2018-HRP1 B2 (30 Day Average SOFR + 11.864%) | &nbsp;&nbsp; 16.221% | &nbsp;&nbsp; 5/25/43 | &nbsp;&nbsp; 4678846<br>| &nbsp;&nbsp;&nbsp; 5610559<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit <br> Risk Trust, 2019-FTR1 B2 (30 Day Average SOFR + 8.464%) | &nbsp;&nbsp; 12.821% | &nbsp;&nbsp; 1/25/48 | &nbsp;&nbsp; 3460000<br>| &nbsp;&nbsp;&nbsp; 4127323<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, 2021-F117 CS (30 Day Average SOFR + 6.400%) | &nbsp;&nbsp; 10.755% | &nbsp;&nbsp; 7/25/31 | &nbsp;&nbsp; 3423590<br>| &nbsp;&nbsp;&nbsp; 3301879<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-HC4 D (1 mo. Term SOFR + 3.940%) | &nbsp;&nbsp; 8.069% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3491250<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp., 2024-70P HRR | &nbsp;&nbsp; 10.333% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 17680000<br>| &nbsp;&nbsp;&nbsp; 17813259<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2018-LUAU G (1 mo. Term SOFR + <br> 4.747%) | &nbsp;&nbsp; 8.897% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4979392<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2018-WPT GFX | &nbsp;&nbsp; 5.542% | &nbsp;&nbsp; 7/5/33 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 399000<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2021-NYMZ M <br> (1 mo. Term SOFR + 7.614%) | &nbsp;&nbsp; 11.765% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp;&nbsp; 2170040<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; KIND Trust, 2021-KIND F (1 mo. Term SOFR + 4.064%) | &nbsp;&nbsp; 8.220% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 5951129<br>| &nbsp;&nbsp;&nbsp; 5860288<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIRA Trust, 2023-MILE HRR | &nbsp;&nbsp; 9.300% | &nbsp;&nbsp; 6/10/38 | &nbsp;&nbsp; 13750000<br>| &nbsp;&nbsp;&nbsp; 13903643<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2021-L6 F | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 7195000<br>| &nbsp;&nbsp;&nbsp; 4260627<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Multifamily CAS Trust, 2019-1 CE (30 Day Average SOFR + 8.864%) | &nbsp;&nbsp; 13.221% | &nbsp;&nbsp; 10/25/49 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2055524<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Multifamily CAS Trust, 2020-1 CE (30 Day Average SOFR + 7.614%) | &nbsp;&nbsp; 11.971% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2597916<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-JERI G (1 mo. Term <br> SOFR + 7.608%) | &nbsp;&nbsp; 11.758% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 1603968<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, 2022-RRI E (1 mo. Term <br> SOFR + 5.193%) | &nbsp;&nbsp; 9.343% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 3750000<br>| &nbsp;&nbsp;&nbsp; 3736201<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2017-2A B5 | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 3/25/57 | &nbsp;&nbsp; 2819938<br>| &nbsp;&nbsp;&nbsp; 2587250<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Redwood Funding Trust, 2025-3 A | &nbsp;&nbsp; 6.231% | &nbsp;&nbsp; 12/27/56 | &nbsp;&nbsp; 4230364<br>| &nbsp;&nbsp;&nbsp; 4240726<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Soho Trust, 2021-SOHO D | &nbsp;&nbsp; 2.786% | &nbsp;&nbsp; 8/10/38 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp;&nbsp; 2599908<br> <sup>(a)(g)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $215,801,112)** | **Total Collateralized Mortgage Obligations (Cost — $215,801,112)** | **Total Collateralized Mortgage Obligations (Cost — $215,801,112)** | **Total Collateralized Mortgage Obligations (Cost — $215,801,112)** | &nbsp;&nbsp; **186933647** |
|  |  |  | &nbsp;&nbsp; Face <br>Amount†/ <br>Units<br>|  |
| **Asset-Backed Securities — 22.7%** | **Asset-Backed Securities — 22.7%** | **Asset-Backed Securities — 22.7%** | **Asset-Backed Securities — 22.7%** | **Asset-Backed Securities — 22.7%** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 9.031% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1151981<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2021-16A DR (3 mo. Term SOFR + 2.400%) | &nbsp;&nbsp; 6.725% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 378070<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2022-17A ER (3 mo. Term SOFR + 4.650%) | &nbsp;&nbsp; 8.975% | &nbsp;&nbsp; 1/21/35 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1471659<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2025-44A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.703% | &nbsp;&nbsp; 10/22/37 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 2227768<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2020-23A D2R3 (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.222% | &nbsp;&nbsp; 7/17/38 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1538595<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%) | &nbsp;&nbsp; 10.825% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 1895502<br> <sup>(a)(b)(g)</sup><br>|
| &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; 1460000<br>| &nbsp;&nbsp;&nbsp; 1476727<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A DRR (3 mo. Term SOFR + 4.320%) | &nbsp;&nbsp; 8.645% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp;&nbsp; 2653463<br> <sup>(a)(b)(g)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†/<br> Units<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2023-44A FR (3 mo. Term SOFR + 7.230%) | &nbsp;&nbsp; 11.544% | &nbsp;&nbsp; 10/26/37 | &nbsp;&nbsp; 500000<br>&nbsp;&nbsp;&nbsp; $485980<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2023-46A SUB | &nbsp;&nbsp; 12.636% | &nbsp;&nbsp; 10/24/36 | &nbsp;&nbsp; 3500000<br>&nbsp;&nbsp;&nbsp; 2850633<br> <sup>(a)(g)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos Loan Fund Ltd., 2024-1A ER (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.877% | &nbsp;&nbsp; 10/25/38 | &nbsp;&nbsp; 1750000<br>&nbsp;&nbsp;&nbsp; 1736418<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2023-5A D | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 2000000<br>&nbsp;&nbsp;&nbsp; 2036400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2023-6A D | &nbsp;&nbsp; 7.370% | &nbsp;&nbsp; 12/20/29 | &nbsp;&nbsp; 1320000<br>&nbsp;&nbsp;&nbsp; 1360847<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2024-2A D | &nbsp;&nbsp; 7.430% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 840000<br>&nbsp;&nbsp;&nbsp; 859834<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 mo. Term SOFR + 7.150%) | &nbsp;&nbsp; 11.475% | &nbsp;&nbsp; 10/20/35 | &nbsp;&nbsp; 2620000<br>&nbsp;&nbsp;&nbsp; 2639633<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2023-1A D2RR (3 mo. Term SOFR + <br> 4.250%) | &nbsp;&nbsp; 8.575% | &nbsp;&nbsp; 4/20/36 | &nbsp;&nbsp; 2250000<br>&nbsp;&nbsp;&nbsp; 2260996<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2024-2A E (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 10.075% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1630000<br>&nbsp;&nbsp;&nbsp; 1651011<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2024-2A F (3 mo. Term SOFR + 7.800%) | &nbsp;&nbsp; 12.125% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 200000<br>&nbsp;&nbsp;&nbsp; 197002<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund LLC, 2025-EDU1 D (30 Day Average <br> SOFR + 2.250%) | &nbsp;&nbsp; 6.583% | &nbsp;&nbsp; 7/27/48 | &nbsp;&nbsp; 1930000<br>&nbsp;&nbsp;&nbsp; 1930000<br> <sup>(a)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR + 3.900%) | &nbsp;&nbsp; 8.219% | &nbsp;&nbsp; 11/22/34 | &nbsp;&nbsp; 2270000<br>&nbsp;&nbsp;&nbsp; 2275443<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2020-29A ER (3 mo. Term SOFR + 7.122%) | &nbsp;&nbsp; 11.440% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 7000000<br>&nbsp;&nbsp;&nbsp; 6946848<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain Fuji US CLO Ltd., 2017-2A D (3 mo. Term SOFR + 6.412%) | &nbsp;&nbsp; 10.737% | &nbsp;&nbsp; 10/20/30 | &nbsp;&nbsp; 5350000<br>&nbsp;&nbsp;&nbsp; 5107395<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd., 2024-3A E (3 mo. Term SOFR + 6.350%) | &nbsp;&nbsp; 10.675% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 2070000<br>&nbsp;&nbsp;&nbsp; 2122848<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., 2021-95A SUB | &nbsp;&nbsp; 25.931% | &nbsp;&nbsp; 8/20/34 | &nbsp;&nbsp; 6870000<br>&nbsp;&nbsp;&nbsp; 3100823<br> <sup>(a)(g)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2021-14A ER (3 mo. Term SOFR + 6.450%) | &nbsp;&nbsp; 10.775% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 4400000<br>&nbsp;&nbsp;&nbsp; 4432949<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2019-2A SUB | &nbsp;&nbsp; 46.641% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 4600000<br>&nbsp;&nbsp;&nbsp; 2255782<br> <sup>(a)(g)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortress Credit BSL Ltd., 2021-4A E (3 mo. Term SOFR + 7.392%) | &nbsp;&nbsp; 11.709% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 3000000<br>&nbsp;&nbsp;&nbsp; 2899980<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2017-1A ER3 (3 mo. Term <br> SOFR + 4.500%) | &nbsp;&nbsp; 8.825% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 1380000<br>&nbsp;&nbsp;&nbsp; 1374144<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2019-6A ER2 (3 mo. Term <br> SOFR + 4.500%) | &nbsp;&nbsp; 8.825% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 820000<br>&nbsp;&nbsp;&nbsp; 807813<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., 2020-8A FR (3 mo. Term <br> SOFR + 8.312%) | &nbsp;&nbsp; 12.637% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 7000000<br>&nbsp;&nbsp;&nbsp; 6961490<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2015-1A DR (3 mo. Term SOFR + 6.112%) | &nbsp;&nbsp; 10.430% | &nbsp;&nbsp; 1/27/31 | &nbsp;&nbsp; 6250000<br>&nbsp;&nbsp;&nbsp; 6290480<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greywolf CLO Ltd., 2018-1A D (3 mo. Term SOFR + 6.012%) | &nbsp;&nbsp; 10.325% | &nbsp;&nbsp; 4/26/31 | &nbsp;&nbsp; 3000000<br>&nbsp;&nbsp;&nbsp; 3021811<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term SOFR + 10.730%) | &nbsp;&nbsp; 15.055% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 2930000<br>&nbsp;&nbsp;&nbsp; 2918406<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%) | &nbsp;&nbsp; 9.175% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 2015000<br>&nbsp;&nbsp;&nbsp; 2009006<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hayfin US Ltd., 2021-14A E (3 mo. Term SOFR + 7.442%) | &nbsp;&nbsp; 11.767% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 7000000<br>&nbsp;&nbsp;&nbsp; 7044568<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hildene Community Funding CDO Ltd., 2015-1A ARR | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 559477<br>&nbsp;&nbsp;&nbsp; 492591<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, 2025-1 D (30 Day Average <br> SOFR + 3.500%) | &nbsp;&nbsp; 7.889% | &nbsp;&nbsp; 3/21/33 | &nbsp;&nbsp; 945770<br>&nbsp;&nbsp;&nbsp; 950200<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, 2025-2 D (30 Day Average <br> SOFR + 3.250%) | &nbsp;&nbsp; 7.639% | &nbsp;&nbsp; 9/20/33 | &nbsp;&nbsp; 804439<br>&nbsp;&nbsp;&nbsp; 805958<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; LCM Ltd., 33A E (3 mo. Term SOFR + 6.612%) | &nbsp;&nbsp; 10.937% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 3000000<br>&nbsp;&nbsp;&nbsp; 2774366<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, 2021-1 C | &nbsp;&nbsp; 5.682% | &nbsp;&nbsp; 10/15/46 | &nbsp;&nbsp; 3361361<br>&nbsp;&nbsp;&nbsp; 3246067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MACH Cayman Ltd., 2019-1 B | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 106902<br>&nbsp;&nbsp;&nbsp; 105893<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 9.018% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 2750000<br>&nbsp;&nbsp;&nbsp; 2734381<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR + 4.600%) | &nbsp;&nbsp; 8.782% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 2420000<br>&nbsp;&nbsp;&nbsp; 2419548<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2023-39A E1R (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.218% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 1650000<br>&nbsp;&nbsp;&nbsp; 1632405<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MAPS Trust, 2021-1A C | &nbsp;&nbsp; 5.437% | &nbsp;&nbsp; 6/15/46 | &nbsp;&nbsp; 20858<br>&nbsp;&nbsp;&nbsp; 20867<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marathon CLO Ltd., 2019-1A C (3 mo. Term SOFR + 4.332%) | &nbsp;&nbsp; 8.649% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 4625000<br>&nbsp;&nbsp;&nbsp; 4636669<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO LLC, 2025-18A E (3 mo. Term SOFR + 5.400%) | &nbsp;&nbsp; 9.718% | &nbsp;&nbsp; 10/18/35 | &nbsp;&nbsp; 2680000<br>&nbsp;&nbsp;&nbsp; 2669031<br> <sup>(a)(g)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†/<br> Units<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Nassau Ltd., 2021-IA DR (3 mo. Term SOFR + 3.600%) | &nbsp;&nbsp; 7.918% | &nbsp;&nbsp; 8/26/34 | &nbsp;&nbsp; 2840000<br>| &nbsp;&nbsp;&nbsp; $2832958<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Collegiate Class A-3L Commutation Trust, 2007-4VI O (1 mo. <br> USD LIBOR + 0.850%) | &nbsp;&nbsp; 5.810% | &nbsp;&nbsp; 3/29/38 | &nbsp;&nbsp; 27730208<br>| &nbsp;&nbsp;&nbsp; 2534596<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; NMEF Funding LLC, 2025-A D | &nbsp;&nbsp; 8.070% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 3420000<br>| &nbsp;&nbsp;&nbsp; 3480118<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%) | &nbsp;&nbsp; 12.149% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 3750000<br>| &nbsp;&nbsp;&nbsp; 3764250<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%) | &nbsp;&nbsp; 11.015% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1040903<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., 2023-26A ER (3 mo. Term SOFR + 4.450%) | &nbsp;&nbsp; 8.772% | &nbsp;&nbsp; 4/17/37 | &nbsp;&nbsp; 1780000<br>| &nbsp;&nbsp;&nbsp; 1749893<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Broadband Funding LLC, 2025-1A C | &nbsp;&nbsp; 8.156% | &nbsp;&nbsp; 7/20/55 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2048364<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renew, 2024-1A B | &nbsp;&nbsp; 9.001% | &nbsp;&nbsp; 11/20/59 | &nbsp;&nbsp; 927075<br>| &nbsp;&nbsp;&nbsp; 937565<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renew Financial, 2024-2A B | &nbsp;&nbsp; 8.223% | &nbsp;&nbsp; 11/20/60 | &nbsp;&nbsp; 1970815<br>| &nbsp;&nbsp;&nbsp; 1984437<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Riserva CLO Ltd., 2016-3A FRR (3 mo. Term SOFR + 8.772%) | &nbsp;&nbsp; 13.101% | &nbsp;&nbsp; 1/18/34 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2344922<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 9.140% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 2370000<br>| &nbsp;&nbsp;&nbsp; 2399492<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saratoga Investment Corp. CLO Ltd., 2013-1A (3 mo. Term SOFR + <br> 10.262%) | &nbsp;&nbsp; 0.010% | &nbsp;&nbsp; 4/20/33 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3219961<br>|
| &nbsp;&nbsp;&nbsp; SEB Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 7.386% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp;&nbsp; 2078551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sixth Street CLO Ltd., 2021-19A FR (3 mo. Term SOFR + 7.910%) | &nbsp;&nbsp; 12.194% | &nbsp;&nbsp; 7/17/38 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 449994<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2015-C R | &nbsp;&nbsp; 13.900% | &nbsp;&nbsp; 9/18/46 | &nbsp;&nbsp; 7570<br>| &nbsp;&nbsp;&nbsp; 1987075<br> <sup>(a)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sound Point CLO Ltd., 2020-1A ER (3 mo. Term SOFR + 7.122%) | &nbsp;&nbsp; 11.447% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp;&nbsp; 3907413<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunnova Hellios II Issuer LLC, 2018-1A B | &nbsp;&nbsp; 7.710% | &nbsp;&nbsp; 7/20/48 | &nbsp;&nbsp; 3510717<br>| &nbsp;&nbsp;&nbsp; 3173225<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2019-21A ER (3 mo. Term SOFR + 6.862%) | &nbsp;&nbsp; 11.179% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2770078<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd., 2021-28A SUB | &nbsp;&nbsp; 27.970% | &nbsp;&nbsp; 10/23/50 | &nbsp;&nbsp; 6045000<br>| &nbsp;&nbsp;&nbsp; 2380665<br> <sup>(a)(g)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd., 2016-1A ER2 (3 mo. Term SOFR + 7.012%) | &nbsp;&nbsp; 11.332% | &nbsp;&nbsp; 10/13/32 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3431076<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2021-43A D (3 mo. Term SOFR + 3.732%) | &nbsp;&nbsp; 8.049% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1454707<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2018-2A E (3 mo. Term SOFR + 5.512%) | &nbsp;&nbsp; 9.829% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 6750000<br>| &nbsp;&nbsp;&nbsp; 6483816<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%) | &nbsp;&nbsp; 7.025% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 2840000<br>| &nbsp;&nbsp;&nbsp; 2863770<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whitebox CLO Ltd., 2020-2A E1R2 (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 10.069% | &nbsp;&nbsp; 10/24/37 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1453429<br> <sup>(a)(b)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wind River CLO Ltd., 2021-4A E3 (3 mo. Term SOFR + 8.512%) | &nbsp;&nbsp; 12.837% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2767101<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wind River CLO Ltd., 2021-4A F (3 mo. Term SOFR + 6.522%) | &nbsp;&nbsp; 10.847% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; 1207852<br> <sup>(a)(g)</sup><br>|
| **Total Asset-Backed Securities (Cost — $199,788,117)** | **Total Asset-Backed Securities (Cost — $199,788,117)** | **Total Asset-Backed Securities (Cost — $199,788,117)** | **Total Asset-Backed Securities (Cost — $199,788,117)** | &nbsp;&nbsp; **177606492** |
|  |  |  | &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Senior Loans — 15.5%** | **Senior Loans — 15.5%** | **Senior Loans — 15.5%** | **Senior Loans — 15.5%** | **Senior Loans — 15.5%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC, Term Loan B (3 mo. Term SOFR + 5.650%)  | 9.652% | &nbsp;&nbsp; 2/10/27 | &nbsp;&nbsp; 4683832<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3358307*<br> <sup>(g)(o)(p)</sup><br>|
| *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* | *Interactive Media & Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%) | 10.958% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 3453367<br>| &nbsp;&nbsp;&nbsp; 3392450<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2360610<br> <sup>(o)(p)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *5753060* |
| *Media — 1.2%* | *Media — 1.2%* | *Media — 1.2%* | *Media — 1.2%* | *Media — 1.2%* |
| &nbsp;&nbsp;&nbsp; CB Poly US Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 5.500%) | 9.502% | &nbsp;&nbsp; 5/18/29 | &nbsp;&nbsp; 4850000<br>| &nbsp;&nbsp;&nbsp; 4402248<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term SOFR + <br> 5.889%) | 10.129% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 5657250<br>| &nbsp;&nbsp;&nbsp; 4957166<br> <sup>(g)(o)(p)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *9359414* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **18470781** |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** |
| *Automobile Components — 1.1%* | *Automobile Components — 1.1%* | *Automobile Components — 1.1%* | *Automobile Components — 1.1%* | *Automobile Components — 1.1%* |
| &nbsp;&nbsp;&nbsp; ABC Technologies Inc., Term Loan B |  | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 3830000<br>| &nbsp;&nbsp;&nbsp; $3686375<br> <sup>(h)(q)</sup><br>|
| &nbsp;&nbsp;&nbsp; Autokiniton US Holdings Inc., 2024 Replacement Term Loan B (1 mo. <br> Term SOFR + 4.114%) | 8.278% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 3841500<br>| &nbsp;&nbsp;&nbsp; 3809500<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 First Lien Term Loan (3 mo. Term SOFR + <br> 5.262%) | 9.570% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 3862599<br>| &nbsp;&nbsp;&nbsp; 1404344<br> <sup>(g)(o)(p)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *8900219* |
| *Diversified Consumer Services — 1.1%* | *Diversified Consumer Services — 1.1%* | *Diversified Consumer Services — 1.1%* | *Diversified Consumer Services — 1.1%* | *Diversified Consumer Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education Inc., 2024 Second Repricing Term Loan (1 mo. <br> Term SOFR + 2.750%) | 6.913% | &nbsp;&nbsp; 8/12/28 | &nbsp;&nbsp; 881154<br>| &nbsp;&nbsp;&nbsp; 883357<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + <br> 6.800%) | 10.803% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 8100710<br>| &nbsp;&nbsp;&nbsp; 7412150<br> <sup>(g)(o)(p)</sup><br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *8295507* |
| *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* | *Hotels, Restaurants & Leisure — 0.4%* |
| &nbsp;&nbsp;&nbsp; Catawba Nation Gaming Authority, Initial Term Loan B (1 mo. Term SOFR <br> + 4.750%)  | 8.913% | &nbsp;&nbsp; 3/28/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3070320*<br> <sup>(g)(o)(p)</sup><br>|
| *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Empire Today IP LLC, Second Out Term Loan (3 mo. Term SOFR + 5.262%) | 9.570% | &nbsp;&nbsp; 8/3/29 | &nbsp;&nbsp; 1795199<br>| &nbsp;&nbsp;&nbsp; 134640<br> <sup>(g)(i)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan | 6.413% | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 1741206<br>| &nbsp;&nbsp;&nbsp; 1712824<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Term Loan B (3 mo. Term SOFR + 4.512%) | 8.513% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 657904<br>| &nbsp;&nbsp;&nbsp; 623026<br> <sup>(g)(o)(p)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *2470490* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **22736536** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* | *Beverages — 0.2%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term <br> SOFR + 2.250%)  | 6.252% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 1462236<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1463640*<br> <sup>(g)(o)(p)</sup><br>|
| *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* | *Household Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Knight Health Holdings LLC, Term Loan B (1 mo. Term SOFR + 5.364%)  | 9.528% | &nbsp;&nbsp; 12/23/28 | &nbsp;&nbsp; 961830<br>| &nbsp;&nbsp;&nbsp;&nbsp; *316442*<br> <sup>(g)(o)(p)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1780082** |
| **Financials — 2.8%** | **Financials — 2.8%** | **Financials — 2.8%** | **Financials — 2.8%** | **Financials — 2.8%** |
| *Financial Services — 1.3%* | *Financial Services — 1.3%* | *Financial Services — 1.3%* | *Financial Services — 1.3%* | *Financial Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Term Loan B2 (3 mo. Term SOFR + 2.000%) | 6.002% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 2977538<br>| &nbsp;&nbsp;&nbsp; 2985294<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone Select Holdings LLC, Term Loan B (3 mo. Term SOFR + <br> 5.262%) | 9.594% | &nbsp;&nbsp; 6/16/28 | &nbsp;&nbsp; 3316358<br>| &nbsp;&nbsp;&nbsp; 3324649<br> <sup>(g)(i)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. Term <br> SOFR + 3.500%) | 7.663% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 3908657<br>| &nbsp;&nbsp;&nbsp; 3903869<br> <sup>(g)(o)(p)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *10213812* |
| *Insurance — 1.5%* | *Insurance — 1.5%* | *Insurance — 1.5%* | *Insurance — 1.5%* | *Insurance — 1.5%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B4 (1 mo. Term SOFR + 5.364%) | 9.528% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4797575<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, Second Lien Term Loan B3 (1 mo. Term SOFR + 5.364%) | 9.528% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4881250<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services Inc., 2024 Term Loan (1 mo. <br> Term SOFR + 2.500%) | 6.663% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 1554453<br>| &nbsp;&nbsp;&nbsp; 1554212<br> <sup>(g)(o)(p)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *11233037* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **21446849** |
| **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** |
| *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* | *Health Care Providers & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; EyeCare Partners LLC, Term Loan B (3 mo. Term SOFR + 1.100%) | 5.227% | &nbsp;&nbsp; 11/30/28 | &nbsp;&nbsp; 1081074<br>| &nbsp;&nbsp;&nbsp; 691114<br> <sup>(g)(o)(p)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Health Care 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; Team Services Group LLC, Incremental Term Loan (3 mo. Term SOFR + <br> 5.250%) | 9.558% | &nbsp;&nbsp; 12/20/27 | &nbsp;&nbsp; 2946926<br>| &nbsp;&nbsp;&nbsp; $2945084<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Team Services Group LLC, Senior Secured First Lien Term Loan (3 mo. <br> Term SOFR + 5.262%) | 9.570% | &nbsp;&nbsp; 12/20/27 | &nbsp;&nbsp; 461989<br>| &nbsp;&nbsp;&nbsp; 461578<br> <sup>(g)(o)(p)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *4097776* |
| *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR + <br> 3.750%) | 8.058% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 531438<br>| &nbsp;&nbsp;&nbsp; 531439<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. Term SOFR <br> + 4.862%) | 9.170% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 4405291<br>| &nbsp;&nbsp;&nbsp; 4060202<br> <sup>(g)(o)(p)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *4591641* |
| *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B (3 mo. Term SOFR + 4.100%)  | 8.102% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 2327781<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2295192*<br> <sup>(g)(o)(p)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **10984609** |
| **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** | **Industrials — 1.5%** |
| *Building Products — 0.5%* | *Building Products — 0.5%* | *Building Products — 0.5%* | *Building Products — 0.5%* | *Building Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 4.512%)  | 8.513% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 4885204<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4105233*<br> <sup>(g)(o)(p)</sup><br>|
| *Commercial Services & Supplies — 1.0%* | *Commercial Services & Supplies — 1.0%* | *Commercial Services & Supplies — 1.0%* | *Commercial Services & Supplies — 1.0%* | *Commercial Services & Supplies — 1.0%* |
| &nbsp;&nbsp;&nbsp; DS Parent Inc., Term Loan B (3 mo. Term SOFR + 5.500%) | 9.502% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 4488637<br>| &nbsp;&nbsp;&nbsp; 4180963<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Term Loan A (3 mo. Term SOFR + 4.850%) | 9.179% | &nbsp;&nbsp; 10/11/28 | &nbsp;&nbsp; 3910000<br>| &nbsp;&nbsp;&nbsp; 3729162<br> <sup>(g)(o)(p)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *7910125* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **12015358** |
| **Information Technology — 3.4%** | **Information Technology — 3.4%** | **Information Technology — 3.4%** | **Information Technology — 3.4%** | **Information Technology — 3.4%** |
| *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Global Tel Link Corp., Initial Term Loan (1 mo. Term SOFR + 7.500%)  | 11.663% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 2556046<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2502688*<br> <sup>(g)(o)(p)</sup><br>|
| *Software — 2.2%* | *Software — 2.2%* | *Software — 2.2%* | *Software — 2.2%* | *Software — 2.2%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + <br> 7.000%) | 11.163% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4562500<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magenta Security Holdings LLC, First Out Term Loan (3 mo. Term SOFR + <br> 7.010%) | 11.318% | &nbsp;&nbsp; 7/27/28 | &nbsp;&nbsp; 377438<br>| &nbsp;&nbsp;&nbsp; 310546<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Planview Parent Inc., 2024 Incremental Term Loan B (3 mo. Term SOFR + <br> 3.500%) | 7.502% | &nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp; 4100742<br>| &nbsp;&nbsp;&nbsp; 4046920<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starlight Parent LLC, Term Loan (3 mo. Term SOFR + 4.000%) | 8.026% | &nbsp;&nbsp; 4/16/32 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3443125<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 4129650<br>| &nbsp;&nbsp;&nbsp; 4291140<br> <sup>(o)(p)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *16654231* |
| *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* | *Technology Hardware, Storage & Peripherals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR + 7.750%)  | 11.622% | &nbsp;&nbsp; 6/16/26 | &nbsp;&nbsp; 7279047<br>| &nbsp;&nbsp;&nbsp;&nbsp; *7084915*<br> <sup>(g)(o)(p)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **26241834** |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Natgasoline LLC, Term Loan B (3 mo. Term SOFR + 5.500%) | 9.502% | &nbsp;&nbsp; 3/29/30 | &nbsp;&nbsp; 2468750<br>| &nbsp;&nbsp;&nbsp; 2504757<br> <sup>(g)(o)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Plastics Management LLC, First Lien Initial Term Loan (3 mo. Term SOFR <br> + 5.000%) | 9.002% | &nbsp;&nbsp; 8/3/27 | &nbsp;&nbsp; 4805749<br>| &nbsp;&nbsp;&nbsp; 4828182<br> <sup>(g)(o)(p)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7332939** |
| **Total Senior Loans (Cost — $127,983,639)** | **Total Senior Loans (Cost — $127,983,639)** | **Total Senior Loans (Cost — $127,983,639)** | **Total Senior Loans (Cost — $127,983,639)** | &nbsp;&nbsp; **121008988** |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Sovereign Bonds — 6.4%** | **Sovereign Bonds — 6.4%** | **Sovereign Bonds — 6.4%** | **Sovereign Bonds — 6.4%** | **Sovereign Bonds — 6.4%** |
| *Angola — 0.5%* | *Angola — 0.5%* | *Angola — 0.5%* | *Angola — 0.5%* | *Angola — 0.5%* |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 4/14/32 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; $3352143<br> <sup>(a)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 11/26/49 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 520840<br> <sup>(k)</sup><br>|
| *Total Angola* | *Total Angola* | *Total Angola* | *Total Angola* | &nbsp;&nbsp; *3872983* |
| *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* |
| &nbsp;&nbsp;&nbsp; Ciudad Autonoma De Buenos Aires, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3400170<br>| &nbsp;&nbsp;&nbsp; 3385345<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ciudad Autonoma De Buenos Aires, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1333400<br>| &nbsp;&nbsp;&nbsp; 1327587<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 1083355<br>| &nbsp;&nbsp;&nbsp; 1096897<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *5809829* |
| *Bahamas — 0.4%* | *Bahamas — 0.4%* | *Bahamas — 0.4%* | *Bahamas — 0.4%* | *Bahamas — 0.4%* |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/24/36 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3244680*<br> <sup>(a)</sup><br>|
| *Brazil — 0.5%* | *Brazil — 0.5%* | *Brazil — 0.5%* | *Brazil — 0.5%* | *Brazil — 0.5%* |
| &nbsp;&nbsp;&nbsp; Brazil Letras do Tesouro Nacional | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 1209000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 219341<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 21052000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 3462520<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *3681861* |
| *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* | *Dominican Republic — 0.4%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 422303<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2633950<br> <sup>(j)(k)</sup><br>|
| *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | *Total Dominican Republic* | &nbsp;&nbsp; *3056253* |
| *Ecuador — 0.3%* | *Ecuador — 0.3%* | *Ecuador — 0.3%* | *Ecuador — 0.3%* | *Ecuador — 0.3%* |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 6.900% | &nbsp;&nbsp; 7/31/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 748750<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes, Step bond <br> (5.000% to 7/31/26 then 5.500%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/31/40 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 1653125<br> <sup>(a)</sup><br>|
| *Total Ecuador* | *Total Ecuador* | *Total Ecuador* | *Total Ecuador* | &nbsp;&nbsp; *2401875* |
| *Egypt — 0.1%* | *Egypt — 0.1%* | *Egypt — 0.1%* | *Egypt — 0.1%* | *Egypt — 0.1%* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 7.053% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *676382*<br> <sup>(k)</sup><br>|
| *El Salvador — 0.2%* | *El Salvador — 0.2%* | *El Salvador — 0.2%* | *El Salvador — 0.2%* | *El Salvador — 0.2%* |
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bond, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/17/30 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 481250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bond, Senior Notes | &nbsp;&nbsp; 9.650% | &nbsp;&nbsp; 11/21/54 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 976500<br> <sup>(a)</sup><br>|
| *Total El Salvador* | *Total El Salvador* | *Total El Salvador* | *Total El Salvador* | &nbsp;&nbsp; *1457750* |
| *Ethiopia — 0.1%* | *Ethiopia — 0.1%* | *Ethiopia — 0.1%* | *Ethiopia — 0.1%* | *Ethiopia — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ethiopia International Bond, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; *538527*<br>|
| *Ghana — 0.1%* | *Ghana — 0.1%* | *Ghana — 0.1%* | *Ghana — 0.1%* | *Ghana — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/3/26 | &nbsp;&nbsp; 15520<br>| &nbsp;&nbsp;&nbsp; 15016<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, Senior Notes, Step bond (5.000% <br> to 7/3/28 then 6.000%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp; 234740<br>| &nbsp;&nbsp;&nbsp; 229121<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, Senior Notes, Step bond (5.000% <br> to 7/3/28 then 6.000%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp; 337560<br>| &nbsp;&nbsp;&nbsp; 285350<br> <sup>(a)</sup><br>|
| *Total Ghana* | *Total Ghana* | *Total Ghana* | *Total Ghana* | &nbsp;&nbsp; *529487* |
| *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* | *Ivory Coast — 0.4%* |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/30/33 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp;&nbsp; 2123948<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1045439<br> <sup>(a)</sup><br>|
| *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | &nbsp;&nbsp; *3169387* |
| *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jamaica Government International Bond, Senior Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 11/3/30 | &nbsp;&nbsp; 82000000 <br><sup>JMD</sup><br>| &nbsp;&nbsp;&nbsp; *537683*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, Senior Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 1/23/34 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; $2826666<br> <sup>(a)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, Senior Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 1/23/34 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 485833<br> <sup>(k)</sup><br>|
| *Total Kenya* | *Total Kenya* | *Total Kenya* | *Total Kenya* | &nbsp;&nbsp; *3312499* |
| *Mexico — 0.6%* | *Mexico — 0.6%* | *Mexico — 0.6%* | *Mexico — 0.6%* | *Mexico — 0.6%* |
| &nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/17/30 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1168182<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Bonds | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/5/26 | &nbsp;&nbsp; 40930000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 2215815<br>|
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/31/29 | &nbsp;&nbsp; 23320000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 1290321<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *4674318* |
| *Mozambique — 0.1%* | *Mozambique — 0.1%* | *Mozambique — 0.1%* | *Mozambique — 0.1%* | *Mozambique — 0.1%* |
| &nbsp;&nbsp;&nbsp; Mozambique International Bond, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *411251*<br> <sup>(k)</sup><br>|
| *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* | *Nigeria — 0.1%* |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 7.143% | &nbsp;&nbsp; 2/23/30 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *930541*<br> <sup>(k)</sup><br>|
| *Romania — 0.1%* | *Romania — 0.1%* | *Romania — 0.1%* | *Romania — 0.1%* | *Romania — 0.1%* |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/10/37 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *914059*<br> <sup>(a)</sup><br>|
| *Senegal — 0.0%††* | *Senegal — 0.0%††* | *Senegal — 0.0%††* | *Senegal — 0.0%††* | *Senegal — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Senegal Government International Bond, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/23/33 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *399777*<br> <sup>(k)</sup><br>|
| *Sri Lanka — 0.0%††* | *Sri Lanka — 0.0%††* | *Sri Lanka — 0.0%††* | *Sri Lanka — 0.0%††* | *Sri Lanka — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 55179<br>| &nbsp;&nbsp;&nbsp; 52931<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step bond <br> (3.100% to 7/15/27 then 3.350%) | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 59046<br>| &nbsp;&nbsp;&nbsp; 55430<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step bond <br> (3.350% to 9/15/27 then 3.600%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 115818<br>| &nbsp;&nbsp;&nbsp; 99551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step bond <br> (3.600% to 12/15/27 then 5.100%) | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 78204<br>| &nbsp;&nbsp;&nbsp; 57333<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step bond <br> (3.600% to 11/15/27 then 3.850%) | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 54275<br>| &nbsp;&nbsp;&nbsp; 48164<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, Senior Notes, Step bond <br> (3.600% to 8/15/27 then 3.850%) | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 108597<br>| &nbsp;&nbsp;&nbsp; 97036<br> <sup>(a)</sup><br>|
| *Total Sri Lanka* | *Total Sri Lanka* | *Total Sri Lanka* | *Total Sri Lanka* | &nbsp;&nbsp; *410445* |
| *Supranational — 0.7%* | *Supranational — 0.7%* | *Supranational — 0.7%* | *Supranational — 0.7%* | *Supranational — 0.7%* |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, Senior Notes | &nbsp;&nbsp; 8.050% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; 227000000 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; *5633771*<br>|
| *Turkey — 0.4%* | *Turkey — 0.4%* | *Turkey — 0.4%* | *Turkey — 0.4%* | *Turkey — 0.4%* |
| &nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi AS, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/6/26 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3224376*<br> <sup>(a)(j)</sup><br>|
| *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 59069<br>| &nbsp;&nbsp;&nbsp; 31274<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 220732<br>| &nbsp;&nbsp;&nbsp; 92348<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 216271<br>| &nbsp;&nbsp;&nbsp; 122013<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 186534<br>| &nbsp;&nbsp;&nbsp; 91243<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 378474<br>| &nbsp;&nbsp;&nbsp; 209567<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 155445<br>| &nbsp;&nbsp;&nbsp; 76037<br> <sup>(k)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 486610<br>| &nbsp;&nbsp;&nbsp; $266140<br> <sup>(k)</sup><br>|
| *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | &nbsp;&nbsp; *888622* |
| *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* | *Uzbekistan — 0.1%* |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/19/31 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *543309*<br> <sup>(k)</sup><br>|
| **Total Sovereign Bonds (Cost — $48,884,872)** | **Total Sovereign Bonds (Cost — $48,884,872)** | **Total Sovereign Bonds (Cost — $48,884,872)** | **Total Sovereign Bonds (Cost — $48,884,872)** | &nbsp;&nbsp; **50319665** |
| **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** | **Convertible Bonds & Notes — 0.6%** |
| **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1970000<br>|
| &nbsp;&nbsp;&nbsp; Two Harbors Investment Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 3010000<br>| &nbsp;&nbsp;&nbsp; 3010001<br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **4980001** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 70334<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3165**<br> <sup>(k)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $4,884,269)** | **Total Convertible Bonds & Notes (Cost — $4,884,269)** | **Total Convertible Bonds & Notes (Cost — $4,884,269)** | **Total Convertible Bonds & Notes (Cost — $4,884,269)** | &nbsp;&nbsp; **4983166** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** | **Preferred Stocks — 0.5%** |
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.5%* |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + <br> 5.005%) | &nbsp;&nbsp; 8.981% |  | &nbsp;&nbsp; 77758 | &nbsp;&nbsp;&nbsp; 1796210<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.583% |  | &nbsp;&nbsp; 76957 | &nbsp;&nbsp;&nbsp; 1836963<br> <sup>(g)</sup><br>|
| **Total Preferred Stocks (Cost — $3,696,399)** | **Total Preferred Stocks (Cost — $3,696,399)** | **Total Preferred Stocks (Cost — $3,696,399)** | **Total Preferred Stocks (Cost — $3,696,399)** | &nbsp;&nbsp; **3633173** |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; WW International Inc. | &nbsp;&nbsp;&nbsp; WW International Inc. |  | &nbsp;&nbsp; 21540 | &nbsp;&nbsp;&nbsp; **589,334**<br> \*<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp; 371<br> \*<sup>(h)(r)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 168247 | &nbsp;&nbsp;&nbsp; 63,934<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **64305** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. | &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. |  | &nbsp;&nbsp; 196741 | &nbsp;&nbsp;&nbsp; **2,908**<br> \*<sup>(h)</sup><br>|
| **Total Common Stocks (Cost — $3,320,599)** | **Total Common Stocks (Cost — $3,320,599)** | **Total Common Stocks (Cost — $3,320,599)** | **Total Common Stocks (Cost — $3,320,599)** | &nbsp;&nbsp;&nbsp; **656547**<br>|
|  | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** | **Non-U.S. Treasury Inflation Protected Securities — 0.0%††** |
| *Uruguay — 0.0%††* | *Uruguay — 0.0%††* | *Uruguay — 0.0%††* | *Uruguay — 0.0%††* | *Uruguay — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes <br> (Cost — $101,744) | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 5/16/45 | &nbsp;&nbsp; 3937092 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; **100983**<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

(Percentages shown based on Fund net assets)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  |  | &nbsp;&nbsp; Expiration <br>Date <br>| Warrants | Value |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $1,455,203) | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $1,455,203) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 119540<br>| &nbsp;&nbsp;&nbsp; **$45,425**<br> \*<sup>(h)(r)</sup><br>|
|  | Counterparty | Expiration <br>Date<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount†<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** | **OTC Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; U.S. Dollar/Chinese Yuan Renminbi, Call @ <br> 7.223<sup>CNY</sup> (Cost — $11,948)<br>| BNP Paribas SA | 10/27/25 | &nbsp;&nbsp; 4120000 | &nbsp;&nbsp; 4120000 | &nbsp;&nbsp;&nbsp; **158**<br>|
| **Total Investments before Short-Term Investments (Cost — $1,160,618,158)** | **Total Investments before Short-Term Investments (Cost — $1,160,618,158)** | **Total Investments before Short-Term Investments (Cost — $1,160,618,158)** | **Total Investments before Short-Term Investments (Cost — $1,160,618,158)** | **Total Investments before Short-Term Investments (Cost — $1,160,618,158)** | &nbsp;&nbsp; **1110901178** |
|  |  | Rate |  | Shares |  |
| **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $34,347,273)  | &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium <br> Shares (Cost — $34,347,273)  | &nbsp;&nbsp; 4.101% |  | &nbsp;&nbsp; 34347273<br>| &nbsp;&nbsp;&nbsp;&nbsp; **34347273**<br> <sup>(s)(t)</sup><br>|
| **Total Investments — 146.4% (Cost — $1,194,965,431)** | **Total Investments — 146.4% (Cost — $1,194,965,431)** | **Total Investments — 146.4% (Cost — $1,194,965,431)** | **Total Investments — 146.4% (Cost — $1,194,965,431)** | **Total Investments — 146.4% (Cost — $1,194,965,431)** | &nbsp;&nbsp; **1145248451** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.4)% | &nbsp;&nbsp;&nbsp; (363159098)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$782089353** |

---

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

See Notes to Schedule of Investments.

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Western Asset Diversified Income Fund 2025 Quarterly Report

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 **Western Asset Diversified Income Fund**

---

| | |
|:---|:---|
| † | Face amount/notional amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | All or a portion of this security is pledged as collateral pursuant to the loan agreement.  |
| <sup>(c)</sup> | The coupon payment on this security is currently in default as of September 30, 2025. |
| <sup>(d)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(g)</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>(h)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(i)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(j)</sup> | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
| <sup>(k)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(l)</sup> | The maturity principal is currently in default as of September 30, 2025. |
| <sup>(m)</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>(n)</sup> | Rate shown is the current yield based on income received over the trailing twelve months. |
| <sup>(o)</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>(p)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(q)</sup> | All or a portion of this loan has not settled as of September 30, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are <br> for the settled portion of the loan.<br>|
| <sup>(r)</sup> | Restricted security (Note 3). |
| <sup>(s)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(t)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2025, the total market value of <br> investments in Affiliated Companies was $34,347,273 and the cost was $34,347,273 (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:** |
| BRL |  | Brazilian Real |
| CAS |  | Connecticut Avenue Securities |
| CDO |  | Collateralized Debt Obligation |
| CLO |  | Collateralized Loan Obligation |
| CNY |  | Chinese Yuan Renminbi |
| GBP |  | British Pound |
| IO |  | Interest Only |
| JMD |  | Jamaican Dollar |
| LIBOR |  | London Interbank Offered Rate |
| MXN |  | Mexican Peso |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |
| UYU |  | Uruguayan Peso |

---

See Notes to Schedule of Investments.

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Western Asset Diversified Income Fund 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

At September 30, 2025, the Fund had the following open reverse repurchase agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty  | Rate | &nbsp;&nbsp;&nbsp; Effective <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp;&nbsp; Face Amount <br>of Reverse <br>Repurchase <br>Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Asset Class <br>of Collateral<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp; Collateral <br>Value\*\*<br>|
| Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 9/22/2025 | TBD<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $13999192 | &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes <br>Sovereign Bonds <br>Cash<br>| &nbsp;&nbsp;&nbsp; $2069114 <br>12263704 <br>3930000<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp; **$13999192** |  | &nbsp;&nbsp;&nbsp; **$18262818** |

---

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

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

\*\* Including accrued interest.

\*\*\* TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are renewed daily and can be terminated by either the Fund or the counterparty in accordance with the terms of the agreements. The rates for these agreements are variable. The rate disclosed is the rate as of September 30, 2025. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $4957297 | &nbsp;&nbsp;&nbsp;&nbsp; $4981271 | &nbsp;&nbsp;&nbsp;&nbsp; $23974 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(872) |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1086 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 121621431 | &nbsp;&nbsp;&nbsp;&nbsp; 122175000 | &nbsp;&nbsp;&nbsp;&nbsp; 553569 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 32438038 | &nbsp;&nbsp;&nbsp;&nbsp; 33112625 | &nbsp;&nbsp;&nbsp;&nbsp; 674587 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19359044 | &nbsp;&nbsp;&nbsp;&nbsp; 19563282 | &nbsp;&nbsp;&nbsp;&nbsp; 204238 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1455496 |
| **Contracts to Sell:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 3/27 | &nbsp;&nbsp;&nbsp;&nbsp; 16223072 | &nbsp;&nbsp;&nbsp;&nbsp; 16231588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8516) |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 91025990 | &nbsp;&nbsp;&nbsp;&nbsp; 91070117 | &nbsp;&nbsp;&nbsp;&nbsp; (44127) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19825780 | &nbsp;&nbsp;&nbsp;&nbsp; 20290563 | &nbsp;&nbsp;&nbsp;&nbsp; (464783) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (517426) |
| **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; **$938070** |

---

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| BRL | &nbsp;&nbsp;&nbsp; 1149044 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 216043 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp; $(254) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 216182 | &nbsp;&nbsp; BRL | &nbsp;&nbsp;&nbsp; 1149044 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| BRL | &nbsp;&nbsp; 11720000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2203587 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; (2592) |
| BRL | &nbsp;&nbsp; 12869044 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2418993 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; (2210) |
| USD | &nbsp;&nbsp;&nbsp; 2141656 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 11720000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp; (59339) |
| USD | &nbsp;&nbsp;&nbsp; 2419630 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 12869044 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2846 |
| USD | &nbsp;&nbsp;&nbsp; 2969309 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 21143557 | Bank of America N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (402) |
| CNH | &nbsp;&nbsp;&nbsp; 3649000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 513793 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (1275) |
| CNH | &nbsp;&nbsp;&nbsp; 5950000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 829906 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5799 |
| CNH | &nbsp;&nbsp;&nbsp; 7890000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1103847 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4340 |
| CNH | &nbsp;&nbsp;&nbsp; 8310000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1159040 | BNP Paribas SA | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8138 |
| USD | &nbsp;&nbsp;&nbsp; 1227077 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 1665003 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 29734 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 879309 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8407 |

---

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

 **Western Asset Diversified Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 960295 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $8123 |
| JPY | &nbsp;&nbsp; 830904000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5724589 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (96082) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 671170 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
| USD | &nbsp;&nbsp; 12573371 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 9207416 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 189171 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 191382 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 28085175 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 557665 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 81579480 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 983341 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 144150000 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6875 |
| AUD | &nbsp;&nbsp;&nbsp; 9701978 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6331026 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 90313 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 289500 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4305 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 769304 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 18095 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 807393 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15262 |
| EUR | &nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1298825 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 17424 |
| EUR | &nbsp;&nbsp;&nbsp; 1420400 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1678670 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (9385) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 178747 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 273045 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (1970) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 756913 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 1133981 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6377 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 774527 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 1173936 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (2453) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 872904 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 1310000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5869 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 746193 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5803 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 788534 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 669836 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1329 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 801516 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 676051 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7006 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 872769 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (8647) |
| USD | &nbsp;&nbsp;&nbsp; 1555443 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 1325628 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; (2464) |
| EUR | &nbsp;&nbsp;&nbsp; 2320000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2723570 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2945 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 346634 | &nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp; 6367000 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (431) |
| USD | &nbsp;&nbsp;&nbsp; 4846873 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 91545568 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; (143284) |
| USD | &nbsp;&nbsp;&nbsp; 2400359 | &nbsp;&nbsp; BRL | &nbsp;&nbsp; 12869044 | JPMorgan Chase & Co. | &nbsp;&nbsp; 11/4/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$118568** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| GBP |  | British Pound |
| JPY |  | Japanese Yen |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

At September 30, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount\*<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Bank of America N.A. | 137545000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/26 | BRL-CDI\*\* | 11.035%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $(716534) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $(716534) |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 63990000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/29 | BRL-CDI\*\* | 10.230%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; (1078962) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1078962) |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$(1795496)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(1795496)** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **Western Asset Diversified Income Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Notional <br>Amount\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21266000 | &nbsp;&nbsp;&nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp;&nbsp;&nbsp; 3.490% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(30137) | &nbsp;&nbsp;&nbsp;&nbsp; $61158 | &nbsp;&nbsp;&nbsp;&nbsp; $(91295) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173910000<sup>MXN</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11/10/34 | &nbsp;&nbsp;&nbsp;&nbsp; 28-Day MXN TIIE - Banxico <br>every 28 days<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.885% <br>every 28 days<br>| &nbsp;&nbsp;&nbsp;&nbsp; 759469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 759469 |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$729332** | &nbsp;&nbsp;&nbsp; **$61158** | &nbsp;&nbsp;&nbsp; **$668174** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>September 30, <br>2025<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| American Airlines <br> Group Inc., 6.500%, due <br> 7/1/25<br>| $1290000 | 12/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $(24204) | &nbsp;&nbsp;&nbsp;&nbsp; $49589 | &nbsp;&nbsp;&nbsp;&nbsp; $(73793) |
| Caesars Entertainment Inc., <br> 4.625%, due 10/15/29<br>| 1123000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.469% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 117121 | &nbsp;&nbsp;&nbsp;&nbsp; 116917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| Nabors Industries Inc., <br> 9.125%, due 1/31/30<br>| &nbsp;&nbsp;&nbsp;&nbsp; 604000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; (66544) | &nbsp;&nbsp;&nbsp;&nbsp; (81912) | &nbsp;&nbsp;&nbsp;&nbsp; 15368 |
| **Total** | **$3017000** |  |  |  | &nbsp;&nbsp;&nbsp; **$26373** | &nbsp;&nbsp;&nbsp; **$84594** | &nbsp;&nbsp;&nbsp; **$(58221)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CORPORATE ISSUES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| &nbsp;&nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>September 30, <br>2025<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| MGM Resorts International, <br> 4.750%, due 10/15/28<br>| $1123000 | 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.780% | 5.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; $(152165) | &nbsp;&nbsp;&nbsp;&nbsp; $(143033) | &nbsp;&nbsp;&nbsp;&nbsp; $(9132) |
| Transocean Inc., 8.000%, <br> due 2/1/27<br>| &nbsp;&nbsp;&nbsp;&nbsp; 604000 | 6/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3.669% | 1.000% quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 53150 | &nbsp;&nbsp;&nbsp;&nbsp; 51237 | &nbsp;&nbsp;&nbsp;&nbsp; 1913 |
| **Total** | **$1727000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(99015)** | &nbsp;&nbsp;&nbsp; **$(91796)** | &nbsp;&nbsp;&nbsp; **$(7219)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.HY.45 Index | $3310100 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$(255644)** | &nbsp;&nbsp;&nbsp; **$(252641)** | &nbsp;&nbsp;&nbsp; **$(3003)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| JPMorgan Chase & Co. | $4685000 | &nbsp;&nbsp;&nbsp;&nbsp; 10/3/25 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$197195** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$197195** |

---

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

See Notes to Schedule of Investments.

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Western Asset Diversified Income Fund 2025 Quarterly Report

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 **Western Asset Diversified Income Fund**

---

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

---

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

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; 28-Day MXN TIIE - Banxico | 7.861% |
| &nbsp;&nbsp;&nbsp; BRL-CDI | 14.900% |
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 4.240% |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| BRL |  | Brazilian Real |
| BRL-CDI |  | Brazilian Cetip InterBank Deposit Rate |
| JPEIFNTR |  | Western Asset Management Emerging Markets Frontier Custom Basket |
| MXN |  | Mexican Peso |
| SOFR |  | Secured Overnight Financing Rate |
| TIIE |  | Tasa de Intere's Interbancaria de Equilibrio (Equilibrium Interbanking Interest Rate) |

---

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

See Notes to Schedule of Investments.

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Western Asset Diversified Income Fund 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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Western Asset Diversified Income Fund 2025 Quarterly Report

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $86378426 | &nbsp;&nbsp; $4407209 | &nbsp;&nbsp; $90785635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 88763640 | &nbsp;&nbsp; 4629147 | &nbsp;&nbsp; 93392787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 381434512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 381434512 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 186933647 | &nbsp;&nbsp; — | &nbsp;&nbsp; 186933647 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 177606492 | &nbsp;&nbsp; — | &nbsp;&nbsp; 177606492 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 22601896 | &nbsp;&nbsp; 134640 | &nbsp;&nbsp; 22736536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 18122200 | &nbsp;&nbsp; 3324649 | &nbsp;&nbsp; 21446849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 76825603 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76825603 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 50319665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50319665 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 4983166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4983166 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $3633173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3633173 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 589334 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 589334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 63934 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 2908 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2908 |
| &nbsp;&nbsp;&nbsp; Non-U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 100983 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100983 |

---

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Western Asset Diversified Income Fund 2025 Quarterly Report

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | &nbsp;&nbsp; Quoted Prices<br> (Level 1)<br>| &nbsp;&nbsp; Other Significant<br> Observable Inputs<br> (Level 2)<br>| &nbsp;&nbsp; Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; $45425 | &nbsp;&nbsp; — | &nbsp;&nbsp; $45425 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158 |
| Total Long-Term Investments | &nbsp;&nbsp; $4286441 | &nbsp;&nbsp; 1094119092 | &nbsp;&nbsp; $12495645 | &nbsp;&nbsp; 1110901178 |
| Short-Term Investments† | &nbsp;&nbsp; 34347273 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34347273 |
| **Total Investments** | &nbsp;&nbsp; **$38633714** | &nbsp;&nbsp; **$1094119092** | &nbsp;&nbsp; **$12495645** | &nbsp;&nbsp; **$1145248451** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $1456368 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1456368 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $449356 | &nbsp;&nbsp; — | &nbsp;&nbsp; 449356 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 759469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 759469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 15572 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1913 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 197195 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197195 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$1456368** | &nbsp;&nbsp; **$1423505** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2879873** |
| **Total** | &nbsp;&nbsp; **$40090082** | &nbsp;&nbsp; **$1095542597** | &nbsp;&nbsp; **$12495645** | &nbsp;&nbsp; **$1148128324** |
| **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; $518298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $518298 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $330788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 330788 |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1795496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1795496 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 91295 | &nbsp;&nbsp; — | &nbsp;&nbsp; 91295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 73793 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Corporate Issues — <br> Buy Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 9132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Buy <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3003 |
| **Total** | &nbsp;&nbsp; **$518298** | &nbsp;&nbsp; **$2303507** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2821805** |

---

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

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities<br>| Balance <br>as of <br>December 31, 2024<br>| Accrued <br>premiums/ <br>discounts<br>| Realized <br>gain <br>(loss)<br>| Change in <br>unrealized <br>appreciation <br>(depreciation)<sup>1</sup> <br>| Purchases |
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | $1259203 | $6450 |  | $(6450)<br>| $3148006 |
| &nbsp;&nbsp;&nbsp; Industrials | 4733449 |  |  | 83198 |  |
| **Asset-Backed** <br> **Securities**<br>| 1816000 | 960 |  | 30381 |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>| 1675318 | 243 |  | (981010)<br>| 1808765 |

---

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in<br> Securities<br>| Balance<br> as of<br> December 31, 2024<br>| Accrued<br> premiums/<br> discounts<br>| Realized<br> gain<br> (loss)<br>| Change in<br> unrealized<br> appreciation<br> (depreciation)<sup>1</sup><br>| Purchases |
| &nbsp;&nbsp;&nbsp; Financials |  | $(3650)<br>| $(163)<br>| $20476 |  |
| &nbsp;&nbsp;&nbsp; Health Care | $93732 |  | (328026)<br>| 322852 | $12208 |
| &nbsp;&nbsp;&nbsp; Industrials | 2637283 | 14003 | 62619 | (83199)<br>| 1 |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>| 8027276 | 40983 | (5624)<br>| 472141 | 191226 |
| **Total** | **$20242261** | **$58989** | **$(271194)**<br>| **$(141611)**<br>| **$5160206** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments in <br>Securities (cont'd)<br>| Sales | Transfers <br>into <br>Level 3<sup>2</sup> <br>| Transfers <br>out of <br>Level 3<sup>3</sup> <br>| Balance <br>as of <br>September 30, 2025<br>| Net change <br>in unrealized <br>appreciation <br>(depreciation) for <br> investments <br>in securities <br>still held at <br>September 30, 2025<sup>1</sup> <br>|
| **Corporate Bonds &** <br> **Notes:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy |  |  |  | $4407209 | $(6450)<br>|
| &nbsp;&nbsp;&nbsp; Industrials | $(187500)<br>|  |  | 4629147 | 83198 |
| **Asset-Backed** <br> **Securities**<br>|  |  | $(1847341)<br>|  |  |
| **Senior Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer <br> Discretionary<br>| (2368676)<br>|  |  | 134640 | (1660559)<br>|
| &nbsp;&nbsp;&nbsp; Financials | (32407)<br>| $3340393 |  | 3324649 | 20476 |
| &nbsp;&nbsp;&nbsp; Health Care | (100766)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Industrials | (2630707)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Information <br> Technology<br>| (4163502)<br>|  | (4562500)<br>|  |  |
| **Total** | **$(9483558)**<br>| **$3340393** | **$(6409841)**<br>| **$12495645** | **$(1563335)**<br>|

---

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

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

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

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

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended September 30, 2025. The following transactions 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>| $43613536 | $204629473 | 204629473 | $213895736 | 213895736 |

---

------

Western Asset Diversified Income Fund 2025 Quarterly Report

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>|  | $1142983 |  | $34347273 |

---

**3. Restricted securities** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 9/30/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 977 | 3/25 | $11893 | $371 | &nbsp;&nbsp; $0.38 | 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 119540 | 3/25 | 1455203 | 45425 | 0.38 | &nbsp;&nbsp; 0.01%  |
|  |  |  | **$1467096** | **$45796** |  | **0.01%**<br>|

---

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

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

------

Western Asset Diversified Income Fund 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:** Western Asset Diversified Income Fund

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

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

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

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

  - **Street Address 1:** 620 EIGHTH AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-888-777-0102

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $1171511411.29

**Total Liabilities:** $390139125.48

**Net Assets:** $781372285.81

**Delayed Delivery Securities:** $9525512.50

**Cash Not Reported:** $14807534.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -5334.16000000 | **1-Year:** 13243.17000000 | **5-Year:** 23980.91000000 | **10-Year:** 23218.61000000 | **30-Year:** 3534.22000000

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

- **3-Month:** 2937.43000000 | **1-Year:** 84134.50000000 | **5-Year:** 183899.93000000 | **10-Year:** 55171.35000000 | **30-Year:** 875.69000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 1.54%                | 1.87%                | -1.28%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3867021.19              | $556351.94                                 |
| Month 2  | $-2640236.50             | $7461016.70                                |
| Month 3  | $-169308.25              | $1490114.65                                |

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FORD MOTOR COMPANY                                      | Ford Motor Co                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024734.23   | 0.13%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $189171.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     54275 | PA      | $48164.18     | 0.01%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Starlight Parent LLC                                    | STARLIGHT PARENT LLC                                                             | CUSIP: 85554UAB0<br>LEI: 254900ZM34IBOK68V949 | Long             | LON              | CORP              | US        |   3500000 | PA      | $3443125.00   | 0.44%             | 2032-04-16      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Adtalem Global Education Inc                            | ADTALEM GLOBAL EDUCATION                                                         | CUSIP: 00737RAH3<br>LEI: 549300Z467EZLMODV621 | Long             | LON              | CORP              | US        |    881154 | PA      | $883357.22    | 0.11%             | 2028-08-12      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US Clo 8 Ltd                                          | CUSIP: 38136QAJ8<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $6961490.20   | 0.89%             | 2034-10-20      | Floating      | 12.64%                | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                           | Citigroup Commercial Mortgage Trust 2015-P1                                      | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    551360 | PA      | $533929.04    | 0.07%             | 2048-09-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE                          | Multifamily Connecticut Avenue Securities Trust 2020-01                          | CUSIP: 62548QAF8<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2597916.00   | 0.33%             | 2050-03-25      | Floating      | 11.97%                | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                          | NCR Voyix Corp                                                                   | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2955330.90   | 0.38%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                   | Nabors Industries Inc                                                            | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   2610000 | PA      | $2432702.60   | 0.31%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR Trust 2019-FTR1                                                | CUSIP: 35564PAC2<br>LEI: 549300MHCI0CUXMJQS62 | Long             | ABS-MBS          | CORP              | US        |   3460000 | PA      | $4127323.28   | 0.53%             | 2048-01-25      | Floating      | 12.82%                | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS USD                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-16283.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WW International Inc                                    | WW International Inc                                                             | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |     21540 | NS      | $589334.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2596374.60   | 0.33%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| (Sunnova) Aurora I Issuer, LLC                          | SUNNOVA HELIOS II ISSUER LLC 2018-1                                              | CUSIP: 86745JAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3510717 | PA      | $3173224.81   | 0.41%             | 2048-07-20      | Fixed         | 7.71%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   2674000 | PA      | $2778064.06   | 0.36%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    786962 | PA      | $5902.22      | 0.00%             | N/A             | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru                          | SMB Private Education Loan Trust 2015-C                                          | CUSIP: 78448R106<br>LEI: 549300GD7VLLBVPDNJ81 | Long             | ABS-O            | CORP              | US        |      7570 | PA      | $1987075.05   | 0.25%             | 2046-09-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                                       | 720 East CLO VII Ltd                                                             | CUSIP: 81789NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1150000 | PA      | $1151980.65   | 0.15%             | 2037-04-20      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA2                                          | CUSIP: 35564KDY2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $7361280.00   | 0.94%             | 2033-08-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXVI Ltd                                                               | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2734380.55   | 0.35%             | 2038-01-25      | Floating      | 9.02%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                                 | Ethiopia International Bond                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    560000 | PA      | $538527.42    | 0.07%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                  | First Brands Group LLC                                                           | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3862599 | PA      | $1404344.39   | 0.18%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CDX.NA.HY.45.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-259781.71   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION               | TRS JPEIFNTR INDEX                                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $133128.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2018-LUAU                                      | CUSIP: 36256AAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4979392.50   | 0.64%             | 2032-11-15      | Floating      | 8.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | GOLDMAN SACHS & CO                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -3300220 | PA      | $-3300220.00  | -0.42%            |  |  |  | No            |                  2 | On Loan: No      |
| CLARITEV CORP                                           | Claritev Corp                                                                    | CUSIP: 62548MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1940610 | PA      | $1508824.51   | 0.19%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA1                                          | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $6654276.00   | 0.85%             | 2051-01-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| Knight Health Holdings LLC                              | Knight Health Holdings LLC                                                       | CUSIP: 49902TAB8<br>LEI: 2549008OACTDEJGJC870 | Long             | LON              | CORP              | US        |    961831 | PA      | $316442.25    | 0.04%             | 2028-12-23      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 17 Ltd                                                                   | CUSIP: 00120EAE4<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |   1530000 | PA      | $1471658.96   | 0.19%             | 2035-01-21      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                               | Gainwell Acquisition Corp                                                        | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2327781 | PA      | $2295191.75   | 0.29%             | 2027-10-01      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                       | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   9921000 | PA      | $11120266.85  | 1.42%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                          | JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT                    | CUSIP: 46645WBL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $399000.00    | 0.05%             | 2033-07-05      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                       | Elevation CLO 2021-14 Ltd                                                        | CUSIP: 28623TAJ3<br>LEI: 549300JPI8D017HI2768 | Long             | ABS-CBDO         | CORP              | KY        |   4400000 | PA      | $4432949.40   | 0.57%             | 2038-01-20      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                      | New Generation Gas Gathering LLC                                                 | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |   4474324 | PA      | $4407209.35   | 0.56%             | 2029-09-30      | Floating      | 10.05%                | No            |                  3 | On Loan: No      |
| LCM Ltd Partnership                                     | LCM 33 Ltd                                                                       | CUSIP: 50202FAA5<br>LEI: 5493006LYYH2XWCWW153 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2774365.80   | 0.36%             | 2034-07-20      | Floating      | 10.94%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    620000 | PA      | $520839.90    | 0.07%             | 2049-11-26      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   6700000 | PA      | $7977050.15   | 1.02%             | 2034-01-25      | Floating      | 9.86%                 | 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        |      1086 | NC      | $553569.24    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA2                                          | CUSIP: 35565KBE7<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |   7250000 | PA      | $7930625.65   | 1.01%             | 2050-02-25      | Floating      | 9.27%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                              | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1993623.00   | 0.26%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MIRA Trust                                              | MIRA Trust 2023-MILE                                                             | CUSIP: 55318EAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13750000 | PA      | $13903643.19  | 1.78%             | 2038-06-10      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2019-IMC                                            | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3850822.40   | 0.49%             | 2034-04-15      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XLVI Ltd                                                              | CUSIP: 03769YAE0<br>LEI: 254900XSALC4GJ58ZP29 | Long             | ABS-CBDO         | CORP              | JE        |   3500000 | PA      | $2850633.45   | 0.36%             | 2036-10-24      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XLIV Ltd                                                              | CUSIP: 03770KAH0<br>LEI: 254900N39ZT8BF6B8W53 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $485980.25    | 0.06%             | 2037-10-26      | Floating      | 11.54%                | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun                          | Bayview Opportunity Master Fund VII 2025-EDU1 LLC                                | CUSIP: 07337GAD5<br>LEI: 2549001VJ64UFK8PZA41 | Long             | ABS-O            | CORP              | US        |   1930000 | PA      | $1930000.00   | 0.25%             | 2048-07-27      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                | Eagle Funding Luxco Sarl                                                         | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |   1150000 | PA      | $1168181.50   | 0.15%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKJ2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2036400.00   | 0.26%             | 2028-04-20      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2021-BNK35                                                                  | CUSIP: 06540CCJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21846154 | PA      | $7760448.61   | 0.99%             | 2064-06-15      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| CARBON REVOLUTION LTD                                   | Carbon Revolution Ltd                                                            | CUSIP: 14115DAA2<br>LEI: 894500NF581BXOY0Z956 | Long             | DBT              | CORP              | AU        |   3187652 | PA      | $3191636.57   | 0.41%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Catawba Nation Gaming Authority                         | CATAWBA NATION GAMING AUTHORITY                                                  | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3000000 | PA      | $3070320.00   | 0.39%             | 2032-03-28      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                        | NMEF Funding 2025-A LLC                                                          | CUSIP: 62919VAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3420000 | PA      | $3480118.13   | 0.45%             | 2032-07-15      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2104026.00   | 0.27%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CITY OF BUENOS AIRES                                    | Ciudad Autonoma De Buenos Aires/Government Bonds                                 | CUSIP: 000000000<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |   1333400 | PA      | $1327586.38   | 0.17%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                 | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2628170.00   | 0.34%             | 2031-06-01      | Fixed         | 7.38%                 | 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        |       170 | NC      | $204238.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-96081.74    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                 | Chimera Investment Corp                                                          | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     77758 | NS      | $1796209.80   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC                                                                      | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   5000000 | PA      | $4797575.00   | 0.61%             | 2029-01-20      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO XXIX Ltd                                                        | CUSIP: 09630LAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $6946847.60   | 0.89%             | 2034-07-25      | Floating      | 11.44%                | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                        | TKC Holdings Inc                                                                 | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3534635.62   | 0.45%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                                      | Pinnacle Bidco PLC                                                               | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |   2500000 | PA      | $3548101.43   | 0.45%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AKUMIN INC                                              | Akumin Inc                                                                       | CUSIP: 01021XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6982000 | PA      | $6222547.19   | 0.80%             | 2028-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   3183257 | PA      | $3284245.83   | 0.42%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $13058.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                                | Park-Ohio Industries Inc                                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   7690000 | PA      | $7978913.30   | 1.02%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1757806.80   | 0.22%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                                | Discovery Communications LLC                                                     | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4293550.00   | 0.55%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     59046 | PA      | $55429.71     | 0.01%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| SEB Funding LLC                                         | SEB Funding LLC                                                                  | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2030000 | PA      | $2078551.51   | 0.27%             | 2054-04-30      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2029220.00   | 0.26%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4425454.35   | 0.57%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AES ANDES SA                                            | AES Andes SA                                                                     | CUSIP: 00111VAD9<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    300000 | PA      | $314452.25    | 0.04%             | 2032-03-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1380000 | PA      | $1427772.84   | 0.18%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                           | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    850000 | PA      | $914059.18    | 0.12%             | 2037-02-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                | SPIRIT AVIA HOL RESTRICT                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       977 | NS      | $371.26       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Michaels Companies Inc (The)                            | Michaels Cos Inc/The                                                             | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | LON              | CORP              | US        |    659622 | PA      | $624652.22    | 0.08%             | 2028-04-15      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo X                                                               | CUSIP: 67516BAE1<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |   3750000 | PA      | $3764249.63   | 0.48%             | 2034-10-15      | Floating      | 12.15%                | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                        | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3157284.00   | 0.40%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RXO INC                                                 | RXO Inc                                                                          | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017691.62   | 0.13%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | CNH/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $18276.94     | 0.00%             |  |  |  | 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        |   4230364 | PA      | $4240725.61   | 0.54%             | 2056-12-27      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| SEDGWICK CMS INC                                        | SEDGWICK CLAIMS MANAGEMENT SERVICES INC                                          | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |   1558349 | PA      | $1558107.53   | 0.20%             | 2031-07-31      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |  21052000 | PA      | $3462519.52   | 0.44%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | GOLDMAN SACHS & CO                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -2061862 | PA      | $-2061862.00  | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se                          | Natixis Commercial Mortgage Securities Trust 2022-RRI                            | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3736201.50   | 0.48%             | 2035-03-15      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                 | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2203410.01   | 0.28%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                      | Wind River 2021-4 CLO Ltd                                                        | CUSIP: 97316VAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2450000 | PA      | $1207852.21   | 0.15%             | 2035-01-20      | Floating      | 10.85%                | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                 | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   3000000 | PA      | $2241540.30   | 0.29%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Global Tel Link Corporation                             | VIAPATH TECHNOLOGIES                                                             | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2562500 | PA      | $2509007.81   | 0.32%             | 2029-07-31      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| TURK IHRACAT KR                                         | Turkiye Ihracat Kredi Bankasi AS                                                 | CUSIP: 90016LAA4<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |   3200000 | PA      | $3224375.81   | 0.41%             | 2026-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                  | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |  10059000 | PA      | $9344899.52   | 1.20%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    143700 | PA      | $52450.50     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1715958.78   | 0.22%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                                   | Dick's Sporting Goods Inc                                                        | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6374585.88   | 0.82%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $914013.50    | 0.12%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | USD CALL VERSUS CNY PUT                                                          | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |   4120000 | NC      | $158.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elmwood CLO II Ltd.                                     | Elmwood CLO II Ltd                                                               | CUSIP: 29001RAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4600000 | PA      | $2255782.50   | 0.29%             | 2034-04-20      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | BRL/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2209.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                       | Ghana Government International Bond                                              | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    337560 | PA      | $285350.48    | 0.04%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016257.07   | 0.13%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Team Services Group LLC                                 | TEAM PUBLIC CHOICES LLC                                                          | CUSIP: 87821EAB9<br>LEI: 2549000UQACQVCO13Y82 | Long             | LON              | CORP              | US        |    465142 | PA      | $464728.14    | 0.06%             | 2027-12-20      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Whitebox CLO Ltd                                        | Whitebox Clo II Ltd                                                              | CUSIP: 96466EAJ3<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |   1430000 | PA      | $1453428.55   | 0.19%             | 2037-10-24      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | EC               | CORP              | CN        |    196741 | NS      | $2907.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     55179 | PA      | $52930.47     | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                     | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   4000000 | PA      | $3013340.00   | 0.39%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit                           | Freddie Mac Mscr Trust Mn2                                                       | CUSIP: 35563JAC7<br>LEI: 549300OXOJE8K5OHDX86 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2520428.50   | 0.32%             | 2041-07-25      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAD9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |   9300000 | PA      | $9941104.80   | 1.27%             | 2038-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2020-3 Ltd                                                              | CUSIP: 92918NBE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2840000 | PA      | $2863769.66   | 0.37%             | 2038-01-20      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| VORTEX OPCO LLC                                         | Vortex Opco LLC                                                                  | CUSIP: 92905YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   4075500 | PA      | $417738.75    | 0.05%             | 2030-04-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    186534 | PA      | $91242.63     | 0.01%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXXIX Ltd                                                              | CUSIP: 559923AE7<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |   1650000 | PA      | $1632404.57   | 0.21%             | 2037-01-25      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO XIX Ltd                                                         | CUSIP: 83011MAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $449993.93    | 0.06%             | 2038-07-17      | Floating      | 12.19%                | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain Fuji US Clo II Ltd                                                  | CUSIP: 09629HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5350000 | PA      | $5107395.16   | 0.65%             | 2030-10-20      | Floating      | 10.74%                | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                            | HARBOR FREIGHT TOOLS USA INC                                                     | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |   1741206 | PA      | $1712824.38   | 0.22%             | 2031-06-11      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                   | USD/CNH FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-401.57      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  23320000 | PA      | $1290321.48   | 0.17%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                                  | Stena International SA                                                           | CUSIP: 85858EAE3<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |   5000000 | PA      | $5154560.00   | 0.66%             | 2031-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     70334 | PA      | $3165.03      | 0.00%             | 2028-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   2750000 | PA      | $2633950.00   | 0.34%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Magenta Security Holdings LLC                           | MAGENTA SECURITY HOLDING                                                         | CUSIP: 55909UAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    377438 | PA      | $310546.72    | 0.04%             | 2028-07-27      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10640000 | PA      | $9230200.00   | 1.18%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Plastics Management LLC                                 | Plastics Management LLC                                                          | CUSIP: 72759JAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4805749 | PA      | $4828182.23   | 0.62%             | 2027-08-03      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                        | TCI-Symphony CLO 2016-1 Ltd                                                      | CUSIP: 87230XAD8<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |   3500000 | PA      | $3431075.90   | 0.44%             | 2032-10-13      | Floating      | 11.33%                | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | Greywolf CLO V Ltd                                                               | CUSIP: 39808TAE8<br>LEI: 549300RJBZLY8V18YD77 | Long             | ABS-CBDO         | CORP              | KY        |   6250000 | PA      | $6290480.00   | 0.81%             | 2031-01-27      | Floating      | 10.43%                | No            |                  2 | On Loan: No      |
| Neptune Bidco Us Inc.                                   | NEPTUNE BIDCO US INC                                                             | CUSIP: 64069JAF9<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |   3910000 | PA      | $3729162.50   | 0.48%             | 2028-10-11      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5253376.55   | 0.67%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo XVI Ltd                                                         | CUSIP: 674914AA4<br>LEI: 254900R3RT6TSDP3UQ20 | Long             | ABS-CBDO         | CORP              | KY        |   1020000 | PA      | $1040903.17   | 0.13%             | 2038-01-20      | Floating      | 11.02%                | No            |                  2 | On Loan: No      |
| Hildene Community Funding CLO                           | Hildene Community Funding CDO Ltd                                                | CUSIP: 43133KAC9<br>LEI: 549300845E8YWIPN4S43 | Long             | ABS-CBDO         | CORP              | KY        |    559477 | PA      | $492590.86    | 0.06%             | 2035-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-431.41      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                 | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   4349753 | PA      | $1851342.00   | 0.24%             | 2030-03-12      | Variable      | 11.00%                | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS TRANSOCEAN INC                                                               | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $52999.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp II                                                   | CUSIP: 36269JAN8<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |  17680000 | PA      | $17813258.58  | 2.28%             | 2041-03-10      | Variable      | 10.33%                | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                        | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   3610000 | PA      | $3807196.25   | 0.49%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| National Collegiate Commutatio                          | National Collegiate VI 2007-4 Class A-3L Commutation Trust                       | CUSIP: 63546VAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  27730208 | PA      | $2534596.45   | 0.32%             | 2038-03-29      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Black Diamond CLO Ltd                                   | Black Diamond CLO 2021-1 Ltd                                                     | CUSIP: 09204WAM6<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-CBDO         | CORP              | KY        |   2270000 | PA      | $2275443.01   | 0.29%             | 2034-11-22      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                   | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2078898.00   | 0.27%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                    | FREMF 2021-KF117 Mortgage Trust                                                  | CUSIP: 30320YAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3423590 | PA      | $3301878.72   | 0.42%             | 2031-07-25      | Floating      | 10.75%                | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                              | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2350000 | PA      | $2360610.25   | 0.30%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5114949.40   | 0.65%             | 2055-10-23      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| CB Poly US Holdings Inc                                 | CB Poly US Holdings Inc                                                          | CUSIP: 12511PAB7<br>LEI: 254900TSH6NNRZ0GUN05 | Long             | LON              | CORP              | US        |   4850000 | PA      | $4402248.00   | 0.56%             | 2029-05-18      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                  | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1068112.00   | 0.14%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA6                                          | CUSIP: 35564KLV9<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |   6590000 | PA      | $6921926.44   | 0.89%             | 2041-10-25      | Floating      | 11.86%                | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   2040000 | PA      | $2046711.60   | 0.26%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATP TOW/ANDEAN TELECOM                                  | ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1900000 | PA      | $1960207.20   | 0.25%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     78204 | PA      | $57332.86     | 0.01%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3030000 | PA      | $3212851.41   | 0.41%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                     | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1589161.50   | 0.20%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                    | Michaels Cos Inc/The                                                             | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $840000.00    | 0.11%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3590265.00   | 0.46%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                            | CUSIP: 917288BP6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   3937092 | PA      | $100982.72    | 0.01%             | 2045-05-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                        | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   5822000 | PA      | $5917218.81   | 0.76%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GATWICK AIRPORT FINANCE                                 | Gatwick Airport Finance PLC                                                      | CUSIP: 000000000<br>LEI: 213800BDRHDHRGTQ1D63 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $4021963.58   | 0.51%             | 2026-04-07      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                            | Navient Corp                                                                     | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9811001.90   | 1.26%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                 | El Salvador Government International Bond                                        | CUSIP: 283875CG5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    900000 | PA      | $976500.00    | 0.12%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS AMERICAN AIRLINES GROUP INC                                                  | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-22591.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    223925 | PA      | $195706.63    | 0.03%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2024-2 Ltd                                               | CUSIP: 05765BAE9<br>LEI: 254900FG1DS8PNX30R63 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $197001.86    | 0.03%             | 2038-01-20      | Floating      | 12.13%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $55085.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 95 CLO Ltd                                                                | CUSIP: 262485AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6870000 | PA      | $3100823.28   | 0.40%             | 2034-08-20      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos Loan Fund 2024-1 Ltd                                                      | CUSIP: 037985AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1736418.08   | 0.22%             | 2038-10-25      | Floating      | 8.88%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                 | Bahamas Government International Bond                                            | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |   3000000 | PA      | $3244680.00   | 0.42%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC                                                                      | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   5000000 | PA      | $4881250.00   | 0.62%             | 2028-01-31      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                         | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |   3908657 | PA      | $3903869.35   | 0.50%             | 2031-07-31      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3324.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    420000 | PA      | $438772.74    | 0.06%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                  | Carriage Purchaser Inc                                                           | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8250000 | PA      | $7718351.03   | 0.99%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                                 | AMC Entertainment Holdings Inc                                                   | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   4780000 | PA      | $4138476.20   | 0.53%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1308816.64   | 0.17%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SARAT 2013-1A F1R3                                      | SARAT 2013-1A F1R3                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3219960.80   | 0.41%             | 2033-04-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| RJET 2023-1 A                                           | RJET 2023-1 A                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4437500 | PA      | $4629146.78   | 0.59%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2420000 | PA      | $2558198.67   | 0.33%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2000000 | PA      | $771280.00    | 0.10%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-59338.75    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| American Money Management Corp                          | AMMC CLO 23 Ltd                                                                  | CUSIP: 00177JCE3<br>LEI: 549300ICO4ZE2FVC2Y46 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1538594.55   | 0.20%             | 2038-07-17      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | GOLDMAN SACHS & CO                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -2637718 | PA      | $-2637717.50  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited                           | Lunar 2021-1 Structured Aircraft Portfolio Notes                                 | CUSIP: 83438LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |   3361361 | PA      | $3246067.13   | 0.42%             | 2046-10-15      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| VERICAST CORP/HARLAND                                   | Vericast Corp/Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct    | CUSIP: 92342NAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    676657 | PA      | $828905.38    | 0.11%             | 2030-12-15      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3                    | CUSIP: 35563PGW3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9337124 | PA      | $2850685.43   | 0.36%             | 2057-08-25      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1052414.00   | 0.13%             | 2032-07-15      | Fixed         | 7.25%                 | 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        |  33866014 | NS      | $33866014.10  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS INC                                   | Bath & Body Works Inc                                                            | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3349131.50   | 0.43%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust                                     | BWAY 2013-1515 Mortgage Trust                                                    | CUSIP: 05604FAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2519422.80   | 0.32%             | 2033-03-10      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-143284.44   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN CO LLC                                   | Teva Pharmaceutical Finance Co LLC                                               | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2095870.00   | 0.27%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   3590000 | PA      | $3490694.86   | 0.45%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   2500000 | PA      | $1653125.00   | 0.21%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RKK9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $859834.08    | 0.11%             | 2028-10-20      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2021-BNK35                                                                  | CUSIP: 06540CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9451000 | PA      | $3663803.01   | 0.47%             | 2064-06-15      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                               | PRIMO BRANDS CORP                                                                | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   1465919 | PA      | $1467326.20   | 0.19%             | 2028-03-31      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   7616000 | PA      | $5953618.97   | 0.76%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Marathon CLO LTD                                        | Marathon CLO XIII Ltd                                                            | CUSIP: 56579AAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4625000 | PA      | $4636668.88   | 0.59%             | 2032-04-15      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA LLC/CO-ISSR                                 | Allen Media LLC / Allen Media Co-Issuer Inc                                      | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7160000 | PA      | $3239900.00   | 0.41%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    216271 | PA      | $122013.06    | 0.02%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2650590.00   | 0.34%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    710000 | PA      | $728551.59    | 0.09%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BUENOS AIRES                                    | Ciudad Autonoma De Buenos Aires/Government Bonds                                 | CUSIP: 11942GAD4<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |   3400170 | PA      | $3385345.26   | 0.43%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                 | International Bank for Reconstruction & Development                              | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       | 227000000 | PA      | $5633770.66   | 0.72%             | 2028-05-10      | Fixed         | 8.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                   | IRS BRL                                                                          | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-716533.87   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| VERICAST CORPORATION                                    | VERICAST CORP                                                                    | CUSIP: 92342KAD1<br>LEI: 549300J73P7FL8TVF308 | Long             | LON              | CORP              | US        |   7279047 | PA      | $7084914.60   | 0.91%             | 2026-06-16      | Floating      | 11.62%                | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    362000 | PA      | $362419.92    | 0.05%             | 2026-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                              | XAI CORP                                                                         | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4129650 | PA      | $4291139.96   | 0.55%             | 2028-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| GRUPO TELEVISA SAB                                      | Grupo Televisa SAB                                                               | CUSIP: 40049JBA4<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |   1910000 | PA      | $1332351.02   | 0.17%             | 2045-05-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACProducts Holdings Inc                                 | ACProducts Holdings Inc                                                          | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |   4885204 | PA      | $4105232.41   | 0.53%             | 2028-05-17      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                                | Plains All American Pipeline LP                                                  | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7021203.00   | 0.90%             | N/A             | Floating      | 8.58%                 | 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        |   1460000 | PA      | $1476727.51   | 0.19%             | 2034-10-20      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                               | CIM Trust 2021-INV1                                                              | CUSIP: 12566PCU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 174954256 | PA      | $1669396.02   | 0.21%             | 2051-07-01      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2550000 | PA      | $2705741.25   | 0.35%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                       | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1059077.00   | 0.14%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 18 Ltd                                                                        | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |   2370000 | PA      | $2399492.28   | 0.31%             | 2040-07-15      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION               | IRS BRL                                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-1078962.48  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                | Altice France Holding SA                                                         | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   6000000 | PA      | $2176065.96   | 0.28%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                           | Citigroup Commercial Mortgage Trust 2015-GC29                                    | CUSIP: 17323VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2439000 | PA      | $1743714.27   | 0.22%             | 2048-04-10      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | GREYWOLF CLO VI Ltd                                                              | CUSIP: 39809HAA1<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3021810.60   | 0.39%             | 2031-04-26      | Floating      | 10.33%                | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    534934 | PA      | $32096.06     | 0.00%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XXVIII Ltd                                                          | CUSIP: 87168DAC0<br>LEI: 54930054F3QGDZOYIH14 | Long             | ABS-CBDO         | CORP              | KY        |   6045000 | PA      | $2380665.48   | 0.30%             | 2050-10-23      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2023-1 Ltd                                               | CUSIP: 05765DAZ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $2260995.53   | 0.29%             | 2036-04-20      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                         | Dcert Buyer Inc                                                                  | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |   5000000 | PA      | $4562500.00   | 0.58%             | 2029-02-19      | Floating      | 11.16%                | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.             | US 5YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         3 | NC      | $-872.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2020 LTD                                                         | CUSIP: 03756ABL0<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | BM        |   2640000 | PA      | $2653462.68   | 0.34%             | 2035-04-20      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/AUD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7823.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                                      | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1989379.56   | 0.25%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   8500000 | PA      | $8974810.00   | 1.15%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| The Huntington National Bank                            | Huntington Bank Auto Credit-Linked Notes Series 2025-2                           | CUSIP: 44644NAR0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    804439 | PA      | $805957.60    | 0.10%             | 2033-09-20      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |   3832000 | PA      | $1992640.00   | 0.26%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Point Broadband Funding LLC                             | Point Broadband Funding LLC                                                      | CUSIP: 73052AAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2048364.00   | 0.26%             | 2055-07-20      | Fixed         | 8.16%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                                  | Mozambique International Bond                                                    | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |    460000 | PA      | $411251.14    | 0.05%             | 2031-09-15      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue                          | Multifamily Connecticut Avenue Securities Trust 2019-01                          | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2055524.00   | 0.26%             | 2049-10-25      | Floating      | 13.22%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     59069 | PA      | $31274.62     | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                            | CUSIP: 071734AD9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $4461576.10   | 0.57%             | 2028-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2021-L6                                           | CUSIP: 61692CAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7195000 | PA      | $4260627.18   | 0.55%             | 2054-06-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                     | Sound Point CLO XXVI Ltd                                                         | CUSIP: 83615BAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4200000 | PA      | $3907412.88   | 0.50%             | 2034-07-20      | Floating      | 11.45%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                       | Ghana Government International Bond                                              | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    234740 | PA      | $229121.24    | 0.03%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                            | CNH/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1274.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2205362.50   | 0.28%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    115818 | PA      | $99551.08     | 0.01%             | 2033-03-15      | Variable      | 3.35%                 | 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        |      -169 | NC      | $-464783.03   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS CAESARS ENTERTAINMENT INC                                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $118525.13    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA3                                          | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $6175561.00   | 0.79%             | 2033-10-25      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | AUD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $90313.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                       | EURO-BUND                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        33 | NC      | $23974.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3972204.90   | 0.51%             | 2046-04-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                                    | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |   7600000 | PA      | $7977410.38   | 1.02%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2920000 | PA      | $2995458.76   | 0.38%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DS Parent Inc                                           | DS PARENT INC                                                                    | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |   4488636 | PA      | $4180962.78   | 0.54%             | 2031-01-31      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US Clo 6 Ltd                                          | CUSIP: 38137XAL7<br>LEI: 549300MI5PVR6JHGVV87 | Long             | ABS-CBDO         | CORP              | KY        |    820000 | PA      | $807812.83    | 0.10%             | 2035-04-20      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Natixis Commercial Mortgage Se                          | Natixis Commercial Mortgage Securities Trust 2022-JERI                           | CUSIP: 63875LAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1603967.50   | 0.21%             | 2039-01-15      | Floating      | 11.76%                | No            |                  2 | On Loan: No      |
| AGL CLO 16 LTD                                          | AGL CLO 16 Ltd                                                                   | CUSIP: 00120LAL2<br>LEI: 2549009GL17CEZFCKZ48 | Long             | ABS-CBDO         | CORP              | KY        |    380000 | PA      | $378069.79    | 0.05%             | 2035-01-20      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    571519 | PA      | $11430.37     | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                    | WW INTERNATIONAL INC                                                             | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | US        |   8100710 | PA      | $7412149.85   | 0.95%             | 2030-06-25      | Floating      | 10.80%                | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                  | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    700000 | PA      | $676381.71    | 0.09%             | 2032-01-15      | Fixed         | 7.05%                 | 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        |      -437 | NC      | $-44126.93    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXXII Ltd                                                              | CUSIP: 55953XAE8<br>LEI: 549300QUG3I8PF6T6C52 | Long             | ABS-CBDO         | CORP              | KY        |   2420000 | PA      | $2419548.43   | 0.31%             | 2037-10-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R                                 | Railworks Holdings LP / Railworks Rally Inc                                      | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8606505.00   | 1.10%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3653223.00   | 0.47%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/BRL FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $394.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EASY 2025-RTL1                                          | Easy Street Mortgage Loan Trust 2025-RTL1                                        | CUSIP: 27786FAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2990000 | PA      | $3021643.77   | 0.39%             | 2040-05-25      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS                                | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AF9<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    351282 | PA      | $367839.46    | 0.05%             | 2030-12-31      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan                           | New Residential Mortgage Loan Trust 2017-2                                       | CUSIP: 64829KBN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2819937 | PA      | $2587250.30   | 0.33%             | 2057-03-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   2040000 | PA      | $2123947.69   | 0.27%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                                      | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |   1800000 | PA      | $1939410.00   | 0.25%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor                          | JP Morgan Chase Commercial Mortgage Securities Trust 2021-NYMZ                   | CUSIP: 46654GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $2170040.00   | 0.28%             | 2026-06-15      | Floating      | 11.77%                | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                       | MFA Financial Inc                                                                | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     76957 | NS      | $1836963.59   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    900000 | PA      | $956994.30    | 0.12%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                | SGUS LLC                                                                         | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1641664 | PA      | $1563973.91   | 0.20%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Carval CLO LTD                                          | CarVal CLO XI C Ltd                                                              | CUSIP: 14688TAA4<br>LEI: 254900BDRF474L9PWM54 | Long             | ABS-CBDO         | CORP              | KY        |   2070000 | PA      | $2122848.34   | 0.27%             | 2037-10-20      | Floating      | 10.68%                | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                   | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   6180000 | PA      | $6184750.13   | 0.79%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                         | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3729141.50   | 0.48%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    155445 | PA      | $76036.73     | 0.01%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                       | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1976628.00   | 0.25%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1254106.36   | 0.16%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                             | Staples Inc                                                                      | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   1315228 | PA      | $1062437.06   | 0.14%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                            | MPH ACQUISITION HOLDINGS LLC                                                     | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    532774 | PA      | $532773.73    | 0.07%             | 2030-12-31      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6787953.90   | 0.87%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2023-26 Ltd                                                              | CUSIP: 67351PAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1780000 | PA      | $1749892.55   | 0.22%             | 2037-04-17      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2944.70      | 0.00%             |  |  |  | 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        |       284 | NC      | $674586.74    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| US RENAL CARE INC                                       | US Renal Care Inc                                                                | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |   1883000 | PA      | $1647625.00   | 0.21%             | 2028-06-28      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2981334.60   | 0.38%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    550000 | PA      | $399777.01    | 0.05%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2018-2 Ltd                                                              | CUSIP: 92917TAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6750000 | PA      | $6483815.78   | 0.83%             | 2031-07-15      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| PAMPA ENERGIA SA                                        | Pampa Energia SA                                                                 | CUSIP: 697660AE8<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |   1210000 | PA      | $1233897.50   | 0.16%             | 2031-09-10      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                | Smyrna Ready Mix Concrete LLC                                                    | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2642331.85   | 0.34%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $859050.00    | 0.11%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | IRS MXN                                                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $760987.48    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                            | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   3500000 | PA      | $3352143.03   | 0.43%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                                  | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1970000.00   | 0.25%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                     | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119540 | NS      | $45425.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    486610 | PA      | $266140.14    | 0.03%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INV CORP                                    | Two Harbors Investment Corp                                                      | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |   3010000 | PA      | $3010001.17   | 0.39%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                           | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2491670.70   | 0.32%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT OF JAMAICA                                   | Jamaica Government International Bond                                            | CUSIP: 470160CF7<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |  82000000 | PA      | $537683.45    | 0.07%             | 2030-11-03      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Team Services Group LLC                                 | TEAM PUBLIC CHOICES LLC                                                          | CUSIP: 87821EAG8<br>LEI: 2549000UQACQVCO13Y82 | Long             | LON              | CORP              | US        |   2985000 | PA      | $2983134.38   | 0.38%             | 2027-12-20      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Renew Financial                                         | Renew 2024-2                                                                     | CUSIP: 75975DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1970815 | PA      | $1984437.49   | 0.25%             | 2060-11-20      | Fixed         | 8.22%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-1                    | CUSIP: 35563PC80<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4640312.50   | 0.59%             | 2061-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    220732 | PA      | $92347.78     | 0.01%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1293.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nassau LTD                                              | Nassau 2021-I Ltd                                                                | CUSIP: 631704AP8<br>LEI: 5493000NDRKPTT45F149 | Long             | ABS-CBDO         | CORP              | KY        |   2840000 | PA      | $2832958.22   | 0.36%             | 2034-08-26      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Natgasoline LLC                                         | NATGASOLINE LLC                                                                  | CUSIP: 63232EAD9<br>LEI: 549300OHXDYMQYZOWC24 | Long             | LON              | CORP              | US        |   2468750 | PA      | $2504756.72   | 0.32%             | 2030-03-29      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                    | Provincia de Cordoba                                                             | CUSIP: 74408DAC8<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |   1083355 | PA      | $1096896.94   | 0.14%             | 2025-12-10      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| ABCTEC Second Out TL                                    | ABCTEC Second Out TL                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3830000 | PA      | $3686375.00   | 0.47%             | 2031-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                 | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   4250000 | PA      | $4314289.75   | 0.55%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CITRIX SYSTEMS INC                                      | Citrix Systems Inc                                                               | CUSIP: 177376AE0<br>LEI: HCTKJGUQOPZ5NBK7NP58 | Long             | DBT              | CORP              | US        |   8164000 | PA      | $7819724.12   | 1.00%             | 2027-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS NABORS INDUSTRIES INC                                                        | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-66392.93    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1294000 | PA      | $1408535.82   | 0.18%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                                       | Ghana Government International Bond                                              | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     15520 | PA      | $15015.54     | 0.00%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allen Media LLC                                         | Allen Media LLC                                                                  | CUSIP: 01771JAG8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | LON              | CORP              | US        |   4702845 | PA      | $3371940.04   | 0.43%             | 2027-02-10      | Floating      | 9.65%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                     | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1190568.06   | 0.15%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BSREP Commercial Mortgage Trus                          | BSREP Commercial Mortgage Trust 2021-DC                                          | CUSIP: 05591UAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15903970 | PA      | $3175009.80   | 0.41%             | 2038-08-15      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                 | El Salvador Government International Bond                                        | CUSIP: 283875CE0<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    440000 | PA      | $481250.00    | 0.06%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Atrium Hotel Portfolio Trust                            | Atrium Hotel Portfolio Trust 2017-ATRM                                           | CUSIP: 04965JAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2700000 | PA      | $2509312.50   | 0.32%             | 2036-12-15      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                   | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $3002024.19   | 0.38%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2021-B27 Mortgage Trust                                                | CUSIP: 08163HAY4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $2883312.50   | 0.37%             | 2054-07-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                  | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    213421 | PA      | $3734.88      | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7230000 | PA      | $7224808.86   | 0.92%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                    | Boots Group Finco LP                                                             | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    640000 | PA      | $879093.61    | 0.11%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2088348.25   | 0.27%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                                | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1209000 | PA      | $219341.27    | 0.03%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   4510000 | PA      | $4912960.38   | 0.63%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                 | Latam Airlines Group SA                                                          | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   1000000 | PA      | $1041700.00   | 0.13%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                        | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2389675.00   | 0.31%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                                    | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   3500000 | PA      | $297500.00    | 0.04%             | 2024-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   7325000 | PA      | $7018059.06   | 0.90%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   4100000 | PA      | $4513866.30   | 0.58%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   1980000 | PA      | $1967756.51   | 0.25%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | STACR Trust 2018-HRP1                                                            | CUSIP: 3137G0VB2<br>LEI: 549300D2VO9JVX6KU482 | Long             | ABS-MBS          | CORP              | US        |   4678846 | PA      | $5610558.83   | 0.72%             | 2043-05-25      | Floating      | 16.22%                | No            |                  2 | On Loan: No      |
| Mach I                                                  | MACH 1 Cayman 2019-1 Ltd                                                         | CUSIP: 55446MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    106902 | PA      | $105893.15    | 0.01%             | 2039-10-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                                  | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   3485000 | PA      | $3654381.46   | 0.47%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Hayfin US XIV LTD                                       | Hayfin US XIV Ltd                                                                | CUSIP: 42088QAA7<br>LEI: 5493000YWK38UXBNS724 | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $7044567.60   | 0.90%             | 2034-07-20      | Floating      | 11.77%                | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   3359000 | PA      | $3551208.70   | 0.45%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Empire Today Ip, LLC                                    | EMPIRE TODAY LLC                                                                 | CUSIP: 000000000<br>LEI: 254900NVZEWAL7SJT856 | Long             | LON              | CORP              | US        |   1795199 | PA      | $134639.90    | 0.02%             | 2029-08-03      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3184917.00   | 0.41%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1034511.79   | 0.13%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                        | 3 MONTH SOFR                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -67 | NC      | $-8515.70     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                              | X CORP                                                                           | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3462245 | PA      | $3401170.90   | 0.44%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                            | MPH ACQUISITION HOLDINGS LLC                                                     | CUSIP: 55328HAQ4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |   4416359 | PA      | $4070403.91   | 0.52%             | 2030-12-31      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                                    | EYECARE PARTNERS LLC                                                             | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |   1081074 | PA      | $691114.25    | 0.09%             | 2028-11-30      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2024-2 Ltd                                               | CUSIP: 05765BAA7<br>LEI: 254900FG1DS8PNX30R63 | Long             | ABS-CBDO         | CORP              | KY        |   1630000 | PA      | $1651010.70   | 0.21%             | 2038-01-20      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   3790000 | PA      | $3843315.83   | 0.49%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Ltd                           | CAFL 2024-RTL1 Issuer LLC                                                        | CUSIP: 12770DAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4570000 | PA      | $4678372.98   | 0.60%             | 2031-11-28      | Variable      | 8.68%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  13930000 | PA      | $11087165.60  | 1.42%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Renew Financial                                         | Renew 2024-1                                                                     | CUSIP: 75973VAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    927075 | PA      | $937564.78    | 0.12%             | 2059-11-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |  12780000 | PA      | $10755253.10  | 1.38%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                                           | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1879126.14   | 0.24%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Riserva CLO, Ltd.                                       | Riserva Clo Ltd                                                                  | CUSIP: 76761TAJ4<br>LEI: 549300640C8OB2I8SN35 | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $2344922.25   | 0.30%             | 2034-01-18      | Floating      | 13.10%                | No            |                  2 | On Loan: No      |
| Planview Parent Inc                                     | PLANVIEW PARENT INC                                                              | CUSIP: 72751PAJ3<br>LEI: 549300SEALM1D9FKMA32 | Long             | LON              | CORP              | US        |   4100742 | PA      | $4046919.85   | 0.52%             | 2027-12-17      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | Goldman Sachs & Co                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -3217696 | PA      | $-3217696.00  | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                       | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    434618 | PA      | $8692.36      | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                  | RR Donnelley & Sons Co                                                           | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   3830000 | PA      | $3823479.43   | 0.49%             | 2029-08-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                        | CUSIP: 674599DX0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   8610000 | PA      | $9539010.39   | 1.22%             | 2096-11-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3025.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2021-B27 Mortgage Trust                                                | CUSIP: 08163HBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $2302917.50   | 0.29%             | 2054-07-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                              | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1761843.38   | 0.23%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MCCLATCHY MEDIA CO LLC                                  | Mcclatchy Media Co LLC                                                           | CUSIP: 00456LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7760983 | PA      | $8682599.61   | 1.11%             | 2031-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2020-1 Ltd                                               | CUSIP: 05766CAG1<br>LEI: 549300MALKZHG9DP8554 | Long             | ABS-CBDO         | CORP              | KY        |   2620000 | PA      | $2639633.23   | 0.34%             | 2035-10-20      | Floating      | 11.48%                | No            |                  2 | On Loan: No      |
| Greystone Select Holdings LLC                           | Greystone Select Financial LLC                                                   | CUSIP: 39808KAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3327160 | PA      | $3335478.38   | 0.43%             | 2028-06-16      | Floating      | 9.59%                 | No            |                  3 | On Loan: No      |
| Autokiniton US Holdings Inc                             | AUTOKINITON US HOLDINGS                                                          | CUSIP: 05278HAC0<br>LEI: 254900EHNKMJ1OSEZL85 | Long             | LON              | CORP              | US        |   3841500 | PA      | $3809500.31   | 0.49%             | 2028-04-06      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                                    | KIND Trust 2021-KIND                                                             | CUSIP: 482606AS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5951129 | PA      | $5860287.60   | 0.75%             | 2038-08-15      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                          | USD/CAD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $29733.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $869936.35    | 0.11%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                 | GOLDMAN SACHS & CO                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -2781696 | PA      | $-2781696.00  | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMSCOPE TECH LLC                                      | CommScope Technologies LLC                                                       | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |   7589000 | PA      | $7535887.62   | 0.96%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |   1000000 | PA      | $748750.00    | 0.10%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                                   | Bath & Body Works Inc                                                            | CUSIP: 532716AN7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   4275000 | PA      | $4423637.48   | 0.57%             | 2037-07-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                        | TKC Holdings Inc                                                                 | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3597377.00   | 0.46%             | 2029-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                           | TopBuild Corp                                                                    | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2193553.65   | 0.28%             | 2034-01-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2399833.22   | 0.31%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | Goldentree Loan Management US CLO 1 Ltd                                          | CUSIP: 38136HAS8<br>LEI: 549300BE2068MP2P8N06 | Long             | ABS-CBDO         | CORP              | KY        |   1380000 | PA      | $1374143.97   | 0.18%             | 2034-04-20      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  40930000 | PA      | $2215815.12   | 0.28%             | 2026-03-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                      | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    378474 | PA      | $209567.37    | 0.03%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                  | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    550000 | PA      | $485833.20    | 0.06%             | 2034-01-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Venture CLO 43 Limited                                  | Venture 43 CLO Ltd                                                               | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1454707.35   | 0.19%             | 2034-04-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| American Money Management Corp                          | AMMC CLO 24 Ltd                                                                  | CUSIP: 00177MAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1890000 | PA      | $1895501.60   | 0.24%             | 2035-01-20      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association               | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9384.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                | Aston Martin Capital Holdings Ltd                                                | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   2000000 | PA      | $1959991.60   | 0.25%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                                | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2121400.00   | 0.27%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                        | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1000000 | PA      | $1045439.54   | 0.13%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| B3 SA-BRASIL BOLSA BALCA                                | B3 SA - Brasil Bolsa Balcao                                                      | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |   2200000 | PA      | $2066757.00   | 0.26%             | 2031-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                 | Halsey Point CLO I Ltd                                                           | CUSIP: 40638CAN9<br>LEI: 549300POBLM5RW6LD816 | Long             | ABS-CBDO         | CORP              | KY        |   2930000 | PA      | $2918405.70   | 0.37%             | 2037-10-20      | Floating      | 15.06%                | No            |                  2 | On Loan: No      |
| SOHO Trust 2021-SOHO                                    | Soho Trust 2021-SOHO                                                             | CUSIP: 83410JAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4050000 | PA      | $2599907.63   | 0.33%             | 2038-08-10      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO XXI Ltd                                                             | CUSIP: 87167CAW9<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |   2800000 | PA      | $2770078.36   | 0.35%             | 2032-07-15      | Floating      | 11.18%                | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                | BOOST NEWCO BORROWER LLC                                                         | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |   2977538 | PA      | $2985293.99   | 0.38%             | 2031-01-31      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |    108596 | PA      | $97036.24     | 0.01%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                    | Chart Industries Inc                                                             | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3125955.00   | 0.40%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 44 Ltd                                                                   | CUSIP: 00122AAA8<br>LEI: 254900WK97J0UDI0DQ10 | Long             | ABS-CBDO         | CORP              | KY        |   2220000 | PA      | $2227767.56   | 0.29%             | 2037-10-22      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                           | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2071452.00   | 0.27%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                | IHEARTCOMMUNICATIONS INC                                                         | CUSIP: 45174UAJ7<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |   5657250 | PA      | $4957165.31   | 0.63%             | 2029-05-01      | Floating      | 10.13%                | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                    | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   8515000 | PA      | $7879857.12   | 1.01%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                          | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |   1073814 | PA      | $32214.42     | 0.00%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                         | CUSIP: 26884LBF5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3127730.49   | 0.40%             | 2048-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                 | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   3310000 | PA      | $3337872.35   | 0.43%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EMPIRE COMMUNITIES CORP                                 | Empire Communities Corp                                                          | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3149310.00   | 0.40%             | 2029-05-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4010376.00   | 0.51%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Maps LTD                                                | MAPS 2021-1 Trust                                                                | CUSIP: 55292RAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20858 | PA      | $20867.50     | 0.00%             | 2046-06-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2021-ADV                                                                    | CUSIP: 12660WAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7860000 | PA      | $1312.62      | 0.00%             | 2038-07-15      | Floating      | 10.52%                | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1017569.00   | 0.13%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                                 | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   5230000 | PA      | $5240653.51   | 0.67%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    940000 | PA      | $930540.63    | 0.12%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| QVC INC                                                 | QVC Inc                                                                          | CUSIP: 747262AZ6<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |   6670000 | PA      | $3868600.00   | 0.50%             | 2028-09-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                                          | TransAlta Corp                                                                   | CUSIP: 89346DAE7<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |   2850000 | PA      | $2845234.97   | 0.36%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                                  | Republic of Uzbekistan International Bond                                        | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    590000 | PA      | $543309.02    | 0.07%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                     | MidOcean Credit CLO XVIII LLC                                                    | CUSIP: 59803MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2680000 | PA      | $2669031.30   | 0.34%             | 2035-10-18      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   6198500 | PA      | $6824238.58   | 0.87%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                               | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   6645000 | PA      | $6641438.28   | 0.85%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                                   | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1939400.00   | 0.25%             | 2030-07-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| Fortress Credit BSL Limited                             | Fortress Credit BSL XII Ltd                                                      | CUSIP: 34963GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2899980.30   | 0.37%             | 2034-10-15      | Floating      | 11.71%                | No            |                  2 | On Loan: No      |
| Hartwick Park CLO, Ltd.                                 | Hartwick Park CLO Ltd                                                            | CUSIP: 417402AE4<br>LEI: 2549003E1ZAWJG55NM75 | Long             | ABS-CBDO         | CORP              | JE        |   2015000 | PA      | $2009005.58   | 0.26%             | 2037-01-20      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                      | Wind River 2021-4 CLO Ltd                                                        | CUSIP: 97316VAL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2767100.70   | 0.35%             | 2035-01-20      | Floating      | 12.84%                | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                       | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1476148.22   | 0.19%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                     | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    545000 | PA      | $532260.24    | 0.07%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CA MAGNUM HOLDINGS                                      | CA Magnum Holdings                                                               | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |   1500000 | PA      | $1497177.30   | 0.19%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                                   | LD Holdings Group LLC                                                            | CUSIP: 521088AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4925600.00   | 0.63%             | 2025-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                  | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2266456.50   | 0.29%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding                          | Avis Budget Rental Car Funding AESOP LLC                                         | CUSIP: 05377RJU9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1360846.87   | 0.17%             | 2029-12-20      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $16529.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1019370.00   | 0.13%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    720000 | PA      | $734685.48    | 0.09%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    430000 | PA      | $422303.00    | 0.05%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2000000 | PA      | $2105309.64   | 0.27%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2020-DNA1                                          | CUSIP: 35565HBE4<br>LEI: 5493003FQV7GR462GO02 | Long             | ABS-MBS          | CORP              | US        |   2225000 | PA      | $2479762.06   | 0.32%             | 2050-01-25      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                            | Huntington Bank Auto Credit-Linked Notes Series 2025-1                           | CUSIP: 446438TA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    945770 | PA      | $950200.33    | 0.12%             | 2033-03-21      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6874777.35   | 0.88%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                                     | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    820000 | PA      | $862534.96    | 0.11%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4628084.00   | 0.59%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   6500000 | PA      | $6607074.50   | 0.85%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                                | TK Elevator US Newco Inc                                                         | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997229.30    | 0.13%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                  | CUSIP: 491798AL8<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   3200000 | PA      | $2826665.89   | 0.36%             | 2034-01-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3252564.00   | 0.42%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                         | CDS MGM RESORTS INTERNATIONAL                                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-153569.37   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2020-DNA6                                          | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5769569.00   | 0.74%             | 2050-12-25      | Floating      | 10.01%                | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                                     | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168247 | NS      | $63933.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer