# EDGAR Filing Document

**Accession Number:** 0000889512
**File Stem:** 0001752724-25-182145
**Filing Date:** 2025-7
**Character Count:** 125792
**Document Hash:** 96a4457484ebef62af8b2241dc26ae0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182145.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182145

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS INSTITUTIONAL TRUST
- **CENTRAL INDEX KEY:** 0000889512

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06740
- **FILM NUMBER:** 251159865

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIFUNDS INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19981030

## Series and Classes Contracts Data

### Western Asset SMASh Series M Fund (Series ID: S000014681)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000040179 | SMASh Series M Fund | LMSMX           |

## Nport-Ex

Schedule of Investments (unaudited)

May 31, 2025

 **Western Asset SMASh Series M Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **Mortgage-Backed Securities — 79.7%** | **Mortgage-Backed Securities — 79.7%** | **Mortgage-Backed Securities — 79.7%** | **Mortgage-Backed Securities — 79.7%** | **Mortgage-Backed Securities — 79.7%** |
| *FNMA — 29.4%* | *FNMA — 29.4%* | *FNMA — 29.4%* | *FNMA — 29.4%* | *FNMA — 29.4%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.560% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; $4382831<br>| &nbsp;&nbsp;&nbsp; $3951667<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 51948<br>| &nbsp;&nbsp;&nbsp; 54764<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40- <br>5/1/41<br>| &nbsp;&nbsp; 52110 | &nbsp;&nbsp;&nbsp; 52160<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42- <br>8/1/58<br>| &nbsp;&nbsp; 5397883 | &nbsp;&nbsp;&nbsp; 5103189<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp;&nbsp; 119962<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 25200000<br>| &nbsp;&nbsp;&nbsp; 19587715<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 8600000<br>| &nbsp;&nbsp;&nbsp; 7005868<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 177301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2748910<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 13100000<br>| &nbsp;&nbsp;&nbsp; 12357056<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1548945<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 11300000<br>| &nbsp;&nbsp;&nbsp; 11187766<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 47400000<br>| &nbsp;&nbsp;&nbsp; 47870099<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 16300000<br>| &nbsp;&nbsp;&nbsp; 16738830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/57 | &nbsp;&nbsp; 1261109<br>| &nbsp;&nbsp;&nbsp; 1160249<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/1/61 | &nbsp;&nbsp; 1452842<br>| &nbsp;&nbsp;&nbsp; 1119541<br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *130784022* |
| *GNMA — 50.3%* | *GNMA — 50.3%* | *GNMA — 50.3%* | *GNMA — 50.3%* | *GNMA — 50.3%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/42- <br>11/15/42<br>| &nbsp;&nbsp; 26129615 | &nbsp;&nbsp;&nbsp; 23266987<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/15/48- <br>5/15/50<br>| &nbsp;&nbsp; 3348864 | &nbsp;&nbsp;&nbsp; 3058226<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 51123<br>| &nbsp;&nbsp;&nbsp; 47299<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/20/41- <br>9/20/52<br>| &nbsp;&nbsp; 2459788 | &nbsp;&nbsp;&nbsp; 2349496<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/20/45- <br>4/20/50<br>| &nbsp;&nbsp; 3402810 | &nbsp;&nbsp;&nbsp; 3144996<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/20/46- <br>2/20/50<br>| &nbsp;&nbsp; 22287593 | &nbsp;&nbsp;&nbsp; 20107601<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/20/50 | &nbsp;&nbsp; 322725<br>| &nbsp;&nbsp;&nbsp; 277110<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/52 | &nbsp;&nbsp; 406625<br>| &nbsp;&nbsp;&nbsp; 397678<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/20/53- <br>8/20/53<br>| &nbsp;&nbsp; 939880 | &nbsp;&nbsp;&nbsp; 937906<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 6700000<br>| &nbsp;&nbsp;&nbsp; 5383720<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 26300000<br>| &nbsp;&nbsp;&nbsp; 22037218<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 8600000<br>| &nbsp;&nbsp;&nbsp; 7493749<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 13400000<br>| &nbsp;&nbsp;&nbsp; 12273101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 28100000<br>| &nbsp;&nbsp;&nbsp; 26515495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 19700000<br>| &nbsp;&nbsp;&nbsp; 19563793<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 50900000<br>| &nbsp;&nbsp;&nbsp; 51401151<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 25000000<br>| &nbsp;&nbsp;&nbsp; 25533939<br> <sup>(a)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *223789465* |
| **Total Mortgage-Backed Securities (Cost — $363,285,244)** | **Total Mortgage-Backed Securities (Cost — $363,285,244)** | **Total Mortgage-Backed Securities (Cost — $363,285,244)** | **Total Mortgage-Backed Securities (Cost — $363,285,244)** | &nbsp;&nbsp; **354573487** |

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series M Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset SMASh Series M 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>(b)</sup> **— 47.5%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 47.5%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 47.5%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 47.5%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 47.5%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust, 2005-24 1A1 (12 mo. Moving Treasury Average + <br> 1.310%) | &nbsp;&nbsp; 5.807% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; $157254<br>| &nbsp;&nbsp;&nbsp; $140760<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust, 2005-57CB 4A3 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/25/35 | &nbsp;&nbsp; 192516<br>| &nbsp;&nbsp;&nbsp; 101185<br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes Ltd., 2021-FL3 A (1 mo. Term SOFR <br> + 1.184%) | &nbsp;&nbsp; 5.513% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 592957<br>| &nbsp;&nbsp;&nbsp; 593379<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-B21 B | &nbsp;&nbsp; 2.458% | &nbsp;&nbsp; 12/17/53 | &nbsp;&nbsp; 8020000<br>| &nbsp;&nbsp;&nbsp; 6667864<br>|
| &nbsp;&nbsp;&nbsp; BHMS, 2018-ATLS A (1 mo. Term SOFR + 1.547%) | &nbsp;&nbsp; 5.876% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3350418<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRSP Ltd., 2021-FL1 A (1 mo. Term SOFR + 1.264%) | &nbsp;&nbsp; 5.591% | &nbsp;&nbsp; 8/19/38 | &nbsp;&nbsp; 2084809<br>| &nbsp;&nbsp;&nbsp; 2079486<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX, 2021-MFM1 A (1 mo. Term SOFR + 0.814%) | &nbsp;&nbsp; 5.143% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1142990<br>| &nbsp;&nbsp;&nbsp; 1142439<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2021-VOLT A (1 mo. Term SOFR + 0.814%) | &nbsp;&nbsp; 5.143% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 9070000<br>| &nbsp;&nbsp;&nbsp; 9028041<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Mortgage Trust, 2021-PAC A (1 mo. Term SOFR + 0.804%) | &nbsp;&nbsp; 5.133% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 11580000<br>| &nbsp;&nbsp;&nbsp; 11533710<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2021-ARIA A (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 5.343% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 8415000<br>| &nbsp;&nbsp;&nbsp; 8376746<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2022-PSB A (1 mo. Term SOFR + 2.451%) | &nbsp;&nbsp; 6.780% | &nbsp;&nbsp; 8/15/39 | &nbsp;&nbsp; 4865881<br>| &nbsp;&nbsp;&nbsp; 4868922<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2003-4A A1 (1 mo. <br> Term SOFR + 0.794%) | &nbsp;&nbsp; 5.119% | &nbsp;&nbsp; 10/25/34 | &nbsp;&nbsp; 446537<br>| &nbsp;&nbsp;&nbsp; 434926<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2014-USA A2 | &nbsp;&nbsp; 3.953% | &nbsp;&nbsp; 9/15/37 | &nbsp;&nbsp; 3290000<br>| &nbsp;&nbsp;&nbsp; 3073683<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2017-RPL1 A1 | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 7/25/57 | &nbsp;&nbsp; 2537720<br>| &nbsp;&nbsp;&nbsp; 2468992<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2017-RPL3 A1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/57 | &nbsp;&nbsp; 9602874<br>| &nbsp;&nbsp;&nbsp; 9014032<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2017-RPL3 B2 | &nbsp;&nbsp; 4.487% | &nbsp;&nbsp; 8/1/57 | &nbsp;&nbsp; 9435962<br>| &nbsp;&nbsp;&nbsp; 9131003<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2019-UVIL A | &nbsp;&nbsp; 3.160% | &nbsp;&nbsp; 12/15/41 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp;&nbsp; 9184847<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-RPL4 A1 | &nbsp;&nbsp; 4.119% | &nbsp;&nbsp; 12/27/60 | &nbsp;&nbsp; 5310351<br>| &nbsp;&nbsp;&nbsp; 5289983<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2021-ESH A (1 mo. Term SOFR + 1.194%) | &nbsp;&nbsp; 5.523% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 3165015<br>| &nbsp;&nbsp;&nbsp; 3166906<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multiclass Certificates, 2020-RR07 <br> AX, IO | &nbsp;&nbsp; 2.468% | &nbsp;&nbsp; 9/27/28 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 393352<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K064 X1, IO | &nbsp;&nbsp; 0.589% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 45802009<br>| &nbsp;&nbsp;&nbsp; 401794<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K093 X1, IO | &nbsp;&nbsp; 0.940% | &nbsp;&nbsp; 5/25/29 | &nbsp;&nbsp; 5515163<br>| &nbsp;&nbsp;&nbsp; 171012<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K118 X1, IO | &nbsp;&nbsp; 0.952% | &nbsp;&nbsp; 9/25/30 | &nbsp;&nbsp; 27157830<br>| &nbsp;&nbsp;&nbsp; 1108683<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K121 X1, IO | &nbsp;&nbsp; 1.017% | &nbsp;&nbsp; 10/25/30 | &nbsp;&nbsp; 53461080<br>| &nbsp;&nbsp;&nbsp; 2296148<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K122 X1, IO | &nbsp;&nbsp; 0.872% | &nbsp;&nbsp; 11/25/30 | &nbsp;&nbsp; 18257994<br>| &nbsp;&nbsp;&nbsp; 699095<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K740 X1, IO | &nbsp;&nbsp; 0.732% | &nbsp;&nbsp; 9/25/27 | &nbsp;&nbsp; 34894203<br>| &nbsp;&nbsp;&nbsp; 491010<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K1515 X1, IO | &nbsp;&nbsp; 1.507% | &nbsp;&nbsp; 2/25/35 | &nbsp;&nbsp; 44926563<br>| &nbsp;&nbsp;&nbsp; 4449945<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K1516 X1, IO | &nbsp;&nbsp; 1.508% | &nbsp;&nbsp; 5/25/35 | &nbsp;&nbsp; 29573539<br>| &nbsp;&nbsp;&nbsp; 3169733<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-<br> Through Certificates, K1517 X1, IO | &nbsp;&nbsp; 1.323% | &nbsp;&nbsp; 7/25/35 | &nbsp;&nbsp; 40270147<br>| &nbsp;&nbsp;&nbsp; 3745808<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%) | &nbsp;&nbsp; 6.622% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 5536566<br>| &nbsp;&nbsp;&nbsp; 5658245<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Structured Agency Credit Risk <br> Debt Notes, 2015-DNA3 M3F (30 Day Average SOFR + 3.814%) | &nbsp;&nbsp; 8.136% | &nbsp;&nbsp; 4/25/28 | &nbsp;&nbsp; 1372211<br>| &nbsp;&nbsp;&nbsp; 1385727<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1M2 (30 Day <br> Average SOFR + 1.550%) | &nbsp;&nbsp; 5.872% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 8084821<br>| &nbsp;&nbsp;&nbsp; 8109794<br> <sup>(c)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series M Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series M 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>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2018-M15 1A2 | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/25/36 | &nbsp;&nbsp; $3000000<br>| &nbsp;&nbsp;&nbsp; $2802309<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2019-M19 X2, IO | &nbsp;&nbsp; 0.607% | &nbsp;&nbsp; 9/25/29 | &nbsp;&nbsp; 31315237<br>| &nbsp;&nbsp;&nbsp; 629978<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2019-M22 A2 | &nbsp;&nbsp; 2.522% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 11391827<br>| &nbsp;&nbsp;&nbsp; 10633572<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2019-M28 XA2, IO | &nbsp;&nbsp; 0.222% | &nbsp;&nbsp; 2/25/30 | &nbsp;&nbsp; 5181723<br>| &nbsp;&nbsp;&nbsp; 37570<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2019-M28 XA3, IO | &nbsp;&nbsp; 0.608% | &nbsp;&nbsp; 2/25/30 | &nbsp;&nbsp; 9316911<br>| &nbsp;&nbsp;&nbsp; 175960<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2020-M4 1X2, IO | &nbsp;&nbsp; 0.739% | &nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp; 5153289<br>| &nbsp;&nbsp;&nbsp; 81415<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2020-M4 1X3, IO | &nbsp;&nbsp; 1.019% | &nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp; 27985392<br>| &nbsp;&nbsp;&nbsp; 596956<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2020-M26 X3, IO | &nbsp;&nbsp; 1.730% | &nbsp;&nbsp; 1/25/28 | &nbsp;&nbsp; 7924904<br>| &nbsp;&nbsp;&nbsp; 153039<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2020-M36 X1, IO | &nbsp;&nbsp; 1.304% | &nbsp;&nbsp; 9/25/34 | &nbsp;&nbsp; 2296457<br>| &nbsp;&nbsp;&nbsp; 137223<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2020-M51 X3, IO | &nbsp;&nbsp; 0.070% | &nbsp;&nbsp; 12/25/30 | &nbsp;&nbsp; 74520000<br>| &nbsp;&nbsp;&nbsp; 290874<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2020-M54 X, IO | &nbsp;&nbsp; 1.485% | &nbsp;&nbsp; 12/25/33 | &nbsp;&nbsp; 35907669<br>| &nbsp;&nbsp;&nbsp; 2003020<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2012-75 AO, PO | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 5637<br>| &nbsp;&nbsp;&nbsp; 5096<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2012-134 SK, IO (-1.000 <br> x 30 Day Average SOFR + 6.036%) | &nbsp;&nbsp; 1.714% | &nbsp;&nbsp; 12/25/42 | &nbsp;&nbsp; 219098<br>| &nbsp;&nbsp;&nbsp; 24361<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2013-29 QI, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/43 | &nbsp;&nbsp; 371654<br>| &nbsp;&nbsp;&nbsp; 64975<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2013-73 IB, IO | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 149737<br>| &nbsp;&nbsp;&nbsp; 3384<br>|
| &nbsp;&nbsp;&nbsp; FRESB Mortgage Trust, 2015-SB7 A10 | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 9/25/35 | &nbsp;&nbsp; 832006<br>| &nbsp;&nbsp;&nbsp; 826038<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GMACM Mortgage Loan Trust, 2006-AR1 1A1 | &nbsp;&nbsp; 3.939% | &nbsp;&nbsp; 4/19/36 | &nbsp;&nbsp; 306567<br>| &nbsp;&nbsp;&nbsp; 254647<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2012-43 SN, IO (-1.000 x <br> 1 mo. Term SOFR + 6.486%) | &nbsp;&nbsp; 2.157% | &nbsp;&nbsp; 4/16/42 | &nbsp;&nbsp; 1112812<br>| &nbsp;&nbsp;&nbsp; 132803<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-105 IO, IO | &nbsp;&nbsp; 0.129% | &nbsp;&nbsp; 6/16/54 | &nbsp;&nbsp; 13425499<br>| &nbsp;&nbsp;&nbsp; 11557<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-134 IA, IO | &nbsp;&nbsp; 0.133% | &nbsp;&nbsp; 1/16/55 | &nbsp;&nbsp; 44389765<br>| &nbsp;&nbsp;&nbsp; 195821<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-157 IO, IO | &nbsp;&nbsp; 0.186% | &nbsp;&nbsp; 5/16/55 | &nbsp;&nbsp; 7420440<br>| &nbsp;&nbsp;&nbsp; 44800<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-176 IA, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/20/44 | &nbsp;&nbsp; 331397<br>| &nbsp;&nbsp;&nbsp; 66055<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2015-36 MI, IO | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/20/45 | &nbsp;&nbsp; 398098<br>| &nbsp;&nbsp;&nbsp; 62485<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2017-28 IO, IO | &nbsp;&nbsp; 0.701% | &nbsp;&nbsp; 2/16/57 | &nbsp;&nbsp; 739240<br>| &nbsp;&nbsp;&nbsp; 28000<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes Ltd., 2021-FL3 A (1 mo. Term SOFR + 1.134%) | &nbsp;&nbsp; 5.463% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 2356758<br>| &nbsp;&nbsp;&nbsp; 2361295<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2021-ROSS C (1 mo. Term SOFR + 2.264%) | &nbsp;&nbsp; 6.594% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 2894000<br>| &nbsp;&nbsp;&nbsp; 2380956<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, 2021-ROSS D (1 mo. Term SOFR + 2.764%) | &nbsp;&nbsp; 7.094% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 472772<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2018-GS9 B | &nbsp;&nbsp; 4.321% | &nbsp;&nbsp; 3/10/51 | &nbsp;&nbsp; 1725000<br>| &nbsp;&nbsp;&nbsp; 1574591<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, 2018-RPL1 A1A | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/25/57 | &nbsp;&nbsp; 7620979<br>| &nbsp;&nbsp;&nbsp; 7431073<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HomeBanc Mortgage Trust, 2004-2 A1 (1 mo. Term SOFR + 0.854%) | &nbsp;&nbsp; 5.179% | &nbsp;&nbsp; 12/25/34 | &nbsp;&nbsp; 825335<br>| &nbsp;&nbsp;&nbsp; 784148<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; IMPAC CMB Trust, 2004-7 1A1 (1 mo. Term SOFR + 0.854%) | &nbsp;&nbsp; 5.179% | &nbsp;&nbsp; 11/25/34 | &nbsp;&nbsp; 1184042<br>| &nbsp;&nbsp;&nbsp; 1170099<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, 2015-C30 AS | &nbsp;&nbsp; 4.226% | &nbsp;&nbsp; 7/15/48 | &nbsp;&nbsp; 10544000<br>| &nbsp;&nbsp;&nbsp; 10358316<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; KREF Ltd., 2021-FL2 A (1 mo. Term SOFR + 1.184%) | &nbsp;&nbsp; 5.513% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 2130199<br>| &nbsp;&nbsp;&nbsp; 2126295<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust, 2005-7 3A1 | &nbsp;&nbsp; 3.595% | &nbsp;&nbsp; 9/25/35 | &nbsp;&nbsp; 55543<br>| &nbsp;&nbsp;&nbsp; 33299<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, 2006-A1 1A1 | &nbsp;&nbsp; 4.991% | &nbsp;&nbsp; 3/25/36 | &nbsp;&nbsp; 249633<br>| &nbsp;&nbsp;&nbsp; 146732<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2021-FL7 A (1 mo. Term SOFR + 1.194%) | &nbsp;&nbsp; 5.521% | &nbsp;&nbsp; 10/16/36 | &nbsp;&nbsp; 1729892<br>| &nbsp;&nbsp;&nbsp; 1729985<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIC Trust, 2023-MIC A | &nbsp;&nbsp; 8.437% | &nbsp;&nbsp; 12/5/38 | &nbsp;&nbsp; 3470000<br>| &nbsp;&nbsp;&nbsp; 3769975<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2016-4A A1 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 11/25/56 | &nbsp;&nbsp; 2348980<br>| &nbsp;&nbsp;&nbsp; 2239499<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, 2019-2A A1 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/25/57 | &nbsp;&nbsp; 9514672<br>| &nbsp;&nbsp;&nbsp; 9282870<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2021-AFC1 A1 | &nbsp;&nbsp; 1.510% | &nbsp;&nbsp; 8/25/56 | &nbsp;&nbsp; 13759992<br>| &nbsp;&nbsp;&nbsp; 11539665<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; RALI Trust, 2006-QO7 3A2 (1 mo. Term SOFR + 0.524%) | &nbsp;&nbsp; 4.849% | &nbsp;&nbsp; 9/25/46 | &nbsp;&nbsp; 228721<br>| &nbsp;&nbsp;&nbsp; 223660<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SREIT Trust, 2021-PALM A (1 mo. Term SOFR + 0.704%) | &nbsp;&nbsp; 5.033% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 2930000<br>| &nbsp;&nbsp;&nbsp; 2917367<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, 2005-AR7 4A1 (12 mo. Moving <br> Treasury Average + 2.150%) | &nbsp;&nbsp; 6.647% | &nbsp;&nbsp; 3/25/46 | &nbsp;&nbsp; 83960<br>| &nbsp;&nbsp;&nbsp; 78477<br> <sup>(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series M Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset SMASh Series M 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>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2003-9A <br> 2A2 | &nbsp;&nbsp; 5.991% | &nbsp;&nbsp; 3/25/33 | &nbsp;&nbsp; $48062<br>| &nbsp;&nbsp;&nbsp; $47077<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2020-2 M1B | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/25/60 | &nbsp;&nbsp; 8740000<br>| &nbsp;&nbsp;&nbsp; 6696973<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, 2004-AR13 A1B2 (1 mo. Term <br> SOFR + 1.094%) | &nbsp;&nbsp; 5.419% | &nbsp;&nbsp; 11/25/34 | &nbsp;&nbsp; 2925257<br>| &nbsp;&nbsp;&nbsp; 2784511<br> <sup>(c)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $225,358,176)** | **Total Collateralized Mortgage Obligations (Cost — $225,358,176)** | **Total Collateralized Mortgage Obligations (Cost — $225,358,176)** | **Total Collateralized Mortgage Obligations (Cost — $225,358,176)** | &nbsp;&nbsp; **211139241** |
| **U.S. Government & Agency Obligations — 9.5%** | **U.S. Government & Agency Obligations — 9.5%** | **U.S. Government & Agency Obligations — 9.5%** | **U.S. Government & Agency Obligations — 9.5%** | **U.S. Government & Agency Obligations — 9.5%** |
| *U.S. Government Obligations — 9.5%* | *U.S. Government Obligations — 9.5%* | *U.S. Government Obligations — 9.5%* | *U.S. Government Obligations — 9.5%* | *U.S. Government Obligations — 9.5%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/30/25 | &nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp; 2025022<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp; 40131250<br>|
| **Total U.S. Government & Agency Obligations (Cost — $41,599,267)** | **Total U.S. Government & Agency Obligations (Cost — $41,599,267)** | **Total U.S. Government & Agency Obligations (Cost — $41,599,267)** | **Total U.S. Government & Agency Obligations (Cost — $41,599,267)** | &nbsp;&nbsp; **42156272** |
| **Asset-Backed Securities — 8.8%** | **Asset-Backed Securities — 8.8%** | **Asset-Backed Securities — 8.8%** | **Asset-Backed Securities — 8.8%** | **Asset-Backed Securities — 8.8%** |
| &nbsp;&nbsp;&nbsp; Bayview Financial Asset Trust, 2007-SR1A M2 (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 5.339% | &nbsp;&nbsp; 3/25/37 | &nbsp;&nbsp; 257640<br>| &nbsp;&nbsp;&nbsp; 256349<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blackbird Capital Aircraft Lease Securitization Ltd., 2016-1A A | &nbsp;&nbsp; 4.213% | &nbsp;&nbsp; 12/16/41 | &nbsp;&nbsp; 5483409<br>| &nbsp;&nbsp;&nbsp; 5474214<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Countrywide Asset-Backed Certificates Trust, 2004-5 2A (1 mo. Term SOFR + <br> 0.614%) | &nbsp;&nbsp; 4.939% | &nbsp;&nbsp; 10/25/34 | &nbsp;&nbsp; 1460397<br>| &nbsp;&nbsp;&nbsp; 1429828<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goodgreen Trust, 2021-1A A | &nbsp;&nbsp; 2.660% | &nbsp;&nbsp; 10/15/56 | &nbsp;&nbsp; 6543078<br>| &nbsp;&nbsp;&nbsp; 5319409<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2021-1A A1B (30 Day Average SOFR + 0.714%) | &nbsp;&nbsp; 5.036% | &nbsp;&nbsp; 12/26/69 | &nbsp;&nbsp; 1577630<br>| &nbsp;&nbsp;&nbsp; 1551528<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Origen Manufactured Housing Contract Trust, 2007-A A2 | &nbsp;&nbsp; 6.444% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 107539<br>| &nbsp;&nbsp;&nbsp; 99896<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAAC Trust, 2006-SP1 M1 (1 mo. Term SOFR + 0.714%) | &nbsp;&nbsp; 5.039% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 316528<br>| &nbsp;&nbsp;&nbsp; 311186<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust, 2007-3 AV2 (1 mo. Term SOFR + 1.114%) | &nbsp;&nbsp; 5.439% | &nbsp;&nbsp; 9/25/37 | &nbsp;&nbsp; 141102<br>| &nbsp;&nbsp;&nbsp; 112356<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust, 2007-3 AV3 (1 mo. Term SOFR + 1.914%) | &nbsp;&nbsp; 6.239% | &nbsp;&nbsp; 9/25/37 | &nbsp;&nbsp; 617777<br>| &nbsp;&nbsp;&nbsp; 491879<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Residential Funding Securities Trust, 2002-RP2 A1 (1 mo. Term SOFR + 1.614%) | &nbsp;&nbsp; 5.939% | &nbsp;&nbsp; 10/25/32 | &nbsp;&nbsp; 1104<br>| &nbsp;&nbsp;&nbsp; 1074<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-C D | &nbsp;&nbsp; 3.930% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 2081212<br>| &nbsp;&nbsp;&nbsp; 1830877<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2023-B A1B (30 Day Average SOFR + <br> 1.800%) | &nbsp;&nbsp; 6.132% | &nbsp;&nbsp; 10/16/56 | &nbsp;&nbsp; 2209649<br>| &nbsp;&nbsp;&nbsp; 2255810<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2024-A A1A | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 10348663<br>| &nbsp;&nbsp;&nbsp; 10446328<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2001-<br> SB1 A2 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/25/31 | &nbsp;&nbsp; 5674<br>| &nbsp;&nbsp;&nbsp; 5657<br>|
| &nbsp;&nbsp;&nbsp; Sunrun Vulcan Issuer LLC, 2021-1A A | &nbsp;&nbsp; 2.460% | &nbsp;&nbsp; 1/30/52 | &nbsp;&nbsp; 2839706<br>| &nbsp;&nbsp;&nbsp; 2519191<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Thrust Engine Leasing DAC, 2021-1A A | &nbsp;&nbsp; 4.163% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; 7398102<br>| &nbsp;&nbsp;&nbsp; 7159958<br> <sup>(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $41,156,708)** | **Total Asset-Backed Securities (Cost — $41,156,708)** | **Total Asset-Backed Securities (Cost — $41,156,708)** | **Total Asset-Backed Securities (Cost — $41,156,708)** | &nbsp;&nbsp; **39265540** |
| **Total Investments before Short-Term Investments (Cost — $671,399,395)** | **Total Investments before Short-Term Investments (Cost — $671,399,395)** | **Total Investments before Short-Term Investments (Cost — $671,399,395)** | **Total Investments before Short-Term Investments (Cost — $671,399,395)** | &nbsp;&nbsp; **647134540** |
|  |  |  | Shares |  |
| **Short-Term Investments — 17.0%** | **Short-Term Investments — 17.0%** | **Short-Term Investments — 17.0%** | **Short-Term Investments — 17.0%** | **Short-Term Investments — 17.0%** |
| **Overnight Deposits — 8.9%** | **Overnight Deposits — 8.9%** | **Overnight Deposits — 8.9%** | **Overnight Deposits — 8.9%** | **Overnight Deposits — 8.9%** |
| &nbsp;&nbsp;&nbsp; BNY Mellon Cash Reserve Fund <br>(Cost — $39,512,087) | &nbsp;&nbsp; 1.050% |  | &nbsp;&nbsp; 39512087<br>| &nbsp;&nbsp;&nbsp;&nbsp; **39512087**<br> <sup>(e)</sup><br>|
|  |  | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>|  |
| **Repurchase Agreements — 7.9%** | **Repurchase Agreements — 7.9%** | **Repurchase Agreements — 7.9%** | **Repurchase Agreements — 7.9%** | **Repurchase Agreements — 7.9%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc. repurchase agreement dated 5/30/25; Proceeds at <br> maturity — $35,012,542; (Fully collateralized by U.S. government obligations, <br> 2.375% due 2/15/42; Market value — $35,302,831) (Cost — $35,000,000) | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/2/25 | &nbsp;&nbsp; $35000000<br>| &nbsp;&nbsp;&nbsp; **35000000**<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series M Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series M Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** | **U.S. Government Agencies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Bank (FHLB), Discount Notes (Cost — $955,594) | &nbsp;&nbsp; 4.370% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; $970000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$955558**<br> <sup>(f)</sup><br>|
| **Total Short-Term Investments (Cost — $75,467,681)** | **Total Short-Term Investments (Cost — $75,467,681)** | **Total Short-Term Investments (Cost — $75,467,681)** | **Total Short-Term Investments (Cost — $75,467,681)** | &nbsp;&nbsp; **75467645** |
| **Total Investments — 162.5% (Cost — $746,867,076)** | **Total Investments — 162.5% (Cost — $746,867,076)** | **Total Investments — 162.5% (Cost — $746,867,076)** | **Total Investments — 162.5% (Cost — $746,867,076)** | &nbsp;&nbsp; **722602185** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (62.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (62.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (62.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (62.5)% | &nbsp;&nbsp;&nbsp; (277923424)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$444678761** |

---

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

<sup>(a)</sup> This security is traded on a to-be-announced ("TBA") basis. At May 31, 2025, the Fund held TBA securities with a total cost of $289,328,584.

<sup>(b)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(c)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(d)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

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

<sup>(f)</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:** |
| ACES |  | Alternative Credit Enhancement Securities |
| CAS |  | Connecticut Avenue Securities |
| IO |  | Interest Only |
| PO |  | Principal Only |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |

---

At May 31, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** <br>|  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; $207127 | &nbsp;&nbsp;&nbsp;&nbsp; $207438 | &nbsp;&nbsp;&nbsp;&nbsp; $311 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 4221 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 455103866 | &nbsp;&nbsp;&nbsp;&nbsp; 456659437 | &nbsp;&nbsp;&nbsp;&nbsp; 1555571 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 138059220 | &nbsp;&nbsp;&nbsp;&nbsp; 138659000 | &nbsp;&nbsp;&nbsp;&nbsp; 599780 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2155662 |
| **Contracts to Sell:** <br>|  |  |  |  |  |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3081) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2114100 | &nbsp;&nbsp;&nbsp;&nbsp; 2138391 | &nbsp;&nbsp;&nbsp;&nbsp; (24291) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 9/25 | &nbsp;&nbsp;&nbsp;&nbsp; 45715028 | &nbsp;&nbsp;&nbsp;&nbsp; 46425000 | &nbsp;&nbsp;&nbsp;&nbsp; (709972) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (737344) |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$1418318** |

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series M Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

May 31, 2025

 **Western Asset SMASh Series M Fund**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.IG.44 Index | $130618000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$2621568** | &nbsp;&nbsp;&nbsp; **$2454634** | &nbsp;&nbsp;&nbsp; **$166934** |

---

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

---

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

---

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

See Notes to Schedule of Investments.

------

Western Asset SMASh Series M Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset SMASh Series M Fund (the "Fund") is a separate diversified investment series of Legg Mason Partners Institutional Trust (the "Trust"). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients where an affiliate of Franklin Templeton Fund Adviser, LLC ("FTFA") has an agreement to serve as investment adviser or subadviser (each affiliate, a "Managed Account Adviser") to the account with the managed account program sponsor (the "Program Sponsor") (typically, a registered investment adviser or broker/dealer) or directly with the client. Shareholders of the Fund pay fees to their separately managed account sponsor, some of which are paid to affiliates of FTFA. FTFA and the subadvisers do not charge investment management fees to the Fund.

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.

------

Western Asset SMASh Series M Fund 2025 Quarterly Report

------

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $354573487 | &nbsp;&nbsp; — | &nbsp;&nbsp; $354573487 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 211139241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 211139241 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 42156272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42156272 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 39265540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39265540 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 647134540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 647134540 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Overnight Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp; 39512087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39512087 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agencies | &nbsp;&nbsp; — | &nbsp;&nbsp; 955558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 955558 |
| Total Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 75467645 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75467645 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$722602185** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$722602185** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $2155662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $2155662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $166934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 166934 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$2155662** | &nbsp;&nbsp; **$166934** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2322596** |
| **Total** | &nbsp;&nbsp; **$2155662** | &nbsp;&nbsp; **$722769119** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$724924781** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $737344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $737344 |

---

&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.

------

Western Asset SMASh Series M 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 Partners Institutional Trust

- **b. Investment Company Act file number:** 811-06740

- **c. CIK number of Registrant:** 0000889512

- **d. LEI of Registrant:** 54930003LJE4ZPPMRV82

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

- **a. Name of Series:** Western Asset SMASh Series M Fund

- **b. EDGAR series identifier (if any):** S000014681

- **c. LEI of Series:** 549300IQMLUT4BTBM734

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-30

**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:** $738174854.32

**Total Liabilities:** $292508511.22

**Net Assets:** $445666343.10

**Stand-by Commitments:** $289328584.03

**Cash Not Reported:** $810000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 673.55000000 | **1-Year:** 48347.69000000 | **5-Year:** 224345.23000000 | **10-Year:** 34320.82000000 | **30-Year:** 325.15000000

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

- **3-Month:** 0.04000000 | **1-Year:** 759.80000000 | **5-Year:** 2166.82000000 | **10-Year:** 2.72000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000040179 | 0.46%                | 1.42%                | -1.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2219391.64              | $-3330522.85                               |
| Month 2  | $-2573960.18             | $2718247.47                                |
| Month 3  | $216292.40               | $-4241573.66                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.44.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $2886432.57   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36188MYN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    373608 | PA      | $344027.84    | 0.08%             | 2045-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2023-B                                          | CUSIP: 78449HAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2209648 | PA      | $2255810.26   | 0.51%             | 2056-10-16      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138EGQ64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17636 | PA      | $17652.80     | 0.00%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2022-PSB                                                                | CUSIP: 05606DAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4865881 | PA      | $4868922.32   | 1.09%             | 2039-08-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F032666<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200000 | PA      | $177301.32    | 0.04%             | 2055-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 3617MB5P0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51123 | PA      | $47298.77     | 0.01%             | 2050-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136B8TR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5153289 | PA      | $81414.75     | 0.02%             | 2028-02-25      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38378KYB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  13425499 | PA      | $11556.67     | 0.00%             | 2054-06-16      | Variable      | 0.13%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-VOLT                                           | CUSIP: 05609VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9070000 | PA      | $9028041.27   | 2.03%             | 2036-09-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2021-ROSS                                      | CUSIP: 36264YAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    660000 | PA      | $472772.19    | 0.11%             | 2026-05-15      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622ACPG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    171300 | PA      | $171915.22    | 0.04%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Countrywide Asset-Backed Certi              | CWABS Inc Asset-Backed Certificates Trust 2004-5                                 | CUSIP: 1266716C5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1460397 | PA      | $1429828.02   | 0.32%             | 2034-10-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                     | Goldman Sachs & Co                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Long             | RA               | CORP              | US        |  35000000 | PA      | $35000000.00  | 7.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Multiclass Certifi              | Freddie Mac Multiclass Certificates Series 2020-RR07                             | CUSIP: 3137FRVC2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6000000 | PA      | $393351.90    | 0.09%             | 2028-09-27      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136BDHY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  74520000 | PA      | $290873.92    | 0.07%             | 2030-12-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136BARE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7924904 | PA      | $153038.61    | 0.03%             | 2028-01-25      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan T              | Renaissance Home Equity Loan Trust 2007-3                                        | CUSIP: 75971FAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    141102 | PA      | $112356.04    | 0.03%             | 2037-09-25      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36178NF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5645401 | PA      | $5046784.93   | 1.13%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36241LUX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    563739 | PA      | $552027.67    | 0.12%             | 2041-04-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Inve              | Structured Asset Mortgage Investments II Trust 2005-AR7                          | CUSIP: 86359LQM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83960 | PA      | $78477.27     | 0.02%             | 2046-03-25      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136B8TZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  27985392 | PA      | $596956.41    | 0.13%             | 2028-02-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2024-A                                          | CUSIP: 831943AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10348663 | PA      | $10446327.54  | 2.34%             | 2056-03-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H062669<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  25000000 | PA      | $25533938.75  | 5.73%             | 2054-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36178WGQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7528858 | PA      | $6642211.88   | 1.49%             | 2042-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136A6Q56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5637 | PA      | $5095.78      | 0.00%             | 2042-03-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Residential Funding Securities              | RFSC Series 2002-RP2 Trust                                                       | CUSIP: 760985PC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1104 | PA      | $1074.07      | 0.00%             | 2032-10-25      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36188MYH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    322852 | PA      | $301193.44    | 0.07%             | 2045-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Residential Accredit Loans, In              | RALI Series 2006-QO7 Trust                                                       | CUSIP: 751150AH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    228721 | PA      | $223659.69    | 0.05%             | 2046-09-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Impac CMB Trust                             | Impac CMB Trust Series 2004-7                                                    | CUSIP: 45254NKF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1184042 | PA      | $1170098.82   | 0.26%             | 2034-11-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Tru              | SMB Private Education Loan Trust 2021-C                                          | CUSIP: 83208AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2081212 | PA      | $1830877.11   | 0.41%             | 2053-01-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                     | Federal Home Loan Bank Discount Notes                                            | CUSIP: 313385MQ6<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    970000 | PA      | $955557.91    | 0.21%             | 2025-10-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                 | PRKCM 2021-AFC1 Trust                                                            | CUSIP: 69357TAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13759992 | PA      | $11539664.95  | 2.59%             | 2056-08-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622AAKS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    322725 | PA      | $277110.48    | 0.06%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136AARL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    219098 | PA      | $24361.38     | 0.01%             | 2042-12-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FTZM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  44926563 | PA      | $4449944.58   | 1.00%             | 2035-02-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137F72D6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  34894203 | PA      | $491010.29    | 0.11%             | 2027-09-25      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                                               | CUSIP: 05608RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8415000 | PA      | $8376746.25   | 1.88%             | 2036-10-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F050668<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1600000 | PA      | $1548944.86   | 0.35%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2021-ESH                                             | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3165015 | PA      | $3166906.14   | 0.71%             | 2038-07-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp Trust 2021-ROSS                                      | CUSIP: 36264YAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2894000 | PA      | $2380956.02   | 0.53%             | 2026-05-15      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137BXR20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  45802009 | PA      | $401793.54    | 0.09%             | 2027-03-25      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                             | Goodgreen 2021-1 Trust                                                           | CUSIP: 38217UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6543078 | PA      | $5319409.17   | 1.19%             | 2056-10-15      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA2                                          | CUSIP: 35564KDB2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | USGSE             | US        |   5536566 | PA      | $5658245.11   | 1.27%             | 2033-08-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC Series 2019-UVIL                                                            | CUSIP: 12656DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9184847.00   | 2.06%             | 2041-12-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortga              | MF1 2021-FL7 Ltd                                                                 | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1729892 | PA      | $1729985.09   | 0.39%             | 2036-10-16      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FMCT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5515163 | PA      | $171011.96    | 0.04%             | 2029-05-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Collateralized Lo              | Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd                           | CUSIP: 03880KAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    592957 | PA      | $593378.60    | 0.13%             | 2034-08-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T              | Alternative Loan Trust 2005-24                                                   | CUSIP: 12667GNS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157254 | PA      | $140760.09    | 0.03%             | 2035-07-20      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FWHG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  40270147 | PA      | $3745808.27   | 0.84%             | 2035-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE MORTGAGE FUNDING C              | Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2003-4               | CUSIP: 16678RAJ6<br>LEI: 549300YJP2VT3ZPGT715 | Long             | ABS-MBS          | CORP              | US        |    446537 | PA      | $434925.91    | 0.10%             | 2034-10-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1261109 | PA      | $1160249.42   | 0.26%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H022663<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  26300000 | PA      | $22037217.63  | 4.94%             | 2055-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137F83S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  53461080 | PA      | $2296148.06   | 0.52%             | 2030-10-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2017-RPL3 Trust                                                             | CUSIP: 12651YAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9602874 | PA      | $9014032.14   | 2.02%             | 2057-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140HWJ94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4382832 | PA      | $3951667.43   | 0.89%             | 2031-11-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| BNY MELLON CASH RESERVE EOD FUND            | BNY MELLON CASH RESERVE EOD FUND                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  42580138 | NS      | $42580138.44  | 9.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622AANA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  21967759 | PA      | $19822732.23  | 4.45%             | 2048-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investo              | Merrill Lynch Mortgage Investors Trust Series 2006-A1                            | CUSIP: 59020U5U5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249633 | PA      | $146732.36    | 0.03%             | 2036-03-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F052664<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11300000 | PA      | $11187765.46  | 2.51%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2018-GS9                                            | CUSIP: 36255NAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1725000 | PA      | $1574591.39   | 0.35%             | 2051-03-10      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu              | JPMBB Commercial Mortgage Securities Trust 2015-C30                              | CUSIP: 46644UBE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10544000 | PA      | $10358315.94  | 2.32%             | 2048-07-15      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2016-4                                       | CUSIP: 64829LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2348980 | PA      | $2239499.45   | 0.50%             | 2056-11-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XFN49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135000 | PA      | $119962.31    | 0.03%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138AFB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6775 | PA      | $6781.25      | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2017-RPL3 Trust                                                             | CUSIP: 12651YAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9435962 | PA      | $9131002.45   | 2.05%             | 2057-08-01      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 3622A3CG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2940394 | PA      | $2692916.09   | 0.60%             | 2048-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36195JJM0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     13184 | PA      | $11742.95     | 0.00%             | 2046-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138LUTG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     55229 | PA      | $53647.18     | 0.01%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622AB4U3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1020982 | PA      | $968085.01    | 0.22%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H030666<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8600000 | PA      | $7493748.63   | 1.68%             | 2055-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36241LW51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     50105 | PA      | $49058.60     | 0.01%             | 2041-07-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2020-2                                                 | CUSIP: 89176UAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8740000 | PA      | $6696973.43   | 1.50%             | 2060-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136B7GP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9316911 | PA      | $175960.11    | 0.04%             | 2030-02-25      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140FXTS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1452842 | PA      | $1119540.77   | 0.25%             | 2061-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta              | Greystone CRE Notes 2021-FL3 Ltd                                                 | CUSIP: 39809PAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2356758 | PA      | $2361295.31   | 0.53%             | 2039-07-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      4221 | NC      | $1555571.01   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F022667<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8600000 | PA      | $7005867.62   | 1.57%             | 2055-06-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36178WDN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   8809150 | PA      | $7869747.46   | 1.77%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2017-RPL1 Trust                                                             | CUSIP: 22945AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2537720 | PA      | $2468991.92   | 0.55%             | 2057-07-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| SREIT Trust                                 | SREIT Trust 2021-PALM                                                            | CUSIP: 85237AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2930000 | PA      | $2917367.31   | 0.65%             | 2034-10-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F042665<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  13100000 | PA      | $12357056.16  | 2.77%             | 2055-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617JYLP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    181277 | PA      | $161449.13    | 0.04%             | 2050-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                 | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2020000 | PA      | $2025021.80   | 0.45%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136ADKM0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    371654 | PA      | $64975.23     | 0.01%             | 2043-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136BBBW1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2296457 | PA      | $137223.43    | 0.03%             | 2034-09-25      | Variable      | 1.30%                 | No            |                  2 | On Loan: No      |
| MASTR Adjustable Rate Mortgage              | MASTR Adjustable Rate Mortgages Trust 2005-7                                     | CUSIP: 576433D52<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     55543 | PA      | $33298.90     | 0.01%             | 2035-09-25      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      1252 | NC      | $599779.79    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38379GZ83<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    331397 | PA      | $66054.48     | 0.01%             | 2044-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2020-B21 Mortgage Trust                                                | CUSIP: 08163LAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8020000 | PA      | $6667864.09   | 1.50%             | 2053-12-17      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622AAHA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    125373 | PA      | $111676.65    | 0.03%             | 2049-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F060667<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  47400000 | PA      | $47870099.45  | 10.74%            | 2055-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    408470 | PA      | $365310.38    | 0.08%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38379U6W1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    739240 | PA      | $28000.19     | 0.01%             | 2057-02-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140FXKP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1641804 | PA      | $1551659.84   | 0.35%             | 2058-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617MB5B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    133205 | PA      | $123260.42    | 0.03%             | 2050-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617K1ZG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1392189 | PA      | $1288264.69   | 0.29%             | 2049-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617MB5S4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     85921 | PA      | $79506.49     | 0.02%             | 2050-03-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | U.S. TREASURY BOND                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -5 | NC      | $-3080.90     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| RAAC Series                                 | RAAC Series 2006-SP1 Trust                                                       | CUSIP: 76112B3F5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    316528 | PA      | $311185.64    | 0.07%             | 2045-09-25      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R01                                     | CUSIP: 20754RAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8084821 | PA      | $8109793.69   | 1.82%             | 2041-10-25      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140FXG89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3691884 | PA      | $3489123.79   | 0.78%             | 2057-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H042661<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  28100000 | PA      | $26515494.95  | 5.95%             | 2055-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas              | FRESB 2015-SB7 Mortgage Trust                                                    | CUSIP: 30287WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    832006 | PA      | $826037.93    | 0.19%             | 2035-09-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622AB6B3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    824962 | PA      | $780323.79    | 0.18%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX 2021-MFM1                                                                     | CUSIP: 05608VAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1142990 | PA      | $1142439.25   | 0.26%             | 2034-01-15      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities               | GS Mortgage-Backed Securities Trust 2018-RPL1                                    | CUSIP: 36256BAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7620979 | PA      | $7431072.61   | 1.67%             | 2057-10-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H060663<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  50900000 | PA      | $51401150.71  | 11.53%            | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bayview Financial Asset Trust               | Bayview Financial Asset Trust 2007-SSR1                                          | CUSIP: 07325QAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    257640 | PA      | $256349.23    | 0.06%             | 2037-03-25      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         1 | NC      | $310.77       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Homebanc Mortgage Trust                     | HomeBanc Mortgage Trust 2004-2                                                   | CUSIP: 43739EAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    825335 | PA      | $784147.47    | 0.18%             | 2034-12-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136B7GF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5181723 | PA      | $37569.56     | 0.01%             | 2030-02-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138AFC65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18789 | PA      | $18806.50     | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan T              | Renaissance Home Equity Loan Trust 2007-3                                        | CUSIP: 75971FAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    617777 | PA      | $491879.23    | 0.11%             | 2037-09-25      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2014-USA OA LLC                                                             | CUSIP: 12649AAC3<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   3290000 | PA      | $3073682.50   | 0.69%             | 2037-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617MKK99<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    510822 | PA      | $470359.24    | 0.11%             | 2050-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F020661<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  25200000 | PA      | $19587715.06  | 4.40%             | 2054-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Countrywide Alternative Loan T              | Alternative Loan Trust 2005-57CB                                                 | CUSIP: 12668AYS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    192516 | PA      | $101185.07    | 0.02%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                 | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $40131250.00  | 9.00%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137F82T9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  18257994 | PA      | $699094.92    | 0.16%             | 2030-11-25      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -19 | NC      | $-24290.74    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136B6XJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11391827 | PA      | $10633572.42  | 2.39%             | 2029-08-25      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F040669<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2748909.99   | 0.62%             | 2055-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138AFV31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8910 | PA      | $8918.79      | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Origen Manufactured Housing                 | Origen Manufactured Housing Contract Trust 2007-A                                | CUSIP: 68620CAB6<br>LEI: 5493001P8LORMOBBQA95 | Long             | ABS-O            | CORP              | US        |    107539 | PA      | $99896.12     | 0.02%             | 2037-04-15      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX 2021-LBA3 Mortgage Trust                                                      | CUSIP: 05609PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11580000 | PA      | $11533710.11  | 2.59%             | 2036-10-15      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38378XSQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  44389765 | PA      | $195821.01    | 0.04%             | 2055-01-16      | Variable      | 0.13%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Cer              | WaMu Mortgage Pass-Through Certificates Series 2004-AR13 Trust                   | CUSIP: 92922FB64<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2925257 | PA      | $2784511.22   | 0.62%             | 2034-11-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                         | BHMS 2018-ATLS                                                                   | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3350000 | PA      | $3350418.08   | 0.75%             | 2035-07-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2019-2                                       | CUSIP: 64830DAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9514672 | PA      | $9282869.99   | 2.08%             | 2057-12-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136B3YD6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2802309.30   | 0.63%             | 2036-01-25      | Fixed         | 3.70%                 | 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        |      -400 | NC      | $-709972.24   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H040665<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  13400000 | PA      | $12273101.27  | 2.75%             | 2053-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31410GPR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51948 | PA      | $54763.73     | 0.01%             | 2037-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136AFRB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149737 | PA      | $3383.49      | 0.00%             | 2028-07-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2746505 | PA      | $2455246.36   | 0.55%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38378XUN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   7420440 | PA      | $44800.16     | 0.01%             | 2055-05-16      | Variable      | 0.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622ACPU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    768580 | PA      | $765991.15    | 0.17%             | 2053-08-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Thrust Engine Leasing                       | Thrust Engine Leasing 2021 DAC                                                   | CUSIP: 88603UAA7<br>LEI: 254900X0E0PUM0VQBP74 | Long             | ABS-O            | CORP              | US        |   7398102 | PA      | $7159957.48   | 1.61%             | 2040-07-15      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2021-RPL4 Trust                                                             | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5310351 | PA      | $5289983.38   | 1.19%             | 2060-12-27      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                        | CUSIP: 01F062663<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16300000 | PA      | $16738830.07  | 3.76%             | 2055-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GMAC Mortgage Corporation Loan              | GMACM Mortgage Loan Trust 2006-AR1                                               | CUSIP: 36185MDN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    306567 | PA      | $254647.10    | 0.06%             | 2036-04-19      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38379JA50<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    398098 | PA      | $62485.36     | 0.01%             | 2045-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co              | Structured Asset Securities Corp Mortgage Pass-Through Ctfs Ser 2003-9A          | CUSIP: 86359ARF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48062 | PA      | $47077.00     | 0.01%             | 2033-03-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617K1Y72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    463903 | PA      | $429274.31    | 0.10%             | 2049-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136B56Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  31315236 | PA      | $629978.01    | 0.14%             | 2029-09-25      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| SUNRUN VULCAN ISSUER LLC                    | Sunrun Vulcan Issuer 2021-1 LLC                                                  | CUSIP: 86773QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2839706 | PA      | $2519190.45   | 0.57%             | 2052-01-30      | Fixed         | 2.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H020667<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6700000 | PA      | $5383719.88   | 1.21%             | 2054-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| THE 2023-MIC Trust                          | 2023-MIC Trust/THE                                                               | CUSIP: 87256GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3470000 | PA      | $3769975.25   | 0.85%             | 2038-12-05      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR Debt Notes 2015-DNA3                                           | CUSIP: 3137G0GX1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1372211 | PA      | $1385726.50   | 0.31%             | 2028-04-25      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137F62P1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  27157830 | PA      | $1108683.11   | 0.25%             | 2030-09-25      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137FUZK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  29573539 | PA      | $3169733.33   | 0.71%             | 2035-05-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617MB4M8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120310 | PA      | $109110.08    | 0.02%             | 2050-01-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                           | KREF 2021-FL2 Ltd                                                                | CUSIP: 48275RAA5<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-CBDO         | CORP              | KY        |   2130199 | PA      | $2126294.50   | 0.48%             | 2039-02-15      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Structured Asset Securities Co              | Structured Asset Securities Corp Mortgage Pass Through Certificates Ser 2001-SB1 | CUSIP: 86358RDU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      5674 | PA      | $5656.96      | 0.00%             | 2031-08-25      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138X7HH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8966 | PA      | $8757.88      | 0.00%             | 2043-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Blackbird Capital Aircraft                  | Blackbird Capital Aircraft Lease Securitization Ltd 2016-1                       | CUSIP: 09228YAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5483409 | PA      | $5474214.06   | 1.23%             | 2041-12-16      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                       | CUSIP: 21H052660<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  19700000 | PA      | $19563792.82  | 4.39%             | 2054-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                  | Navient Student Loan Trust 2021-1                                                | CUSIP: 63942NAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1577630 | PA      | $1551528.05   | 0.35%             | 2069-12-26      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                              | Fannie Mae-Aces                                                                  | CUSIP: 3136BDDH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  35907669 | PA      | $2003019.53   | 0.45%             | 2033-12-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36178DH20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1399701 | PA      | $1252997.34   | 0.28%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BrightSpire Capital, Inc                    | BRSP 2021-FL1 Ltd                                                                | CUSIP: 05591XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2084809 | PA      | $2079486.02   | 0.47%             | 2038-08-19      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3622AB4Z2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    406625 | PA      | $397678.34    | 0.09%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                                         | CUSIP: 38375CWH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1112812 | PA      | $132802.49    | 0.03%             | 2042-04-16      | Floating      | 2.16%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Legg Mason Partners Institutional Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer