# EDGAR Filing Document

**Accession Number:** 0001474103
**File Stem:** 0000940400-25-010373
**Filing Date:** 2025-11
**Character Count:** 174779
**Document Hash:** d82c662b1c72e231cb9255afffc32aca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010373.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010373

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Legg Mason Global Asset Management Trust
- **CENTRAL INDEX KEY:** 0001474103

**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:** 811-22338
- **FILM NUMBER:** 251519302

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INTERNATIONAL DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-539-0000

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

## Series and Classes Contracts Data

### BrandywineGLOBAL - Flexible Bond Fund (Series ID: S000053934)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000169730 | Class A      | LFLAX           |
| C000169732 | Class C      | LFLCX           |
| C000169735 | Class I      | LFLIX           |
| C000169736 | Class IS     | LFLSX           |

## Nport-Ex

Schedule of Investments (unaudited)

September 30, 2025

 **BrandywineGLOBAL — Flexible Bond 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 — 48.8%** | **Corporate Bonds & Notes — 48.8%** | **Corporate Bonds & Notes — 48.8%** | **Corporate Bonds & Notes — 48.8%** | **Corporate Bonds & Notes — 48.8%** |
| **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
| *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; $*2383202*<br> <sup>(a)</sup><br>|
| *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 2140000<br>| &nbsp;&nbsp;&nbsp; *1941021*<br>|
| *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1495000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1408098*<br> <sup>(a)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5732321** |
| **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** | **Consumer Discretionary — 4.4%** |
| *Hotels, Restaurants & Leisure — 2.6%* | *Hotels, Restaurants & Leisure — 2.6%* | *Hotels, Restaurants & Leisure — 2.6%* | *Hotels, Restaurants & Leisure — 2.6%* | *Hotels, Restaurants & Leisure — 2.6%* |
| &nbsp;&nbsp;&nbsp; Affinity Interactive, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 5110000<br>| &nbsp;&nbsp;&nbsp; 2932501<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing UK PLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1713273<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Posadas SAB de CV, Senior Secured Notes, Step bond (7.000% to <br> 12/15/25 then 8.000%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 12/30/27 | &nbsp;&nbsp; 3780000<br>| &nbsp;&nbsp;&nbsp; 3741820<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, <br> Secured Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 618888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1780000<br>| &nbsp;&nbsp;&nbsp; 1850817<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1383072<br> <sup>(a)(c)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *12240371* |
| *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; Victra Holdings LLC/Victra Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4199512*<br> <sup>(a)</sup><br>|
| *Textiles, Apparel & Luxury Goods — 0.9%* | *Textiles, Apparel & Luxury Goods — 0.9%* | *Textiles, Apparel & Luxury Goods — 0.9%* | *Textiles, Apparel & Luxury Goods — 0.9%* | *Textiles, Apparel & Luxury Goods — 0.9%* |
| &nbsp;&nbsp;&nbsp; S&S Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 3190000<br>| &nbsp;&nbsp;&nbsp; 3130168<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Second Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 2136000<br>| &nbsp;&nbsp;&nbsp; 1110720<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; 80100<br>| &nbsp;&nbsp;&nbsp; 29237<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; *4270125* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **20710008** |
| **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** |
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Adecoagro SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/29/32 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 686385<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg SA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/18/31 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 324946<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg SA, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/13/33 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1296576<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2321560<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *4629467* |
| *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; 1340000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1421338*<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6050805** |
| **Energy — 13.6%** | **Energy — 13.6%** | **Energy — 13.6%** | **Energy — 13.6%** | **Energy — 13.6%** |
| *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production BV, Senior Secured Notes | &nbsp;&nbsp; 8.947% | &nbsp;&nbsp; 7/31/42 | &nbsp;&nbsp; 2825539<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3149495*<br> <sup>(a)</sup><br>|
| *Oil, Gas & Consumable Fuels — 12.9%* | *Oil, Gas & Consumable Fuels — 12.9%* | *Oil, Gas & Consumable Fuels — 12.9%* | *Oil, Gas & Consumable Fuels — 12.9%* | *Oil, Gas & Consumable Fuels — 12.9%* |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp;&nbsp; 1778655<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 2480000<br>| &nbsp;&nbsp;&nbsp; 2389163<br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 3080000<br>| &nbsp;&nbsp;&nbsp; $3189149<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/13/33 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 639918<br>|
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/30/28 | &nbsp;&nbsp; 4620000<br>| &nbsp;&nbsp;&nbsp; 4545300<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 <br> year Treasury Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 2160000<br>| &nbsp;&nbsp;&nbsp; 2175790<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1036262<br>|
| &nbsp;&nbsp;&nbsp; Geopark Ltd., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp;&nbsp; 1737514<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 575358<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 4370000<br>| &nbsp;&nbsp;&nbsp; 4392353<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 1075000<br>| &nbsp;&nbsp;&nbsp; 1080375<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; NFE Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 8384212<br>| &nbsp;&nbsp;&nbsp; 2473343<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2920000<br>| &nbsp;&nbsp;&nbsp; 2996075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 734217<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 995000<br>| &nbsp;&nbsp;&nbsp; 1014273<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/19/47 | &nbsp;&nbsp; 2260000<br>| &nbsp;&nbsp;&nbsp; 1673033<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/12/28 | &nbsp;&nbsp; 11440000<br>| &nbsp;&nbsp;&nbsp; 11399370<br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp;&nbsp; 2588860<br>|
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 1/17/35 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1391993<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA, Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 432762<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SM Energy Co., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1690711<br>|
| &nbsp;&nbsp;&nbsp; Teine Energy Ltd., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 3061402<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transportadora de Gas del Sur SA, Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 7/24/31 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1617182<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 then <br> 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp;&nbsp; 1705861<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/17/34 | &nbsp;&nbsp; 2360000<br>| &nbsp;&nbsp;&nbsp; 2278283<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 498462<br>| &nbsp;&nbsp;&nbsp; 500074<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 1/17/31 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 2019051<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *61116327* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **64265822** |
| **Financials — 11.8%** | **Financials — 11.8%** | **Financials — 11.8%** | **Financials — 11.8%** | **Financials — 11.8%** |
| *Banks — 1.9%* | *Banks — 1.9%* | *Banks — 1.9%* | *Banks — 1.9%* | *Banks — 1.9%* |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Junior Subordinated Notes (5.875% to <br> 1/24/27 then 5 year Treasury Constant Maturity Rate + 4.643%) | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/24/27 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1848739<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (3.875% to 2/18/26 then 5 year <br> Treasury Constant Maturity Rate + 3.417%) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/18/26 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1239834<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (4.000% to 12/10/25 then 5 year <br> Treasury Constant Maturity Rate + 3.597%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 2830000<br>| &nbsp;&nbsp;&nbsp; 2822436<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Junior Subordinated Notes (3.400% to <br> 9/15/26 then 5 year Treasury Constant Maturity Rate + 2.595%) | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 743640<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Junior Subordinated Notes (5.000% to <br> 11/1/26 then 3 mo. Term SOFR + 3.562%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1109113<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares Inc., Subordinated Notes (4.000% to 5/6/26 then 5 <br> year Treasury Constant Maturity Rate + 3.150%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1064614<br> <sup>(e)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *8828376* |
| *Capital Markets — 3.9%* | *Capital Markets — 3.9%* | *Capital Markets — 3.9%* | *Capital Markets — 3.9%* | *Capital Markets — 3.9%* |
| &nbsp;&nbsp;&nbsp; Antares Holdings LP, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 625307<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antares Holdings LP, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 8/11/28 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp;&nbsp; 2809220<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance Inc., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 3/10/26 | &nbsp;&nbsp; 1105000<br>| &nbsp;&nbsp;&nbsp; $1097150<br>|
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/10/31 | &nbsp;&nbsp; 1035000<br>| &nbsp;&nbsp;&nbsp; 943036<br>|
| &nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 835000<br>| &nbsp;&nbsp;&nbsp; 827792<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 6/1/26 then 5 <br> year Treasury Constant Maturity Rate + 3.168%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 4940000<br>| &nbsp;&nbsp;&nbsp; 4889889<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credicorp Capital Sociedad Titulizadora SA | &nbsp;&nbsp; 9.700% | &nbsp;&nbsp; 3/5/45 | &nbsp;&nbsp; 2490000 <br><sup>PEN</sup><br>| &nbsp;&nbsp;&nbsp; 760305<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FS KKR Capital Corp., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 10/12/28 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; 672243<br>|
| &nbsp;&nbsp;&nbsp; Golub Capital BDC Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1349273<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%) | &nbsp;&nbsp; 6.537% | &nbsp;&nbsp; 8/12/33 | &nbsp;&nbsp; 4140000<br>| &nbsp;&nbsp;&nbsp; 4568219<br> <sup>(a)(e)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *18542434* |
| *Consumer Finance — 3.4%* | *Consumer Finance — 3.4%* | *Consumer Finance — 3.4%* | *Consumer Finance — 3.4%* | *Consumer Finance — 3.4%* |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Junior Subordinated Notes (4.700% to 5/15/26 then 5 year <br> Treasury Constant Maturity Rate + 3.868%) | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 2530000<br>| &nbsp;&nbsp;&nbsp; 2467996<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Junior Subordinated Notes (4.700% to 5/15/28 then 7 year <br> Treasury Constant Maturity Rate + 3.481%) | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 3165000<br>| &nbsp;&nbsp;&nbsp; 2922409<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Acceptance Corp., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1988000<br>| &nbsp;&nbsp;&nbsp; 2091139<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enova International Inc., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1418888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; goeasy Ltd., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4177540<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRA Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3040000<br>| &nbsp;&nbsp;&nbsp; 2825639<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *15903611* |
| *Financial Services — 2.6%* | *Financial Services — 2.6%* | *Financial Services — 2.6%* | *Financial Services — 2.6%* | *Financial Services — 2.6%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp;&nbsp; 220315<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 1798000<br>| &nbsp;&nbsp;&nbsp; 1802664<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1008661<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 905525<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1122409<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 3240000<br>| &nbsp;&nbsp;&nbsp; 3400954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1446900<br>| &nbsp;&nbsp;&nbsp; 1378427<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 2420000<br>| &nbsp;&nbsp;&nbsp; 2420548<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *12259503* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **55533924** |
| **Health Care — 0.9%** | **Health Care — 0.9%** | **Health Care — 0.9%** | **Health Care — 0.9%** | **Health Care — 0.9%** |
| *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Embecta Corp., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1365004*<br> <sup>(a)</sup><br>|
| *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Prime Healthcare Services Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1765000<br>| &nbsp;&nbsp;&nbsp; 1837418<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Star Parent Inc., Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1185456<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; *3022874* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4387878** |
| **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** |
| *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.805% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp;&nbsp; *4898597*<br>|
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, Senior Secured Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *770883*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* |
| &nbsp;&nbsp;&nbsp; Enviri Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 1785000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1772164*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — Flexible Bond 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 — 0.6%* | *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* | *Construction & Engineering — 0.6%* |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean <br> Telecom Partners Peru S.R.L., Senior Secured Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; $1370722<br> <sup>(a)</sup><br>|
| &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; 1590000<br>| &nbsp;&nbsp;&nbsp; 1640384<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *3011106* |
| *Passenger Airlines — 1.6%* | *Passenger Airlines — 1.6%* | *Passenger Airlines — 1.6%* | *Passenger Airlines — 1.6%* | *Passenger Airlines — 1.6%* |
| &nbsp;&nbsp;&nbsp; Air Canada, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp;&nbsp; 2013342<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 2472210<br>| &nbsp;&nbsp;&nbsp; 2436579<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 256640<br>| &nbsp;&nbsp;&nbsp; 243468<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.308% | &nbsp;&nbsp; 10/20/31 | &nbsp;&nbsp; 1065000<br>| &nbsp;&nbsp;&nbsp; 1060675<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500575<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1403750<br>| &nbsp;&nbsp;&nbsp; 1403983<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *7658622* |
| *Trading Companies & Distributors — 1.5%* | *Trading Companies & Distributors — 1.5%* | *Trading Companies & Distributors — 1.5%* | *Trading Companies & Distributors — 1.5%* | *Trading Companies & Distributors — 1.5%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Junior Subordinated Notes (4.125% to 12/15/26 then 5 year <br> Treasury Constant Maturity Rate + 3.149%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 2057000<br>| &nbsp;&nbsp;&nbsp; 1996708<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aircastle Ltd., Junior Subordinated Notes (5.250% to 9/15/26 then 5 year <br> Treasury Constant Maturity Rate + 4.410%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4978697<br> <sup>(a)(d)(e)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *6975405* |
| *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1040119*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **26126896** |
| **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** |
| *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 3035000<br>| &nbsp;&nbsp;&nbsp; 3194807<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp;&nbsp; 2422252<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *5617059* |
| *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* | *Semiconductors & Semiconductor Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/24/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *469722*<br> <sup>(a)</sup><br>|
| *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* |
| &nbsp;&nbsp;&nbsp; Central Parent Inc./CDK Global Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1029118<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1350234<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2379352* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8466133** |
| **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV, Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/12/31 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 183594<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 1015000<br>| &nbsp;&nbsp;&nbsp; 379863<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mativ Holdings Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp;&nbsp; 1353137<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *1916594* |
| *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV, Subordinated Notes (7.200% to 9/10/30 then 5 year <br> Treasury Constant Maturity Rate + 3.520%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 6/10/30 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *816465*<br> <sup>(a)(d)(e)</sup><br>|
| *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co. Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1033607*<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Metals & Mining — 4.6%* | *Metals & Mining — 4.6%* | *Metals & Mining — 4.6%* | *Metals & Mining — 4.6%* | *Metals & Mining — 4.6%* |
| &nbsp;&nbsp;&nbsp; Algoma Steel Inc., Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1329000<br>| &nbsp;&nbsp;&nbsp; $1133730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2691000<br>| &nbsp;&nbsp;&nbsp; 2721180<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1959000<br>| &nbsp;&nbsp;&nbsp; 2019847<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSN Resources SA, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 12/5/30 | &nbsp;&nbsp; 2045000<br>| &nbsp;&nbsp;&nbsp; 2065123<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERO Copper Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2095000<br>| &nbsp;&nbsp;&nbsp; 2092381<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; 2640000<br>| &nbsp;&nbsp;&nbsp; 2777314<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mineral Resources Ltd., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 690408<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mineral Resources Ltd., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 3450000<br>| &nbsp;&nbsp;&nbsp; 3619253<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp;&nbsp; 2704005<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 6/28/54 | &nbsp;&nbsp; 1680000<br>| &nbsp;&nbsp;&nbsp; 1728589<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *21551830* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **25318496** |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Trust Fibra Uno, Senior Notes | &nbsp;&nbsp; 4.869% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1010516<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trust Fibra Uno, Senior Notes | &nbsp;&nbsp; 7.700% | &nbsp;&nbsp; 1/23/32 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp;&nbsp; 1578901<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **2589417** |
| **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** | **Utilities — 2.4%** |
| *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL, Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 804416<br>| &nbsp;&nbsp;&nbsp; 760773<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF Energia Electrica SA, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/16/32 | &nbsp;&nbsp; 3020000<br>| &nbsp;&nbsp;&nbsp; 2918546<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *3679319* |
| *Independent Power and Renewable Electricity Producers — 1.0%* | *Independent Power and Renewable Electricity Producers — 1.0%* | *Independent Power and Renewable Electricity Producers — 1.0%* | *Independent Power and Renewable Electricity Producers — 1.0%* | *Independent Power and Renewable Electricity Producers — 1.0%* |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, Senior <br> Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/31/41 | &nbsp;&nbsp; 708213<br>| &nbsp;&nbsp;&nbsp; 757363<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Long Ridge Energy LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1656059<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp., Junior Subordinated Notes (7.000% to 12/15/26 then 5 year <br> Treasury Constant Maturity Rate + 5.740%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1330960<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp., Junior Subordinated Notes (8.000% to 10/15/26 then 5 year <br> Treasury Constant Maturity Rate + 6.930%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 1095000<br>| &nbsp;&nbsp;&nbsp; 1120856<br> <sup>(a)(d)(e)</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; *4865238* |
| *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Sempra, Junior Subordinated Notes (4.125% to 4/1/27 then 5 year Treasury <br> Constant Maturity Rate + 2.868%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 2904000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2832773*<br> <sup>(e)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **11377330** |
| **Total Corporate Bonds & Notes (Cost — $232,163,823)** | **Total Corporate Bonds & Notes (Cost — $232,163,823)** | **Total Corporate Bonds & Notes (Cost — $232,163,823)** | **Total Corporate Bonds & Notes (Cost — $232,163,823)** | &nbsp;&nbsp; **230559030** |
| **Sovereign Bonds — 17.6%** | **Sovereign Bonds — 17.6%** | **Sovereign Bonds — 17.6%** | **Sovereign Bonds — 17.6%** | **Sovereign Bonds — 17.6%** |
| *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 5016000<br>| &nbsp;&nbsp;&nbsp; *3393324*<br>|
| *Brazil — 6.9%* | *Brazil — 6.9%* | *Brazil — 6.9%* | *Brazil — 6.9%* | *Brazil — 6.9%* |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 53310000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 9591055<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 143590000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 22745987<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *32337042* |
| *Egypt — 0.5%* | *Egypt — 0.5%* | *Egypt — 0.5%* | *Egypt — 0.5%* | *Egypt — 0.5%* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 5/29/32 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1501857<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Egypt — continued* | *Egypt — continued* | *Egypt — continued* | *Egypt — continued* | *Egypt — continued* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 9.450% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; $801474<br> <sup>(a)</sup><br>|
| *Total Egypt* | *Total Egypt* | *Total Egypt* | *Total Egypt* | &nbsp;&nbsp; *2303331* |
| *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; 680000<br>| &nbsp;&nbsp;&nbsp; 743750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; El Salvador Government International Bond, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 1/20/50 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 281125<br> <sup>(a)</sup><br>|
| *Total El Salvador* | *Total El Salvador* | *Total El Salvador* | *Total El Salvador* | &nbsp;&nbsp; *1024875* |
| *Mexico — 6.2%* | *Mexico — 6.2%* | *Mexico — 6.2%* | *Mexico — 6.2%* | *Mexico — 6.2%* |
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Bonds | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/26/33 | &nbsp;&nbsp; 139000000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 7173723<br>|
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Bonds | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 7/31/53 | &nbsp;&nbsp; 463100000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 22032480<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *29206203* |
| *United Kingdom — 3.1%* | *United Kingdom — 3.1%* | *United Kingdom — 3.1%* | *United Kingdom — 3.1%* | *United Kingdom — 3.1%* |
| &nbsp;&nbsp;&nbsp; United Kingdom Gilt, Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 7/31/54 | &nbsp;&nbsp; 13030000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *14666035*<br> <sup>(b)</sup><br>|
| **Total Sovereign Bonds (Cost — $82,169,461)** | **Total Sovereign Bonds (Cost — $82,169,461)** | **Total Sovereign Bonds (Cost — $82,169,461)** | **Total Sovereign Bonds (Cost — $82,169,461)** | &nbsp;&nbsp; **82930810** |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 13.9%** |
| &nbsp;&nbsp;&nbsp; Bellemeade Re Ltd., 2023-1 M1B (30 Day Average SOFR + 4.250%) | &nbsp;&nbsp; 8.606% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 1680000<br>| &nbsp;&nbsp;&nbsp; 1734116<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bellemeade Re Ltd., 2024-1 M1C (30 Day Average SOFR + 3.950%) | &nbsp;&nbsp; 8.306% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 2120000<br>| &nbsp;&nbsp;&nbsp; 2177341<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bellemeade Re Ltd., 2024-1 M2 (30 Day Average SOFR + 4.600%) | &nbsp;&nbsp; 8.956% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1238662<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-VOLT D (1 mo. Term SOFR + 1.764%) | &nbsp;&nbsp; 5.915% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 1404801<br>| &nbsp;&nbsp;&nbsp; 1401134<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit <br> Risk Trust, 2025-MN10 M2 (30 Day Average SOFR + 2.850%) | &nbsp;&nbsp; 7.205% | &nbsp;&nbsp; 2/25/45 | &nbsp;&nbsp; 2380000<br>| &nbsp;&nbsp;&nbsp; 2380670<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Debt Notes, 2022-HQA1 B1 (30 Day Average SOFR + 7.000%) | &nbsp;&nbsp; 11.356% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 3880000<br>| &nbsp;&nbsp;&nbsp; 4177828<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2020-HQA5 B1 (30 Day Average SOFR + 4.000%) | &nbsp;&nbsp; 8.356% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 3060000<br>| &nbsp;&nbsp;&nbsp; 3388784<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA5 B1 (30 Day Average SOFR + 3.050%) | &nbsp;&nbsp; 7.406% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 1935000<br>| &nbsp;&nbsp;&nbsp; 2054114<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA2 M2 (30 Day Average SOFR + 3.750%) | &nbsp;&nbsp; 8.106% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 920371<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA3 M1B (30 Day Average SOFR + 2.900%) | &nbsp;&nbsp; 7.256% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1852812<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA3 M2 (30 Day Average SOFR + 4.350%) | &nbsp;&nbsp; 8.706% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 2040975<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA4 M1B (30 Day Average SOFR + 3.350%) | &nbsp;&nbsp; 7.706% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1557648<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA4 M2 (30 Day Average SOFR + 5.250%) | &nbsp;&nbsp; 9.606% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 4750000<br>| &nbsp;&nbsp;&nbsp; 5056602<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%) | &nbsp;&nbsp; 8.856% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 2740000<br>| &nbsp;&nbsp;&nbsp; 2900019<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA6 M2 (30 Day Average SOFR + 5.750%) | &nbsp;&nbsp; 10.106% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 3650000<br>| &nbsp;&nbsp;&nbsp; 3968020<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA7 M1B (30 Day Average SOFR + 5.000%) | &nbsp;&nbsp; 9.356% | &nbsp;&nbsp; 3/25/52 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 2034770<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-HQA2 M2 (30 Day Average SOFR + 6.000%) | &nbsp;&nbsp; 10.356% | &nbsp;&nbsp; 7/25/42 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1067173<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2023-HQA3 M2 (30 Day Average SOFR + 3.350%) | &nbsp;&nbsp; 7.706% | &nbsp;&nbsp; 11/25/43 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 2702724<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk <br> Trust, 2018-HQA2 M2B (30 Day Average SOFR + 2.414%) | &nbsp;&nbsp; 6.771% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp;&nbsp; 4793769<br> <sup>(a)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2017-C02 2M2C (30 <br> Day Average SOFR + 3.764%) | &nbsp;&nbsp; 8.121% | &nbsp;&nbsp; 9/25/29 | &nbsp;&nbsp; 778777<br>| &nbsp;&nbsp;&nbsp; $788967<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2017-C06 2M2 (30 <br> Day Average SOFR + 2.914%) | &nbsp;&nbsp; 7.271% | &nbsp;&nbsp; 2/25/30 | &nbsp;&nbsp; 396053<br>| &nbsp;&nbsp;&nbsp; 402889<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (30 <br> Day Average SOFR + 3.364%) | &nbsp;&nbsp; 7.721% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1488573<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2020-SBT1 1M2 (30 <br> Day Average SOFR + 3.764%) | &nbsp;&nbsp; 8.121% | &nbsp;&nbsp; 2/25/40 | &nbsp;&nbsp; 2920000<br>| &nbsp;&nbsp;&nbsp; 3028303<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R02 2B1 (30 <br> Day Average SOFR + 3.300%) | &nbsp;&nbsp; 7.656% | &nbsp;&nbsp; 11/25/41 | &nbsp;&nbsp; 2260000<br>| &nbsp;&nbsp;&nbsp; 2305979<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R02 2B1 (30 <br> Day Average SOFR + 4.500%) | &nbsp;&nbsp; 8.856% | &nbsp;&nbsp; 1/25/42 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 902769<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R02 1B1 (30 <br> Day Average SOFR + 5.550%) | &nbsp;&nbsp; 9.906% | &nbsp;&nbsp; 1/25/43 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1777765<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R04 1B1 (30 <br> Day Average SOFR + 5.350%) | &nbsp;&nbsp; 9.706% | &nbsp;&nbsp; 5/25/43 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2404616<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R07 2B1 (30 <br> Day Average SOFR + 4.500%) | &nbsp;&nbsp; 8.856% | &nbsp;&nbsp; 9/25/43 | &nbsp;&nbsp; 2710000<br>| &nbsp;&nbsp;&nbsp; 2918997<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R07 2M2 (30 <br> Day Average SOFR + 3.250%) | &nbsp;&nbsp; 7.606% | &nbsp;&nbsp; 9/25/43 | &nbsp;&nbsp; 2310000<br>| &nbsp;&nbsp;&nbsp; 2403882<br> <sup>(a)(e)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $65,698,048)** | **Total Collateralized Mortgage Obligations (Cost — $65,698,048)** | **Total Collateralized Mortgage Obligations (Cost — $65,698,048)** | **Total Collateralized Mortgage Obligations (Cost — $65,698,048)** | &nbsp;&nbsp; **65870272** |
| **Asset-Backed Securities — 6.6%** | **Asset-Backed Securities — 6.6%** | **Asset-Backed Securities — 6.6%** | **Asset-Backed Securities — 6.6%** | **Asset-Backed Securities — 6.6%** |
| &nbsp;&nbsp;&nbsp; Cogent LLC, 2025-1A A2 | &nbsp;&nbsp; 6.646% | &nbsp;&nbsp; 4/25/55 | &nbsp;&nbsp; 2790000<br>| &nbsp;&nbsp;&nbsp; 2864551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, 2025-1A <br> A2 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/20/55 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp;&nbsp; 1990902<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, 2025-1A <br> B | &nbsp;&nbsp; 6.506% | &nbsp;&nbsp; 5/20/55 | &nbsp;&nbsp; 4580000<br>| &nbsp;&nbsp;&nbsp; 4723072<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., 2021-90A D (3 mo. Term SOFR + 3.262%) | &nbsp;&nbsp; 7.465% | &nbsp;&nbsp; 2/20/35 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1384847<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., 2016-21A D1R3 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 7.225% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3629965<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2018-1A D1R (3 mo. Term SOFR + 3.600%) | &nbsp;&nbsp; 7.925% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 2571239<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC, 2023-1A A2A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 4670000<br>| &nbsp;&nbsp;&nbsp; 4678944<br>|
| &nbsp;&nbsp;&nbsp; Subway Funding LLC, 2024-3A A23 | &nbsp;&nbsp; 5.914% | &nbsp;&nbsp; 7/30/54 | &nbsp;&nbsp; 2610275<br>| &nbsp;&nbsp;&nbsp; 2609651<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zayo Issuer LLC, 2025-2A B | &nbsp;&nbsp; 6.586% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 2680000<br>| &nbsp;&nbsp;&nbsp; 2784463<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zayo Issuer LLC, 2025-2A C | &nbsp;&nbsp; 9.489% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2663965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zayo Issuer LLC, 2025-3A A2 | &nbsp;&nbsp; 5.570% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1438656<br> <sup>(a)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost — $31,093,750)** | **Total Asset-Backed Securities (Cost — $31,093,750)** | **Total Asset-Backed Securities (Cost — $31,093,750)** | **Total Asset-Backed Securities (Cost — $31,093,750)** | &nbsp;&nbsp; **31340255** |
| **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** |
| **Communication Services — 0.8%** | **Communication Services — 0.8%** | **Communication Services — 0.8%** | **Communication Services — 0.8%** | **Communication Services — 0.8%** |
| *Media — 0.8%* | *Media — 0.8%* | *Media — 0.8%* | *Media — 0.8%* | *Media — 0.8%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 1616088<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3979618**<br> <sup>(g)</sup><br>|
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Global Payments Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2360000<br>| &nbsp;&nbsp;&nbsp; **2165901**<br>|
| **Total Convertible Bonds & Notes (Cost — $4,019,577)** | **Total Convertible Bonds & Notes (Cost — $4,019,577)** | **Total Convertible Bonds & Notes (Cost — $4,019,577)** | **Total Convertible Bonds & Notes (Cost — $4,019,577)** | &nbsp;&nbsp; **6145519** |

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Senior Loans — 1.1%** | **Senior Loans — 1.1%** | **Senior Loans — 1.1%** | **Senior Loans — 1.1%** | **Senior Loans — 1.1%** |
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; FNZ Group Entities Ltd., Initial USD Term Loan (3 mo. Term SOFR + 5.000%)  | 9.321% | &nbsp;&nbsp; 11/5/31 | &nbsp;&nbsp; 1154200<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$934423**<br> <sup>(e)(h)(i)</sup><br>|
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Star Parent Inc., Term Loan B (3 mo. Term SOFR + 4.000%)  | 8.002% | &nbsp;&nbsp; 9/27/30 | &nbsp;&nbsp; 1132750<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1134166**<br> <sup>(e)(h)(i)</sup><br>|
| **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** | **Industrials — 0.5%** |
| *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* |
| &nbsp;&nbsp;&nbsp; WestJet Loyalty LP, Initial Term Loan (3 mo. Term SOFR + 3.250%)  | 7.252% | &nbsp;&nbsp; 2/14/31 | &nbsp;&nbsp; 2265500<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2270971**<br> <sup>(e)(h)(i)</sup><br>|
| **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Sabre GLBL Inc., 2022 Term Loan B2 (1 mo. Term SOFR + 5.100%)  | 9.263% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 813285<br>| &nbsp;&nbsp;&nbsp;&nbsp; **766183**<br> <sup>(e)(h)(i)</sup><br>|
| **Total Senior Loans (Cost — $5,279,938)** | **Total Senior Loans (Cost — $5,279,938)** | **Total Senior Loans (Cost — $5,279,938)** | **Total Senior Loans (Cost — $5,279,938)** | &nbsp;&nbsp; **5105743** |
| **Total Investments before Short-Term Investments (Cost — $420,424,597)** | **Total Investments before Short-Term Investments (Cost — $420,424,597)** | **Total Investments before Short-Term Investments (Cost — $420,424,597)** | **Total Investments before Short-Term Investments (Cost — $420,424,597)** | &nbsp;&nbsp; **421951629** |
|  |  |  | Shares |  |
| **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** | **Short-Term Investments — 10.3%** |
| **Money Market Funds — 8.0%** | **Money Market Funds — 8.0%** | **Money Market Funds — 8.0%** | **Money Market Funds — 8.0%** | **Money Market Funds — 8.0%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium Shares <br> (Cost — $37,772,042)  | &nbsp;&nbsp; 4.013% |  | &nbsp;&nbsp; 37772042<br>| &nbsp;&nbsp;&nbsp;&nbsp; **37772042**<br> <sup>(j)(k)</sup><br>|
|  |  |  | &nbsp;&nbsp; Face <br>Amount†<br>|  |
| **Sovereign Bonds — 2.3%** | **Sovereign Bonds — 2.3%** | **Sovereign Bonds — 2.3%** | **Sovereign Bonds — 2.3%** | **Sovereign Bonds — 2.3%** |
| &nbsp;&nbsp;&nbsp; Egypt Treasury Bills | (2.397)% | &nbsp;&nbsp; 10/7/25 | &nbsp;&nbsp; 150250000 <br><sup>EGP</sup><br>| &nbsp;&nbsp;&nbsp; 3141482<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Treasury Bills | 25.899% | &nbsp;&nbsp; 10/28/25 | &nbsp;&nbsp; 97950000 <br><sup>EGP</sup><br>| &nbsp;&nbsp;&nbsp; 2011173<br> <sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Treasury Bills | 28.428% | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 306475000 <br><sup>EGP</sup><br>| &nbsp;&nbsp;&nbsp; 5988789<br> <sup>(l)</sup><br>|
| **Total Sovereign Bonds (Cost — $10,786,205)** | **Total Sovereign Bonds (Cost — $10,786,205)** | **Total Sovereign Bonds (Cost — $10,786,205)** | **Total Sovereign Bonds (Cost — $10,786,205)** | &nbsp;&nbsp; **11141444** |
| **Total Short-Term Investments (Cost — $48,558,247)** | **Total Short-Term Investments (Cost — $48,558,247)** | **Total Short-Term Investments (Cost — $48,558,247)** | **Total Short-Term Investments (Cost — $48,558,247)** | &nbsp;&nbsp; **48913486** |
| **Total Investments — 99.6% (Cost — $468,982,844)** | **Total Investments — 99.6% (Cost — $468,982,844)** | **Total Investments — 99.6% (Cost — $468,982,844)** | **Total Investments — 99.6% (Cost — $468,982,844)** | &nbsp;&nbsp; **470865115** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; 1669338 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$472534453** |

---

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

See Notes to Schedule of Investments.

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BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

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 **BrandywineGLOBAL — Flexible Bond Fund**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| <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> | 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>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(e)</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>(f)</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>(g)</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>(h)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(i)</sup> | Senior loans may be considered restricted in that the 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>(j)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(k)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents 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 $37,772,042 and the cost was $37,772,042 (Note 2).<br>|
| <sup>(l)</sup> | Rate shown represents yield-to-maturity. |

---

&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 |
| CLO |  | Collateralized Loan Obligation |
| EGP |  | Egyptian Pound |
| GBP |  | British Pound |
| MXN |  | Mexican Peso |
| PEN |  | Peruvian Nuevo Sol |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

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>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $15057088 | &nbsp;&nbsp;&nbsp;&nbsp; $15488063 | &nbsp;&nbsp;&nbsp; **$430975** |

---

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>|
| CAD | &nbsp;&nbsp;&nbsp;&nbsp; 39890000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 29432337 | Citibank N.A. | &nbsp;&nbsp; 10/28/25 | &nbsp;&nbsp; $(728603) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 14395477 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 19860000 | Citibank N.A. | &nbsp;&nbsp; 10/28/25 | &nbsp;&nbsp; 104773 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 14492649 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 20030000 | Citibank N.A. | &nbsp;&nbsp; 10/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 79618 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 12400000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655822 | Barclays Bank PLC | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19135 |
| MXN | &nbsp;&nbsp; 519400000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 27740540 | Citibank N.A. | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp; 531435 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 28388254 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 531800000 | Citibank N.A. | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp; (558678) |

---

See Notes to Schedule of Investments.

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BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

September 30, 2025

 **BrandywineGLOBAL — Flexible Bond 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; 4100000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 5495815 | Citibank N.A. | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; $18087 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 19362337 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 14330000 | HSBC Securities Inc. | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 90578 |
| JPY | &nbsp;&nbsp; 5133000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 35089998 | Citibank N.A. | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 10749247 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 1592000000 | Citibank N.A. | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; (134040) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **$(577296)** |

---

&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:** |
| CAD |  | Canadian Dollar |
| 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 CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Swap Counterparty <br>(Reference Entity)<br>| Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>September 30, <br>2025<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Barclays Bank PLC (Panama <br> Government International Bond, <br> 8.875%, due <br>9/30/27)<br>| $2940000 | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 0.917% | 1.000% quarterly | &nbsp;&nbsp; $7393 | &nbsp;&nbsp; $(51109) | &nbsp;&nbsp; $58502 |
| JPMorgan Chase & Co. (Panama <br> Government International Bond, <br> 8.875%,due <br>9/30/27)<br>| 2880000 | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 0.917% | 1.000% quarterly | &nbsp;&nbsp;&nbsp; 7243 | &nbsp;&nbsp;&nbsp; (51058) | &nbsp;&nbsp;&nbsp; 58301 |
| **Total** | **$5820000** |  |  |  | &nbsp;&nbsp; **$14636** | &nbsp;&nbsp; **$(102167)** | &nbsp;&nbsp; **$116803** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve <br> as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied <br> credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter <br> into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or <br> other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for <br> the referenced entity or obligation.<br>|
| † | Percentage shown is an annual percentage 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.

------

BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

BrandywineGLOBAL — Flexible Bond Fund (the "Fund") is a separate non-diversified investment series of Legg Mason Global Asset Management Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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

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

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

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

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

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

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BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $230559030 | &nbsp;&nbsp; — | &nbsp;&nbsp; $230559030 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 82930810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82930810 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 65870272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65870272 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 31340255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31340255 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 6145519 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6145519 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 5105743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5105743 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 421951629 | &nbsp;&nbsp; — | &nbsp;&nbsp; 421951629 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $37772042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37772042 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 11141444 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11141444 |
| Total Short-Term Investments | &nbsp;&nbsp; 37772042 | &nbsp;&nbsp; 11141444 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48913486 |
| **Total Investments** | &nbsp;&nbsp; **$37772042** | &nbsp;&nbsp; **$433093073** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$470865115** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $430975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $430975 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $844026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 844026 |
| &nbsp;&nbsp;&nbsp; OTC Credit Default Swaps on Sovereign Issues — Sell Protection‡ | &nbsp;&nbsp; — | &nbsp;&nbsp; 14636 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14636 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$430975** | &nbsp;&nbsp; **$858662** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1289637** |
| **Total** | &nbsp;&nbsp; **$38203017** | &nbsp;&nbsp; **$433951735** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$472154752** |
| **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; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $1421321 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1421321 |

---

&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. <br> ‡ Value includes any premium paid or received with respect to swap contracts.

**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

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BrandywineGLOBAL — Flexible Bond Fund 2025 Quarterly Report

------

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 U.S. <br> Treasury Reserves, <br> Premium Shares<br>| $17746815 | $251767816 | 251767816 | $231742589 | 231742589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 U.S. Treasury <br> Reserves, Premium Shares<br>|  | $488612 |  | $37772042 |

---

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BrandywineGLOBAL — Flexible Bond 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:** Legg Mason Global Asset Management Trust

- **b. Investment Company Act file number:** 811-22338

- **c. CIK number of Registrant:** 0001474103

- **d. LEI of Registrant:** 549300BI5I8NVF50DG69

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

  - **Street Address 1:** 100 International Drive

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21202

  - **Telephone number:** 1-877-656-3863

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

- **a. Name of Series:** BrandywineGLOBAL - Flexible Bond Fund

- **b. EDGAR series identifier (if any):** S000053934

- **c. LEI of Series:** 549300LKGPDL1FZO8D31

**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:** $483055813.89

**Total Liabilities:** $12431094.26

**Net Assets:** $470624719.63

**Delayed Delivery Securities:** $2790000.00

**Cash Not Reported:** $7280758.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 224.35242513 | **1-Year:** 5993.84875888 | **5-Year:** 32419.80852230 | **10-Year:** 21686.21086569 | **30-Year:** 1139.60734773

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

- **3-Month:** 543.21315866 | **1-Year:** 22103.05230389 | **5-Year:** 39414.35590811 | **10-Year:** 8925.78865792 | **30-Year:** 131.38400008

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169732 | -0.32%               | 1.19%                | 1.24%                |
| Class ID C000169730 | -0.21%               | 1.28%                | 1.32%                |
| Class ID C000169735 | -0.32%               | 1.39%                | 1.28%                |
| Class ID C000169736 | -0.21%               | 1.28%                | 1.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-19858.30               | $-3254105.19                               |
| Month 2  | $496769.66               | $3592210.55                                |
| Month 3  | $-111405.01              | $2575064.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GEOPARK LTD                                              | Geopark Ltd                                                                      | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |   1920000 | PA      | $1737513.60   | 0.37%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                                    | Minerva Luxembourg SA                                                            | CUSIP: 603374AF6<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |    355000 | PA      | $324946.09    | 0.07%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                    | Petroleos del Peru SA                                                            | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   2260000 | PA      | $1673032.80   | 0.36%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                    | Mineral Resources Ltd                                                            | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    690000 | PA      | $690407.78    | 0.15%             | 2027-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                            | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-558677.58   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                                         | Taseko Mines Ltd                                                                 | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   2550000 | PA      | $2704004.60   | 0.57%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FNZ USA FINCO                                            | FNZ USA FINCO                                                                    | CUSIP: 30339HAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1154200 | PA      | $934423.01    | 0.20%             | 2031-11-05      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| ATP TOW / AND TELECOM                                    | ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par | CUSIP: 00216DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1390000 | PA      | $1370722.23   | 0.29%             | 2026-04-27      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                      | Egypt Treasury Bills                                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        | 306475000 | PA      | $5988788.58   | 1.27%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                                          | Zayo Issuer LLC                                                                  | CUSIP: 98919WAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2680000 | PA      | $2784463.18   | 0.59%             | 2055-06-20      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                                  | Enova International Inc                                                          | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1418887.80   | 0.30%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                       | Subway Funding LLC                                                               | CUSIP: 864300AL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2610275 | PA      | $2609651.41   | 0.55%             | 2054-07-30      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA2                                          | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |    890000 | PA      | $920371.25    | 0.20%             | 2042-02-25      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                       | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |   4370000 | PA      | $4392352.55   | 0.93%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                   | PNC Financial Services Group Inc/The                                             | CUSIP: 693475AQ8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1109113.22   | 0.24%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                     | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAD8<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |   1510000 | PA      | $1391993.50   | 0.30%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                   | Egypt Government International Bond                                              | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    750000 | PA      | $801474.59    | 0.17%             | 2033-02-04      | Fixed         | 9.45%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                      | FS KKR Capital Corp                                                              | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    725000 | PA      | $672243.35    | 0.14%             | 2028-10-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                                  | United Airlines 2020-1 Class B Pass Through Trust                                | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1403750 | PA      | $1403983.58   | 0.30%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                            | CAD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $184390.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                         | Bellemeade Re Ltd                                                                | CUSIP: 078915AD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1190000 | PA      | $1238661.96   | 0.26%             | 2034-08-25      | Floating      | 8.96%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                                 | Yinson Boronia Production BV                                                     | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |   2825539 | PA      | $3149494.67   | 0.67%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                                 | AES Panama Generation Holdings SRL                                               | CUSIP: 00109AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |    804416 | PA      | $760772.88    | 0.16%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                  | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3400954.29   | 0.72%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                          | Cemex SAB de CV                                                                  | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    780000 | PA      | $816465.00    | 0.17%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP                                 | Graham Packaging Co Inc                                                          | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $1033607.06   | 0.22%             | 2028-08-15      | Fixed         | 7.12%                 | 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        |  53310000 | PA      | $9591054.71   | 2.04%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                    | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   5016000 | PA      | $3393324.00   | 0.72%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                   | Cogent Communications Group LLC / Cogent Finance Inc                             | CUSIP: 19240WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2450000 | PA      | $2383201.98   | 0.51%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                    | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |    860000 | PA      | $905524.62    | 0.19%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                 | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |   2136000 | PA      | $1110720.00   | 0.24%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                                      | Global Payments Inc                                                              | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |   2360000 | PA      | $2165901.42   | 0.46%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                            | Aircastle Ltd                                                                    | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |   5000000 | PA      | $4978696.50   | 1.06%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                                 | Central Parent Inc / CDK Global Inc                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1029117.95   | 0.22%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                                 | AmeriTex HoldCo Intermediate LLC                                                 | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $770882.80    | 0.16%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers                            | Retained Vantage Data Centers Issuer LLC                                         | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |   4670000 | PA      | $4678943.52   | 0.99%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                                          | Zayo Issuer LLC                                                                  | CUSIP: 98919WAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2663965.25   | 0.57%             | 2055-06-20      | Fixed         | 9.49%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional US Treasury Reserves | Western Asset Premier Institutional US Treasury Reserves                         | CUSIP: 52470G478<br>LEI: 549300FS1J68EF5THY28 | Long             | STIV             | RF                | US        |  34090776 | NS      | $34090776.01  | 7.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                    | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1239833.63   | 0.26%             | N/A             | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                     | Cleveland-Cliffs Inc                                                             | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   1959000 | PA      | $2019846.56   | 0.43%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                      | Egypt Treasury Bills                                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        | 150250000 | PA      | $3141482.08   | 0.67%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                          | Star Parent Inc                                                                  | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1185456.16   | 0.25%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA4                                          | CUSIP: 35564KXA2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |   4750000 | PA      | $5056602.05   | 1.07%             | 2042-05-25      | Floating      | 9.61%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1616088 | PA      | $3979617.78   | 0.85%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                                  | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $618887.58    | 0.13%             | 2031-04-15      | Fixed         | 11.88%                | 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       |   1590000 | PA      | $1640383.92   | 0.35%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                         | Bellemeade Re Ltd                                                                | CUSIP: 078915AC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   2120000 | PA      | $2177341.34   | 0.46%             | 2034-08-25      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                                   | PNC Financial Services Group Inc/The                                             | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    765000 | PA      | $743639.52    | 0.16%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                 | Texas Capital Bancshares Inc                                                     | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1064613.90   | 0.23%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                                    | Minerva Luxembourg SA                                                            | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |   1180000 | PA      | $1296576.54   | 0.28%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2021-VOLT                                           | CUSIP: 05609VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1404801 | PA      | $1401134.11   | 0.30%             | 2036-09-15      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                                      | Charles Schwab Corp/The                                                          | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   4940000 | PA      | $4889888.64   | 1.04%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                    | Mineral Resources Ltd                                                            | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   3450000 | PA      | $3619253.55   | 0.77%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                                       | Mativ Holdings Inc                                                               | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1353137.10   | 0.29%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                                    | CDS REPUBLIC OF PANAMA                                                           | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DCR              | CORP              | US        |         1 | NC      | $8128.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                  | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        | 463100000 | PA      | $22032479.84  | 4.68%             | 2053-07-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL SPECIALTY F                                 | Bain Capital Specialty Finance Inc                                               | CUSIP: 05684BAB3<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1097149.95   | 0.23%             | 2026-03-10      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    590000 | PA      | $639918.44    | 0.14%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                     | Blue Owl Finance LLC                                                             | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $943036.59    | 0.20%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA3                                          | CUSIP: 35564KVE6<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   1950000 | PA      | $2040975.30   | 0.43%             | 2042-04-25      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                                 | Devon Energy Corp                                                                | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2389163.53   | 0.51%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                       | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |   1075000 | PA      | $1080375.00   | 0.23%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                           | Air Lease Corp                                                                   | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   2057000 | PA      | $1996708.30   | 0.42%             | N/A             | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                    | Vale Overseas Ltd                                                                | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |   1680000 | PA      | $1728588.96   | 0.37%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                                  | Aeropuertos Dominicanos Siglo XXI SA                                             | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    990000 | PA      | $1040118.75   | 0.22%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                                 | Kraken Oil & Gas Partners LLC                                                    | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    580000 | PA      | $575357.85    | 0.12%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                           | Sabre GLBL Inc                                                                   | CUSIP: 78571YBJ8<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    813285 | PA      | $766183.36    | 0.16%             | 2028-06-30      | Floating      | 9.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR Trust 2018-HQA2                                                | CUSIP: 35563XAC6<br>LEI: 5493005RUXPCBST1N217 | Long             | ABS-MBS          | CORP              | US        |   4700000 | PA      | $4793769.23   | 1.02%             | 2048-10-25      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2020-R01                                     | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1450000 | PA      | $1488573.05   | 0.32%             | 2040-01-25      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| CORPORACION INMOBILIARIA                                 | Corp Inmobiliaria Vesta SAB de CV                                                | CUSIP: 21989DAB8<br>LEI: 4469000001BIRIFZJ959 | Long             | DBT              | CORP              | MX        |    360000 | PA      | $364230.00    | 0.08%             | 2033-01-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit                            | Freddie Mac Mscr Trust Mn10                                                      | CUSIP: 35563UAB4<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |   2380000 | PA      | $2380669.73   | 0.51%             | 2045-02-25      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   3080000 | PA      | $3189149.04   | 0.68%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2023-R04                                     | CUSIP: 20754QAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2200000 | PA      | $2404616.28   | 0.51%             | 2043-05-25      | Floating      | 9.70%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                       | Ally Financial Inc                                                               | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2530000 | PA      | $2467996.25   | 0.52%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT                                      | United Kingdom Gilt                                                              | CUSIP: 000000000<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |  13030000 | PA      | $14666034.93  | 3.12%             | 2054-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                  | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        | 139000000 | PA      | $7173722.79   | 1.52%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA5                                          | CUSIP: 35564KYP8<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |   2740000 | PA      | $2900019.29   | 0.62%             | 2042-06-25      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMER PIPELINE                                 | Plains All American Pipeline LP / PAA Finance Corp                               | CUSIP: 72650RBP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2510000 | PA      | $2588860.18   | 0.55%             | 2034-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ADECOAGRO SA                                             | Adecoagro SA                                                                     | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |    700000 | PA      | $686385.00    | 0.15%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                     | CUSIP: 225401AZ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4140000 | PA      | $4568218.75   | 0.97%             | 2033-08-12      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                      | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   2065000 | PA      | $772826.25    | 0.16%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                               | Viasat Inc                                                                       | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2422251.95   | 0.51%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA4                                          | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1557647.70   | 0.33%             | 2042-05-25      | Floating      | 7.71%                 | 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       |   3035000 | PA      | $3194807.38   | 0.68%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                         | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1988000 | PA      | $2091139.43   | 0.44%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                  | Dryden 90 Clo Ltd                                                                | CUSIP: 262484AL2<br>LEI: 549300BLIFMJ8T7AGX24 | Long             | ABS-CBDO         | CORP              | KY        |   1390000 | PA      | $1384846.44   | 0.29%             | 2035-02-20      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                               | Air Canada                                                                       | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |   2030000 | PA      | $2013342.63   | 0.43%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                    | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    990000 | PA      | $1036261.67   | 0.22%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LL                           | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 209031AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4580000 | PA      | $4723071.87   | 1.00%             | 2055-05-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                          | OHA Credit Funding 1 LTD                                                         | CUSIP: 67115WBA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2560000 | PA      | $2571239.42   | 0.55%             | 2037-04-20      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                  | El Salvador Government International Bond                                        | CUSIP: 283875CE0<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    680000 | PA      | $743750.00    | 0.16%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| LONG RIDGE ENERGY LLC                                    | Long Ridge Energy LLC                                                            | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1656059.06   | 0.35%             | 2032-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                   | Sempra                                                                           | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2730000 | PA      | $2663040.74   | 0.57%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XGN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    778776 | PA      | $788966.43    | 0.17%             | 2029-09-25      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                 | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     80100 | PA      | $29236.50     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                    | Freedom Mortgage Holdings LLC                                                    | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1122408.60   | 0.24%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORP                                     | Kioxia Holdings Corp                                                             | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    460000 | PA      | $469721.64    | 0.10%             | 2030-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                 | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2140000 | PA      | $1941021.09   | 0.41%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                            | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-134040.25   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2020-SBT1                                    | CUSIP: 20753VBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2920000 | PA      | $3028303.38   | 0.64%             | 2040-02-25      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                           | Trust Fibra Uno                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1030000 | PA      | $1010515.70   | 0.21%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                        | Chord Energy Corp                                                                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1778655.48   | 0.38%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                           | Trust Fibra Uno                                                                  | CUSIP: 89834JAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |   1460000 | PA      | $1578900.94   | 0.34%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                       | Ally Financial Inc                                                               | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   3165000 | PA      | $2922408.45   | 0.62%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                         | Antares Holdings LP                                                              | CUSIP: 03666HAD3<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |    645000 | PA      | $625306.76    | 0.13%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                    | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2920000 | PA      | $2996074.76   | 0.64%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                               | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $90577.51     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                 | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05973KAA5<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |   1860000 | PA      | $1848739.37   | 0.39%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                  | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |   4620000 | PA      | $4545300.38   | 0.97%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                 | SGUS LLC                                                                         | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1446900 | PA      | $1378426.92   | 0.29%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN                                   | Victra Holdings LLC / Victra Finance Corp                                        | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4199512.00   | 0.89%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                            | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $18087.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTJET LOYALTY LP                                       | WESTJET LOYALTY LP                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   2265500 | PA      | $2270971.18   | 0.48%             | 2031-02-14      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                         | Teine Energy Ltd                                                                 | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |   3100000 | PA      | $3061401.59   | 0.65%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC                                        | Golub Capital BDC Inc                                                            | CUSIP: 38173MAE2<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1349272.66   | 0.29%             | 2029-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA7                                          | CUSIP: 35564KL49<br>LEI: 5493000IRUQLXTG4SV18 | Long             | ABS-MBS          | CORP              | US        |   1890000 | PA      | $2034770.22   | 0.43%             | 2052-03-25      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2022-R02                                     | CUSIP: 20754BAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    870000 | PA      | $902768.72    | 0.19%             | 2042-01-25      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                      | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAH8<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    970000 | PA      | $378906.25    | 0.08%             | 2031-01-12      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                  | El Salvador Government International Bond                                        | CUSIP: 283875BZ4<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    325000 | PA      | $281125.00    | 0.06%             | 2050-01-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                              | Vistra Corp                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1330960.00   | 0.28%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                                  | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1780000 | PA      | $1850817.30   | 0.39%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2160000 | PA      | $2175789.60   | 0.46%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2021-R02                                     | CUSIP: 20754KAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2260000 | PA      | $2305978.57   | 0.49%             | 2041-11-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                            | PRA Group Inc                                                                    | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   3040000 | PA      | $2825639.26   | 0.60%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                                 | Prime Healthcare Services Inc                                                    | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1765000 | PA      | $1837417.95   | 0.39%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GRUPO POSADAS SAB CV                                     | Grupo Posadas SAB de CV                                                          | CUSIP: 000000000<br>LEI: 529900NRFIXN5G8NUX35 | Long             | DBT              | CORP              | MX        |   3780000 | PA      | $3741820.49   | 0.80%             | 2027-12-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| NFE FINANCING LLC                                        | NFE Financing LLC                                                                | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8384212 | PA      | $2473342.54   | 0.53%             | 2029-11-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA6                                          | CUSIP: 35564KH77<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-MBS          | CORP              | US        |   3650000 | PA      | $3968019.39   | 0.84%             | 2042-09-25      | Floating      | 10.11%                | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                          | STAR PARENT INC                                                                  | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   1132750 | PA      | $1134165.94   | 0.24%             | 2030-09-30      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| Cogent IPv4 LLC                                          | Cogent Ipv4 LLC                                                                  | CUSIP: 19240JAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2790000 | PA      | $2864551.31   | 0.61%             | 2055-04-25      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| ERO COPPER CORP                                          | ERO Copper Corp                                                                  | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |   2095000 | PA      | $2092381.25   | 0.44%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                     | Raizen Fuels Finance SA                                                          | CUSIP: 75102XAE6<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |    445000 | PA      | $432762.50    | 0.09%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN                                  | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                    | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1530000 | PA      | $1350234.33   | 0.29%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AFFINITY INTERACTIVE                                     | Affinity Interactive                                                             | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5110000 | PA      | $2932501.25   | 0.62%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                   | Egypt Government International Bond                                              | CUSIP: 03846JX54<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1520000 | PA      | $1501856.93   | 0.32%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                         | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   1495000 | PA      | $1408097.59   | 0.30%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                 | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1008661.50   | 0.21%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                                | Block Inc                                                                        | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    215000 | PA      | $220314.80    | 0.05%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                                 | Turning Point Brands Inc                                                         | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1421338.00   | 0.30%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                     | YPF SA                                                                           | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    498462 | PA      | $500073.56    | 0.11%             | 2026-02-12      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                             | MXN/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | N/A              | DFE              | CORP              | US        |         1 | NC      | $19135.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALGOMA STEEL INC                                         | Algoma Steel Inc                                                                 | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |   1329000 | PA      | $1133730.30   | 0.24%             | 2029-04-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2023-HQA3                                          | CUSIP: 35564NAA1<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | CORP              | US        |   2560000 | PA      | $2702724.10   | 0.57%             | 2043-11-25      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| BLUE OWL TECHNOLOGY FINA                                 | Blue Owl Technology Finance Corp                                                 | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |    835000 | PA      | $827791.96    | 0.18%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                             | Embecta Corp                                                                     | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1365003.50   | 0.29%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIEMEX ENERGIA - BANC AC                                 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                 | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    708213 | PA      | $757362.75    | 0.16%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-HQA2                                          | CUSIP: 35564KB65<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-MBS          | CORP              | US        |    990000 | PA      | $1067173.27   | 0.23%             | 2042-07-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                             | SM Energy Co                                                                     | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1690711.32   | 0.36%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                     | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2321559.84   | 0.49%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-DNA3                                          | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1852812.36   | 0.39%             | 2042-04-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                                 | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2420548.13   | 0.51%             | 2027-06-15      | Fixed         | 5.75%                 | 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        | 143590000 | PA      | $22745987.42  | 4.83%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                                     | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    500000 | PA      | $500575.00    | 0.11%             | 2029-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Fannie Mae Connecticut Avenue Securities                                         | CUSIP: 30711XSX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    396053 | PA      | $402889.22    | 0.09%             | 2030-02-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2023-R07                                     | CUSIP: 20753BAF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2710000 | PA      | $2918996.83   | 0.62%             | 2043-09-25      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                                 | Allwyn Entertainment Financing UK PLC                                            | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |   1650000 | PA      | $1713272.93   | 0.36%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                         | Bellemeade Re 2023-1 Ltd                                                         | CUSIP: 07876XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   1680000 | PA      | $1734116.16   | 0.37%             | 2033-10-25      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LL                           | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC                  | CUSIP: 209031AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1940000 | PA      | $1990901.72   | 0.42%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                    | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2822435.98   | 0.60%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                               | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   4000000 | PA      | $4177540.00   | 0.89%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                                          | Zayo Issuer LLC                                                                  | CUSIP: 98919WAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1420000 | PA      | $1438655.96   | 0.31%             | 2055-10-20      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2640000 | PA      | $2777314.32   | 0.59%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                                              | Enviri Corp                                                                      | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1772164.24   | 0.38%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 2017-1AA PTT                                  | Air Canada 2017-1 Class AA Pass Through Trust                                    | CUSIP: 00908PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    256640 | PA      | $243467.88    | 0.05%             | 2030-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                        | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                     | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1383071.79   | 0.29%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2022-HQA1                                          | CUSIP: 35564KUE7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-MBS          | CORP              | US        |   3880000 | PA      | $4177828.02   | 0.89%             | 2042-03-25      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                                   | AS Mileage Plan IP Ltd                                                           | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1065000 | PA      | $1060674.76   | 0.23%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2023-R02                                     | CUSIP: 20755AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1640000 | PA      | $1777764.59   | 0.38%             | 2043-01-25      | Floating      | 9.91%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 2015-1A PTT                                   | Air Canada 2015-1 Class A Pass Through Trust                                     | CUSIP: 009090AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2472210 | PA      | $2436578.78   | 0.52%             | 2027-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| TRANSPORT DE GAS DEL SUR                                 | Transportadora de Gas del Sur SA                                                 | CUSIP: 893870AY1<br>LEI: 5299002TRC7IFQYSW596 | Long             | DBT              | CORP              | AR        |   1570000 | PA      | $1617181.64   | 0.34%             | 2031-07-24      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                | CDS REPUBLIC OF PANAMA                                                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |         1 | NC      | $7962.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2021-DNA5                                          | CUSIP: 35564KJA8<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   1935000 | PA      | $2054113.57   | 0.44%             | 2034-01-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| CREDICORP CAPITAL SOCIED                                 | Credicorp Capital Sociedad Titulizadora SA                                       | CUSIP: 224939AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |   2490000 | PA      | $760304.67    | 0.16%             | 2045-03-05      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                                         | CSN Resources SA                                                                 | CUSIP: 12644VAF5<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |   2045000 | PA      | $2065122.80   | 0.44%             | 2030-12-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                                | Boeing Co/The                                                                    | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4898596.89   | 1.04%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                              | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  11440000 | PA      | $11399370.27  | 2.42%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2023-R07                                     | CUSIP: 20753BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2310000 | PA      | $2403882.10   | 0.51%             | 2043-09-25      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                              | Vistra Corp                                                                      | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1120856.24   | 0.24%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| YPF ENERGIA ELECTRICA SA                                 | YPF Energia Electrica SA                                                         | CUSIP: 98424MAB9<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |   3020000 | PA      | $2918546.12   | 0.62%             | 2032-10-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                            | CAD/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-728602.58   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                 | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    995000 | PA      | $1014273.15   | 0.22%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                 | Neuberger Berman CLO XXI Ltd                                                     | CUSIP: 64130DCA6<br>LEI: 549300VBBLOSKH8XQ869 | Long             | ABS-CBDO         | CORP              | KY        |   3600000 | PA      | $3629964.60   | 0.77%             | 2039-01-20      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                     | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   1970000 | PA      | $2019051.03   | 0.43%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                     | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2691000 | PA      | $2721179.57   | 0.58%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| S&S HOLDINGS LLC                                         | S&S Holdings LLC                                                                 | CUSIP: 78525CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3190000 | PA      | $3130168.04   | 0.67%             | 2031-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                      | Egypt Treasury Bills                                                             | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |  97950000 | PA      | $2011173.25   | 0.43%             | 2025-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                                       | PBF Holding Co LLC / PBF Finance Corp                                            | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $734217.40    | 0.16%             | 2030-03-15      | Fixed         | 9.88%                 | 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        |       129 | NC      | $430974.81    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2020-HQA5                                          | CUSIP: 35565TBD0<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-MBS          | CORP              | US        |   3060000 | PA      | $3388784.15   | 0.72%             | 2050-11-25      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                     | YPF SA                                                                           | CUSIP: 984245BB5<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |   2360000 | PA      | $2278282.88   | 0.48%             | 2034-01-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                            | USD/MXN FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $531434.91    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                         | Antares Holdings LP                                                              | CUSIP: 03666HAF8<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |   2640000 | PA      | $2809220.57   | 0.60%             | 2028-08-11      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1705860.91   | 0.36%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                 | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   1798000 | PA      | $1802664.01   | 0.38%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                            | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |         1 | NC      | $399.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Legg Mason Global Asset Management Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer