# EDGAR Filing Document

**Accession Number:** 0001058239
**File Stem:** 0000940400-26-011567
**Filing Date:** 2026-3
**Character Count:** 335332
**Document Hash:** f42c0a55638ab884b58dc875b5dd3fe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-011567.hdr.sgml**: 20260326

**ACCESSION NUMBER**: 0000940400-26-011567

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260326

**DATE AS OF CHANGE**: 20260326

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET HIGH INCOME FUND II INC.
- **CENTRAL INDEX KEY:** 0001058239

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08709
- **FILM NUMBER:** 26797454

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 8887770102

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALOMON BROTHERS HIGH INCOME FUND II INC
- **DATE OF NAME CHANGE:** 19980421

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALOMON BROTHERS HIGH YIELD BOND FUND IN
- **DATE OF NAME CHANGE:** 19980319

## Nport-Ex

Schedule of Investments (unaudited)

January 31, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

 **Western Asset High Income Fund II Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 106.3%** | **Corporate Bonds & Notes — 106.3%** | **Corporate Bonds & Notes — 106.3%** | **Corporate Bonds & Notes — 106.3%** | **Corporate Bonds & Notes — 106.3%** |
| **Communication Services — 20.4%** | **Communication Services — 20.4%** | **Communication Services — 20.4%** | **Communication Services — 20.4%** | **Communication Services — 20.4%** |
| *Diversified Telecommunication Services — 5.6%* | *Diversified Telecommunication Services — 5.6%* | *Diversified Telecommunication Services — 5.6%* | *Diversified Telecommunication Services — 5.6%* | *Diversified Telecommunication Services — 5.6%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 2240000<br>| &nbsp;&nbsp;&nbsp; $1628274<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 3241908<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1, Senior Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 934000<br>| &nbsp;&nbsp;&nbsp; 903276<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 920455<br>| &nbsp;&nbsp;&nbsp; 945162<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1905489<br>| &nbsp;&nbsp;&nbsp; 1862244<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 396342<br>| &nbsp;&nbsp;&nbsp; 387255<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 1585000<br>| &nbsp;&nbsp;&nbsp; 1547106<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 7/18/36 | &nbsp;&nbsp; 1176000<br>| &nbsp;&nbsp;&nbsp; 1192840<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fibercop SpA, Senior Secured Notes | &nbsp;&nbsp; 7.721% | &nbsp;&nbsp; 6/4/38 | &nbsp;&nbsp; 202000<br>| &nbsp;&nbsp;&nbsp; 207978<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 2480000<br>| &nbsp;&nbsp;&nbsp; 2541241<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 278386<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Telecom Argentina SA, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 983480<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Telecom Argentina SA, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 5/28/33 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1162946<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/30/34 | &nbsp;&nbsp; 161000<br>| &nbsp;&nbsp;&nbsp; 165131<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, Senior Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 7/18/36 | &nbsp;&nbsp; 394000<br>| &nbsp;&nbsp;&nbsp; 427546<br>|
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, Senior Notes | &nbsp;&nbsp; 7.721% | &nbsp;&nbsp; 6/4/38 | &nbsp;&nbsp; 98000<br>| &nbsp;&nbsp;&nbsp; 109599<br>|
| &nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 5/20/29 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp;&nbsp; 1740771<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp; 2150537<br> <sup>(a)(b)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *21475680* |
| *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* | *Entertainment — 0.6%* |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 3310000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2333550*<br> <sup>(b)</sup><br>|
| *Media — 9.8%* | *Media — 9.8%* | *Media — 9.8%* | *Media — 9.8%* | *Media — 9.8%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1106055<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1313712<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp;&nbsp; 2054992<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 4940000<br>| &nbsp;&nbsp;&nbsp; 4950171<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 4/1/61 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 650663<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1314757<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 314265<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp;&nbsp; 1845291<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1346495<br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1990000<br>| &nbsp;&nbsp;&nbsp; 2060581<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 5051707<br>| &nbsp;&nbsp;&nbsp; 5540535<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 2926369<br>| &nbsp;&nbsp;&nbsp; 2981935<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 143344<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 932307<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1929385<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 845500<br>| &nbsp;&nbsp;&nbsp; 799712<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1066355<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1117746<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1084555<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC, Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 3428060<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; $1048191<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 802990<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *37832097* |
| *Wireless Telecommunication Services — 4.4%* | *Wireless Telecommunication Services — 4.4%* | *Wireless Telecommunication Services — 4.4%* | *Wireless Telecommunication Services — 4.4%* | *Wireless Telecommunication Services — 4.4%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1101985<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 1348126<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 2330000<br>| &nbsp;&nbsp;&nbsp; 871284<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 477578<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 4630000<br>| &nbsp;&nbsp;&nbsp; 2812948<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2360718<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 5170000<br>| &nbsp;&nbsp;&nbsp; 6262960<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp; 1883865<br> <sup>(a)(b)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *17119464* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **78760791** |
| **Consumer Discretionary — 18.1%** | **Consumer Discretionary — 18.1%** | **Consumer Discretionary — 18.1%** | **Consumer Discretionary — 18.1%** | **Consumer Discretionary — 18.1%** |
| *Automobile Components — 3.0%* | *Automobile Components — 3.0%* | *Automobile Components — 3.0%* | *Automobile Components — 3.0%* | *Automobile Components — 3.0%* |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 2410000<br>| &nbsp;&nbsp;&nbsp; 2480534<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1517666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 889788<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 2210000<br>| &nbsp;&nbsp;&nbsp; 2298533<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/23/30 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 842806<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1487089<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 2210000<br>| &nbsp;&nbsp;&nbsp; 2205134<br> <sup>(a)(b)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *11721550* |
| *Automobiles — 2.1%* | *Automobiles — 2.1%* | *Automobiles — 2.1%* | *Automobiles — 2.1%* | *Automobiles — 2.1%* |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 1300000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 1609326<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 3/6/30 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 442794<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 6/17/31 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1026244<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 5280000<br>| &nbsp;&nbsp;&nbsp; 4848043<br> <sup>(a)(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *7926407* |
| *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Marks & Spencer PLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 2240000<br>| &nbsp;&nbsp;&nbsp; 2459037<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 4.193% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 575280<br> <sup>(e)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3034317* |
| *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; IPD 3 BV, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 320000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 378782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IPD 3 BV, Senior Secured Notes (3 mo. EURIBOR + 3.375%) | &nbsp;&nbsp; 5.475% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 230000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 272891<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Corp. International, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1417397<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *2069070* |
| *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 813051<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival PLC, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 6990000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 7730558<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 3770000<br>| &nbsp;&nbsp;&nbsp; 3449550<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1228323<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1208229<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3085173<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco PLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/11/28 | &nbsp;&nbsp; 1900000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; $2740326<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp;&nbsp; 1970328<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 2620000<br>| &nbsp;&nbsp;&nbsp; 2499274<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1500775<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/26/28 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2247416<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 796658<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; 2177467<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 808517<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *32255645* |
| *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* | *Household Durables — 0.7%* |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp; 1652579<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 860307<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *2512886* |
| *Specialty Retail — 2.7%* | *Specialty Retail — 2.7%* | *Specialty Retail — 2.7%* | *Specialty Retail — 2.7%* | *Specialty Retail — 2.7%* |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1591237<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 2480000<br>| &nbsp;&nbsp;&nbsp; 2397105<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 526650<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1306475<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1384911<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp;&nbsp; 1908623<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1418000<br>| &nbsp;&nbsp;&nbsp; 1406623<br> <sup>(a)(b)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *10521624* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **70041499** |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco <br> SL, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/27/29 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2140309*<br> <sup>(a)</sup><br>|
| *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Grupo Nutresa SA, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/12/30 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1503730*<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3644039** |
| **Energy — 19.9%** | **Energy — 19.9%** | **Energy — 19.9%** | **Energy — 19.9%** | **Energy — 19.9%** |
| *Energy Equipment & Services — 1.1%* | *Energy Equipment & Services — 1.1%* | *Energy Equipment & Services — 1.1%* | *Energy Equipment & Services — 1.1%* | *Energy Equipment & Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp;&nbsp; 1953746<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 949130<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WBI Operating LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1535443<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *4438319* |
| *Oil, Gas & Consumable Fuels — 18.8%* | *Oil, Gas & Consumable Fuels — 18.8%* | *Oil, Gas & Consumable Fuels — 18.8%* | *Oil, Gas & Consumable Fuels — 18.8%* | *Oil, Gas & Consumable Fuels — 18.8%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 530405<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1142454<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2437553<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240386<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 272000<br>| &nbsp;&nbsp;&nbsp; 280041<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 716540<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 2590000<br>| &nbsp;&nbsp;&nbsp; 2616340<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 1777344<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/2/51 | &nbsp;&nbsp; 4110000<br>| &nbsp;&nbsp;&nbsp; $2970108<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 <br> then 5 year Treasury Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 954931<br> <sup>(b)(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 <br> then 3 mo. USD LIBOR + 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 751000<br>| &nbsp;&nbsp;&nbsp; 761673<br> <sup>(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/5/29 | &nbsp;&nbsp; 3440000<br>| &nbsp;&nbsp;&nbsp; 3308874<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20777<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1437377<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 2267217<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term <br> SOFR + 5.750%) | &nbsp;&nbsp; 9.410% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 927027<br>| &nbsp;&nbsp;&nbsp; 964108<br> <sup>(a)(f)(i)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC, Senior Notes | &nbsp;&nbsp; 7.768% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 2219716<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1810000<br>| &nbsp;&nbsp;&nbsp; 1828605<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1358832<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 999829<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/27/41 | &nbsp;&nbsp; 5620000<br>| &nbsp;&nbsp;&nbsp; 5650123<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1322615<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/19/47 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 672125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/2/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 872550<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/23/45 | &nbsp;&nbsp; 5220000<br>| &nbsp;&nbsp;&nbsp; 4249136<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 496339<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 648111<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30 then 5 year <br> Treasury Constant Maturity Rate + 4.230%) | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 2961000<br>| &nbsp;&nbsp;&nbsp; 3051725<br> <sup>(a)(b)(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunoco LP, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 573762<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to <br> 9/30/29 then 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 7320000<br>| &nbsp;&nbsp;&nbsp; 6444113<br> <sup>(a)(b)(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 2290000<br>| &nbsp;&nbsp;&nbsp; 2422639<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1077601<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 1070974<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 776060<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1109850<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; 1342792<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 7627000<br>| &nbsp;&nbsp;&nbsp; 6553926<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 885375<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/24/44 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp;&nbsp; 3897480<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 7/21/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 677254<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *72627660* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **77065979** |
| **Financials — 11.0%** | **Financials — 11.0%** | **Financials — 11.0%** | **Financials — 11.0%** | **Financials — 11.0%** |
| *Banks — 3.5%* | *Banks — 3.5%* | *Banks — 3.5%* | *Banks — 3.5%* | *Banks — 3.5%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Junior Subordinated Notes (9.625% to 11/21/33 <br> then 5 year Treasury Constant Maturity Rate + 5.298%) | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 5/21/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1207373<br> <sup>(b)(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then <br> 5 year Treasury Constant Maturity Rate + 4.899%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/16/29 | &nbsp;&nbsp; 4320000<br>| &nbsp;&nbsp;&nbsp; 4590834<br> <sup>(a)(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 <br> year Treasury Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 692664<br> <sup>(f)(h)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 <br> year Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; $337341<br> <sup>(f)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then <br> SOFR + 4.250%) | &nbsp;&nbsp; 8.113% | &nbsp;&nbsp; 11/3/33 | &nbsp;&nbsp; 1730000<br>| &nbsp;&nbsp;&nbsp; 2023701<br> <sup>(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to <br> 3/27/30 then 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 4320000<br>| &nbsp;&nbsp;&nbsp; 4692315<br> <sup>(d)(f)(h)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *13544228* |
| *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* |
| &nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1423387<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14780000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(i)(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1032489<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; 1639358<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then <br> 5 year Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; 1572957<br> <sup>(a)(b)(f)(h)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *5668191* |
| *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* | *Consumer Finance — 0.8%* |
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1040752<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo. Term <br> SOFR + 3.750%) | &nbsp;&nbsp; 7.422% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 1930000<br>| &nbsp;&nbsp;&nbsp; 1933949<br> <sup>(a)(f)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *2974701* |
| *Financial Services — 1.8%* | *Financial Services — 1.8%* | *Financial Services — 1.8%* | *Financial Services — 1.8%* | *Financial Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 567720<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 2330000<br>| &nbsp;&nbsp;&nbsp; 2451120<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1393190<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1247385<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 601330<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior <br> Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 921133<br> <sup>(a)(b)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *7181878* |
| *Insurance — 2.2%* | *Insurance — 2.2%* | *Insurance — 2.2%* | *Insurance — 2.2%* | *Insurance — 2.2%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 554003<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 <br> Somerset Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp; 1432483<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC and Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 4060000<br>| &nbsp;&nbsp;&nbsp; 4244545<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC and Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1062495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetLife Capital Trust IV, Junior Subordinated Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1220597<br> <sup>(a)(b)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *8514123* |
| *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 1.2%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 568292<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 2160000<br>| &nbsp;&nbsp;&nbsp; 2105620<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1820000<br>| &nbsp;&nbsp;&nbsp; 1921689<br> <sup>(a)(b)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *4595601* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **42478722** |
| **Health Care — 8.0%** | **Health Care — 8.0%** | **Health Care — 8.0%** | **Health Care — 8.0%** | **Health Care — 8.0%** |
| *Health Care Providers & Services — 4.3%* | *Health Care Providers & Services — 4.3%* | *Health Care Providers & Services — 4.3%* | *Health Care Providers & Services — 4.3%* | *Health Care Providers & Services — 4.3%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2570000<br>| &nbsp;&nbsp;&nbsp; 2365428<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; $502543<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1068360<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 2754000<br>| &nbsp;&nbsp;&nbsp; 2968228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1638818<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/95 | &nbsp;&nbsp; 2205000<br>| &nbsp;&nbsp;&nbsp; 2393094<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1091827<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1580198<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1260000<br> <sup>(a)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1810000<br>| &nbsp;&nbsp;&nbsp; 1979572<br> <sup>(b)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *16848068* |
| *Pharmaceuticals — 3.7%* | *Pharmaceuticals — 3.7%* | *Pharmaceuticals — 3.7%* | *Pharmaceuticals — 3.7%* | *Pharmaceuticals — 3.7%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 5232000<br>| &nbsp;&nbsp;&nbsp; 5374635<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Americas Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 647146<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 245644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 981305<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2481400<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2727408<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1445600<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 367583<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *14270721* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **31118789** |
| **Industrials — 10.9%** | **Industrials — 10.9%** | **Industrials — 10.9%** | **Industrials — 10.9%** | **Industrials — 10.9%** |
| *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* |
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 597660<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp;&nbsp; 1985233<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 611563<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1541225<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1018079<br> <sup>(a)(b)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *5753760* |
| *Building Products — 0.6%* | *Building Products — 0.6%* | *Building Products — 0.6%* | *Building Products — 0.6%* | *Building Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 539677<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1960000<br>| &nbsp;&nbsp;&nbsp; 2033719<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *2573396* |
| *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* | *Commercial Services & Supplies — 3.5%* |
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3930000<br>| &nbsp;&nbsp;&nbsp; 4118727<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2080000<br>| &nbsp;&nbsp;&nbsp; 2270746<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1035914<br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1227476<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1896300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2780000<br>| &nbsp;&nbsp;&nbsp; 2895392<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *13444555* |
| *Construction & Engineering — 1.2%* | *Construction & Engineering — 1.2%* | *Construction & Engineering — 1.2%* | *Construction & Engineering — 1.2%* | *Construction & Engineering — 1.2%* |
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 675777<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean <br> Tower Partners Colombia SAS, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/3/30 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1753642<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* | *Construction & Engineering — continued* |
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 2070000<br>| &nbsp;&nbsp;&nbsp; $2287004<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *4716423* |
| *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* | *Ground Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1941131*<br> <sup>(a)</sup><br>|
| *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 613596<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1428593<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 1441000<br>| &nbsp;&nbsp;&nbsp; 1448136<br> <sup>(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *3490325* |
| *Passenger Airlines — 1.8%* | *Passenger Airlines — 1.8%* | *Passenger Airlines — 1.8%* | *Passenger Airlines — 1.8%* | *Passenger Airlines — 1.8%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 3540000<br>| &nbsp;&nbsp;&nbsp; 3606092<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1952499<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1377503<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *6936094* |
| *Trading Companies & Distributors — 0.8%* | *Trading Companies & Distributors — 0.8%* | *Trading Companies & Distributors — 0.8%* | *Trading Companies & Distributors — 0.8%* | *Trading Companies & Distributors — 0.8%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1113194<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 1122318<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 842639<br> <sup>(a)(b)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *3078151* |
| *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *419910*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **42353745** |
| **Information Technology — 6.3%** | **Information Technology — 6.3%** | **Information Technology — 6.3%** | **Information Technology — 6.3%** | **Information Technology — 6.3%** |
| *Communications Equipment — 1.9%* | *Communications Equipment — 1.9%* | *Communications Equipment — 1.9%* | *Communications Equipment — 1.9%* | *Communications Equipment — 1.9%* |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 5210000<br>| &nbsp;&nbsp;&nbsp; 5536235<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1750234<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *7286469* |
| *Electronic Equipment, Instruments & Components — 1.0%* | *Electronic Equipment, Instruments & Components — 1.0%* | *Electronic Equipment, Instruments & Components — 1.0%* | *Electronic Equipment, Instruments & Components — 1.0%* | *Electronic Equipment, Instruments & Components — 1.0%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 1006060<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp;&nbsp; 2786837<br> <sup>(a)(b)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *3792897* |
| *IT Services — 1.3%* | *IT Services — 1.3%* | *IT Services — 1.3%* | *IT Services — 1.3%* | *IT Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1081594<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3470000<br>| &nbsp;&nbsp;&nbsp; 3420460<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 480000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 580490<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *5082544* |
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1395014*<br> <sup>(a)(b)</sup><br>|
| *Software — 1.6%* | *Software — 1.6%* | *Software — 1.6%* | *Software — 1.6%* | *Software — 1.6%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1385003<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 2970000<br>| &nbsp;&nbsp;&nbsp; 3023751<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 978809<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 855010<br> <sup>(a)(b)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *6242573* |

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; $*668792*<br> <sup>(a)(b)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **24468289** |
| **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** | **Materials — 5.6%** |
| *Chemicals — 0.8%* | *Chemicals — 0.8%* | *Chemicals — 0.8%* | *Chemicals — 0.8%* | *Chemicals — 0.8%* |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 675513<br>|
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 500888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1737066<br> <sup>(a)(b)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2913467* |
| *Metals & Mining — 4.8%* | *Metals & Mining — 4.8%* | *Metals & Mining — 4.8%* | *Metals & Mining — 4.8%* | *Metals & Mining — 4.8%* |
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3608683<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 601346<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2468285<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1598586<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp;&nbsp; 6231003<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 799013<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/21/36 | &nbsp;&nbsp; 2960000<br>| &nbsp;&nbsp;&nbsp; 3358013<br> <sup>(d)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *18664929* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **21578396** |
| **Real Estate — 2.9%** | **Real Estate — 2.9%** | **Real Estate — 2.9%** | **Real Estate — 2.9%** | **Real Estate — 2.9%** |
| *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* | *Diversified REITs — 1.1%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1076146<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 3.692% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 220000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 262897<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 171639<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 761075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019 Inc./CSL Capital LLC, Senior <br> Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1885867<br> <sup>(a)(g)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *4157624* |
| *Health Care REITs — 0.4%* | *Health Care REITs — 0.4%* | *Health Care REITs — 0.4%* | *Health Care REITs — 0.4%* | *Health Care REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 232172<br>|
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1227128<br> <sup>(a)</sup><br>|
| *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | *Total Health Care REITs* | &nbsp;&nbsp; *1459300* |
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or <br> 8.500% PIK) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 294005<br>| &nbsp;&nbsp;&nbsp; 15376<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or <br> 9.000% PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 239445<br>| &nbsp;&nbsp;&nbsp; 3592<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or <br> 9.800% PIK) | &nbsp;&nbsp; 9.800% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 316072<br>| &nbsp;&nbsp;&nbsp; 4346<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31 <br> then 1.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/30/2173 | &nbsp;&nbsp; 414893<br>| &nbsp;&nbsp;&nbsp; 3112<br> <sup>(e)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 115611<br>| &nbsp;&nbsp;&nbsp; 867<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., Senior Secured Notes (2.500% Cash <br> or 5.000% PIK) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 525618<br>| &nbsp;&nbsp;&nbsp; 59149<br> <sup>(c)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 351891<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1580000<br>| &nbsp;&nbsp;&nbsp; 1643059<br> <sup>(a)(b)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *2081392* |

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* | *Specialized REITs — 0.9%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; $771119<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 2280000<br>| &nbsp;&nbsp;&nbsp; 2328712<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 455400<br> <sup>(a)(b)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *3555231* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **11253547** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* | *Electric Utilities — 2.1%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 529062<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eskom Holdings, Senior Notes | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1201366<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 2820000<br>| &nbsp;&nbsp;&nbsp; 2850758<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 953914<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 1037419<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1314063<br> <sup>(a)(b)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *7886582* |
| *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *809342*<br> <sup>(a)(b)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **8695924** |
| **Total Corporate Bonds & Notes (Cost — $381,978,512)** | **Total Corporate Bonds & Notes (Cost — $381,978,512)** | **Total Corporate Bonds & Notes (Cost — $381,978,512)** | **Total Corporate Bonds & Notes (Cost — $381,978,512)** | &nbsp;&nbsp; **411459720** |
| **Senior Loans — 14.3%** | **Senior Loans — 14.3%** | **Senior Loans — 14.3%** | **Senior Loans — 14.3%** | **Senior Loans — 14.3%** |
| **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** |
| *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (6 mo. Term SOFR + 6.750%) | 10.448% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 327468<br>| &nbsp;&nbsp;&nbsp; 327434<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 1960000<br>| &nbsp;&nbsp;&nbsp; 2032030<br> <sup>(l)(m)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *2359464* |
| *Media — 1.0%* | *Media — 1.0%* | *Media — 1.0%* | *Media — 1.0%* | *Media — 1.0%* |
| &nbsp;&nbsp;&nbsp; Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK) | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 2656505<br>| &nbsp;&nbsp;&nbsp; 767544<br> <sup>(c)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term SOFR <br> + 5.889%) | 9.561% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1354320<br>| &nbsp;&nbsp;&nbsp; 1242961<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ziggo Financing Partnership, Advance Term Loan Facility N (6 mo. Term <br> SOFR + 3.250%) | 7.027% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp;&nbsp; 1751565<br> <sup>(f)(l)(m)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *3762070* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6121534** |
| **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** | **Consumer Discretionary — 4.0%** |
| *Automobile Components — 1.3%* | *Automobile Components — 1.3%* | *Automobile Components — 1.3%* | *Automobile Components — 1.3%* | *Automobile Components — 1.3%* |
| &nbsp;&nbsp;&nbsp; ABC Technologies Inc., Term Loan B | 11.922% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 2006841<br>| &nbsp;&nbsp;&nbsp; 2006841<br> <sup>(f)(i)(j)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Autokiniton US Holdings Inc., 2024 Replacement Term Loan B (1 mo. <br> Term SOFR + 4.114%) | 7.786% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 1423138<br>| &nbsp;&nbsp;&nbsp; 1421359<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%) | 6.172% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 1485000<br>| &nbsp;&nbsp;&nbsp; 1486166<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term Loan (1 mo. Term SOFR <br> + 7.114%) | 10.814% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 630069<br>| &nbsp;&nbsp;&nbsp; 3519<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR + <br> 7.000%) | 10.688% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 804759<br>| &nbsp;&nbsp;&nbsp; 6342<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR + <br> 10.000%) | 13.688% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 280237<br>| &nbsp;&nbsp;&nbsp; 42269<br> <sup>(f)(l)(m)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *4966496* |

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + <br> 6.800%)  | 10.489% | &nbsp;&nbsp; 6/24/30 | &nbsp;&nbsp; 2477247<br>| &nbsp;&nbsp;&nbsp; $*2205146*<br> <sup>(f)(l)(m)(n)</sup><br>|
| *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + <br> 3.250%) | 6.922% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 1958038<br>| &nbsp;&nbsp;&nbsp; 1956247<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Term Loan B3 (1 mo. Term SOFR + <br> 2.000%) | 5.671% | &nbsp;&nbsp; 4/16/29 | &nbsp;&nbsp; 2216320<br>| &nbsp;&nbsp;&nbsp; 2216320<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, Term Loan Facility B (1 mo. Term SOFR + 2.000%) | 5.672% | &nbsp;&nbsp; 3/14/31 | &nbsp;&nbsp; 1473750<br>| &nbsp;&nbsp;&nbsp; 1476793<br> <sup>(f)(l)(m)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *5649360* |
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Petco Health and Wellness Co. Inc., First Lien Initial Term Loan (3 mo. <br> Term SOFR + 3.512%) | 7.184% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 1459574<br>| &nbsp;&nbsp;&nbsp; 1459217<br> <sup>(f)(l)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health and Wellness Co. Inc., Term Loan B |  | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1274695<br> <sup>(n)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *2733912* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **15554914** |
| **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** | **Consumer Staples — 0.9%** |
| *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term <br> SOFR + 2.250%)  | 5.922% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 1957170<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1960027*<br> <sup>(f)(l)(m)</sup><br>|
| *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* | *Consumer Staples Distribution & Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., Term Loan Facility B4 (6 mo. Term SOFR + <br> 2.250%)  | 5.877% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 1477179<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1476559*<br> <sup>(f)(l)(m)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3436586** |
| **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 2025 Term Loan B7 (1 mo. Term SOFR + 1.750%)  | 5.422% | &nbsp;&nbsp; 11/22/32 | &nbsp;&nbsp; 493775<br>| &nbsp;&nbsp;&nbsp;&nbsp; **496088**<br> <sup>(f)(l)(m)</sup><br>|
| **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** | **Financials — 1.6%** |
| *Banks — 0.4%* | *Banks — 0.4%* | *Banks — 0.4%* | *Banks — 0.4%* | *Banks — 0.4%* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 3.000%)  | 6.672% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; 1469943<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1467489*<br> <sup>(f)(l)(m)</sup><br>|
| *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cardinal Parent Inc., First Lien Initial Term Loan (3 mo. Term SOFR + <br> 4.650%)  | 8.322% | &nbsp;&nbsp; 11/12/27 | &nbsp;&nbsp; 912686<br>| &nbsp;&nbsp;&nbsp;&nbsp; *870474*<br> <sup>(f)(l)(m)</sup><br>|
| *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings Inc., Term Loan B (3 mo. Term SOFR + <br> 4.000%)  | 7.672% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 1792791<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1796897*<br> <sup>(f)(l)(m)</sup><br>|
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + <br> 2.000%) | 5.822% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 979382<br>| &nbsp;&nbsp;&nbsp; 973505<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. <br> Term SOFR + 3.500%) | 7.172% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 641903<br>| &nbsp;&nbsp;&nbsp; 628571<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + <br> 4.000%) | 7.672% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 389025<br>| &nbsp;&nbsp;&nbsp; 383919<br> <sup>(f)(l)(m)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *1985995* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **6120855** |

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** | **Health Care — 1.3%** |
| *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%) | 7.422% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 987525<br>| &nbsp;&nbsp;&nbsp; $988606<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; TEAM Services Holding Inc., Term Loan |  | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1346400<br> <sup>(n)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *2335006* |
| *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | 6.450% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 1473844<br>| &nbsp;&nbsp;&nbsp; 1367918<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR + <br> 3.750%) | 7.417% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 79311<br>| &nbsp;&nbsp;&nbsp; 79279<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. Term <br> SOFR + 4.862%) | 8.528% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 657447<br>| &nbsp;&nbsp;&nbsp; 607524<br> <sup>(f)(l)(m)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *2054721* |
| *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Jazz Financing Lux Sarl, Dollar Term Loan Facility B2 (1 mo. Term SOFR <br> + 2.250%)  | 5.922% | &nbsp;&nbsp; 5/5/28 | &nbsp;&nbsp; 701745<br>| &nbsp;&nbsp;&nbsp;&nbsp; *704569*<br> <sup>(f)(l)(m)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5094296** |
| **Industrials — 2.5%** | **Industrials — 2.5%** | **Industrials — 2.5%** | **Industrials — 2.5%** | **Industrials — 2.5%** |
| *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* |
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Term Loan J (1 mo. Term SOFR + 2.500%)  | 6.172% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 2456344<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2457977*<br> <sup>(f)(l)(m)</sup><br>|
| *Building Products — 0.8%* | *Building Products — 0.8%* | *Building Products — 0.8%* | *Building Products — 0.8%* | *Building Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR + <br> 4.512%) | 8.184% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 391795<br>| &nbsp;&nbsp;&nbsp; 337378<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., New Term Loan B1 (1 mo. Term SOFR + <br> 2.250%) | 5.922% | &nbsp;&nbsp; 4/14/31 | &nbsp;&nbsp; 1470024<br>| &nbsp;&nbsp;&nbsp; 1472678<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%) | 5.922% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 1369650<br>| &nbsp;&nbsp;&nbsp; 1371109<br> <sup>(f)(l)(m)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *3181165* |
| *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, USD Term Loan B (6 mo. Term SOFR + <br> 2.750%)  | 6.377% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 2450435<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2459477*<br> <sup>(f)(l)(m)</sup><br>|
| *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* | *Passenger Airlines — 0.5%* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility |  | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 1021497<br>| &nbsp;&nbsp;&nbsp; 204,300<br> \*<sup>(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | 11.680% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 419612<br>| &nbsp;&nbsp;&nbsp; 418301<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan |  | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 882282<br>| &nbsp;&nbsp;&nbsp; 771996<br> <sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR + <br> 8.000%) | 11.680% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 104067<br>| &nbsp;&nbsp;&nbsp; 103741<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term SOFR <br> + 8.000%) | 11.680% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 205535<br>| &nbsp;&nbsp;&nbsp; 204893<br> <sup>(f)(l)(m)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1703231* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **9801850** |
| **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** |
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; MKS Instruments Inc., 2025 Dollar Term Loan B (1 mo. Term SOFR + <br> 2.000%)  | 5.672% | &nbsp;&nbsp; 8/17/29 | &nbsp;&nbsp; 1123934<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1128009*<br> <sup>(f)(l)(m)</sup><br>|
| *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + <br> 7.000%) | 10.672% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 447082<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.250%) | 7.917% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 819625<br>| &nbsp;&nbsp;&nbsp; 784107<br> <sup>(f)(l)(m)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; Red Planet Borrower LLC, Initial Term Loan (1 mo. Term SOFR + <br> 4.000%) | 7.672% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; $1017690<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 3313350<br>| &nbsp;&nbsp;&nbsp; 3597751<br> <sup>(l)(m)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *5846630* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **6974639** |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term SOFR <br> + 4.000%)  | 7.671% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1369745<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1344494**<br> <sup>(f)(l)(m)(n)</sup><br>|
| **Sovereign Bonds — 0.1%** |  |  |  |  |
| *Tanzania — 0.1%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government of the United Republic of Tanzania, Term Loan A2 (6 mo. <br> Term SOFR + 5.450%)  | 9.135% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **198500**<br> <sup>(f)(i)(j)(l)(m)</sup><br>|
| **Total Senior Loans (Cost — $57,789,482)** | **Total Senior Loans (Cost — $57,789,482)** | **Total Senior Loans (Cost — $57,789,482)** | **Total Senior Loans (Cost — $57,789,482)** | &nbsp;&nbsp; **55143756** |
| **Sovereign Bonds — 11.7%** | **Sovereign Bonds — 11.7%** | **Sovereign Bonds — 11.7%** | **Sovereign Bonds — 11.7%** | **Sovereign Bonds — 11.7%** |
| *Angola — 0.6%* | *Angola — 0.6%* | *Angola — 0.6%* | *Angola — 0.6%* | *Angola — 0.6%* |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/26/29 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2165243*<br> <sup>(a)</sup><br>|
| *Argentina — 0.9%* | *Argentina — 0.9%* | *Argentina — 0.9%* | *Argentina — 0.9%* | *Argentina — 0.9%* |
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1967189<br>| &nbsp;&nbsp;&nbsp; 1595882<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.990% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 262500<br>| &nbsp;&nbsp;&nbsp; 262377<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1574400<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *3432659* |
| *Bahamas — 0.8%* | *Bahamas — 0.8%* | *Bahamas — 0.8%* | *Bahamas — 0.8%* | *Bahamas — 0.8%* |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 6/16/29 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp; 2230980<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 11/20/29 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 1055750<br> <sup>(a)</sup><br>|
| *Total Bahamas* | *Total Bahamas* | *Total Bahamas* | *Total Bahamas* | &nbsp;&nbsp; *3286730* |
| *Bahrain — 0.6%* | *Bahrain — 0.6%* | *Bahrain — 0.6%* | *Bahrain — 0.6%* | *Bahrain — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bahrain Government International Bond, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/19/44 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2362567*<br> <sup>(a)</sup><br>|
| *Brazil — 0.4%* | *Brazil — 0.4%* | *Brazil — 0.4%* | *Brazil — 0.4%* | *Brazil — 0.4%* |
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/7/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1395600*<br> <sup>(b)</sup><br>|
| *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* | *Chile — 0.2%* |
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/7/41 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; *616200*<br>|
| *Costa Rica — 0.1%* | *Costa Rica — 0.1%* | *Costa Rica — 0.1%* | *Costa Rica — 0.1%* | *Costa Rica — 0.1%* |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International Bond, Senior Notes | &nbsp;&nbsp; 7.158% | &nbsp;&nbsp; 3/12/45 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *504372*<br> <sup>(a)</sup><br>|
| *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* | *Dominican Republic — 0.8%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 3330000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3252577*<br> <sup>(a)</sup><br>|
| *Ecuador — 0.5%* | *Ecuador — 0.5%* | *Ecuador — 0.5%* | *Ecuador — 0.5%* | *Ecuador — 0.5%* |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/29/34 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 577125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 1/29/39 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 727750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes, Step bond <br> (5.000% to 7/31/26 then 5.500%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/31/40 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 446850<br> <sup>(a)</sup><br>|
| *Total Ecuador* | *Total Ecuador* | *Total Ecuador* | *Total Ecuador* | &nbsp;&nbsp; *1751725* |
| *Egypt — 0.8%* | *Egypt — 0.8%* | *Egypt — 0.8%* | *Egypt — 0.8%* | *Egypt — 0.8%* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/16/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1000412<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 5/29/32 | &nbsp;&nbsp; 2038000<br>| &nbsp;&nbsp;&nbsp; 2120058<br> <sup>(e)</sup><br>|
| *Total Egypt* | *Total Egypt* | *Total Egypt* | *Total Egypt* | &nbsp;&nbsp; *3120470* |

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Guatemala — 0.1%* | *Guatemala — 0.1%* | *Guatemala — 0.1%* | *Guatemala — 0.1%* | *Guatemala — 0.1%* |
| &nbsp;&nbsp;&nbsp; Guatemala Government Bond, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/24/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; $*201942*<br> <sup>(a)</sup><br>|
| *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* | *Ivory Coast — 0.8%* |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 416945<br>| &nbsp;&nbsp;&nbsp; 417168<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2724266<br> <sup>(a)</sup><br>|
| *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | *Total Ivory Coast* | &nbsp;&nbsp; *3141434* |
| *Jordan — 0.7%* | *Jordan — 0.7%* | *Jordan — 0.7%* | *Jordan — 0.7%* | *Jordan — 0.7%* |
| &nbsp;&nbsp;&nbsp; Jordan Government International Bond, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/7/30 | &nbsp;&nbsp; 2540000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2562730*<br> <sup>(a)</sup><br>|
| *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* | *Kenya — 0.4%* |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 3/5/36 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1610532*<br> <sup>(a)</sup><br>|
| *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* | *Mexico — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 2.659% | &nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1332900*<br> <sup>(b)</sup><br>|
| *Nigeria — 0.3%* | *Nigeria — 0.3%* | *Nigeria — 0.3%* | *Nigeria — 0.3%* | *Nigeria — 0.3%* |
| &nbsp;&nbsp;&nbsp; Nigeria Government International Bond, Senior Notes | &nbsp;&nbsp; 7.696% | &nbsp;&nbsp; 2/23/38 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1119215*<br> <sup>(e)</sup><br>|
| *Oman — 0.2%* | *Oman — 0.2%* | *Oman — 0.2%* | *Oman — 0.2%* | *Oman — 0.2%* |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/17/28 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *818749*<br> <sup>(a)</sup><br>|
| *Panama — 0.6%* | *Panama — 0.6%* | *Panama — 0.6%* | *Panama — 0.6%* | *Panama — 0.6%* |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 2.252% | &nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp;&nbsp; 1745814<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 391225<br> <sup>(b)</sup><br>|
| *Total Panama* | *Total Panama* | *Total Panama* | *Total Panama* | &nbsp;&nbsp; *2137039* |
| *Philippines — 0.0%††* | *Philippines — 0.0%††* | *Philippines — 0.0%††* | *Philippines — 0.0%††* | *Philippines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Philippine Government International Bond, Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 7/6/46 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *141832*<br>|
| *Qatar — 0.0%††* | *Qatar — 0.0%††* | *Qatar — 0.0%††* | *Qatar — 0.0%††* | *Qatar — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Qatar Government International Bond, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/16/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *198252*<br> <sup>(a)</sup><br>|
| *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* | *Saudi Arabia — 0.2%* |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bond, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/26/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *698093*<br> <sup>(a)</sup><br>|
| *South Africa — 0.6%* | *South Africa — 0.6%* | *South Africa — 0.6%* | *South Africa — 0.6%* | *South Africa — 0.6%* |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/11/37 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 777494<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/8/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1409962<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 12/11/55 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 262574<br> <sup>(a)</sup><br>|
| *Total South Africa* | *Total South Africa* | *Total South Africa* | *Total South Africa* | &nbsp;&nbsp; *2450030* |
| *Turkey — 0.8%* | *Turkey — 0.8%* | *Turkey — 0.8%* | *Turkey — 0.8%* | *Turkey — 0.8%* |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/17/28 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1408807<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/16/43 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 1811300<br> <sup>(b)</sup><br>|
| *Total Turkey* | *Total Turkey* | *Total Turkey* | *Total Turkey* | &nbsp;&nbsp; *3220107* |
| *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* | *Ukraine — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 20726<br>| &nbsp;&nbsp;&nbsp; 13182<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 77450<br>| &nbsp;&nbsp;&nbsp; 38099<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 75885<br>| &nbsp;&nbsp;&nbsp; 47969<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 65450<br>| &nbsp;&nbsp;&nbsp; 37289<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 132798<br>| &nbsp;&nbsp;&nbsp; 82727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (0.000% to 2/1/27 then 3.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 54542<br>| &nbsp;&nbsp;&nbsp; 30971<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* | *Ukraine — continued* |
| &nbsp;&nbsp;&nbsp; Ukraine Government International Bond, Senior Notes, Step bond <br> (4.500% to 2/1/27 then 6.000%) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 170740<br>| &nbsp;&nbsp;&nbsp; $104095<br> <sup>(a)</sup><br>|
| *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | *Total Ukraine* | &nbsp;&nbsp; *354332* |
| *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* | *United Arab Emirates — 0.2%* |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 10/11/27 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *842142*<br> <sup>(a)</sup><br>|
| *Uruguay — 0.7%* | *Uruguay — 0.7%* | *Uruguay — 0.7%* | *Uruguay — 0.7%* | *Uruguay — 0.7%* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 7/20/33 | &nbsp;&nbsp; 89000000 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; *2610009*<br>|
| **Total Sovereign Bonds (Cost — $39,395,977)** | **Total Sovereign Bonds (Cost — $39,395,977)** | **Total Sovereign Bonds (Cost — $39,395,977)** | **Total Sovereign Bonds (Cost — $39,395,977)** | &nbsp;&nbsp; **45327481** |
| **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** | **Asset-Backed Securities — 7.0%** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 523574<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2024-22A E (3 mo. Term SOFR + 6.500%) | &nbsp;&nbsp; 10.168% | &nbsp;&nbsp; 4/19/37 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1512409<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%) | &nbsp;&nbsp; 7.418% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 491134<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2019-2A ERR (3 mo. Term SOFR + 7.670%) | &nbsp;&nbsp; 11.338% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1222318<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2020-1A DRR (3 mo. Term SOFR + 4.320%) | &nbsp;&nbsp; 7.988% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 490007<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arini US CLO Ltd., 3A E (3 mo. Term SOFR + 5.250%) | &nbsp;&nbsp; 9.170% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 376219<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR + <br> 3.100%) | &nbsp;&nbsp; 6.771% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 653760<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2024-2A E (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 9.418% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 856263<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 5.950%) | &nbsp;&nbsp; 9.622% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1172054<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2021-1A D1R (3 mo. Term SOFR + 3.150%) | &nbsp;&nbsp; 6.818% | &nbsp;&nbsp; 7/25/37 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 503877<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2022-2A ER (3 mo. Term SOFR + 4.750%) | &nbsp;&nbsp; 8.418% | &nbsp;&nbsp; 4/19/35 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470095<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., 2024-119A E (3 mo. Term SOFR + 7.000%) | &nbsp;&nbsp; 10.672% | &nbsp;&nbsp; 4/15/36 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2030197<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2016-5A ERR (3 mo. Term SOFR + 7.580%) | &nbsp;&nbsp; 11.248% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1202265<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term SOFR + 10.730%) | &nbsp;&nbsp; 14.398% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1448971<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2020-3A D1R (3 mo. Term SOFR + 4.300%) | &nbsp;&nbsp; 7.967% | &nbsp;&nbsp; 7/30/37 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 787915<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hartwick Park CLO Ltd., 2023-1A ER (3 mo. Term SOFR + 4.850%) | &nbsp;&nbsp; 8.518% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 631479<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%) | &nbsp;&nbsp; 6.918% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 581350<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2019-24A ER (3 mo. Term SOFR + 6.400%) | &nbsp;&nbsp; 10.072% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 302124<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%) | &nbsp;&nbsp; 8.368% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1612170<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Magnetite Ltd., 2023-39A E1R (3 mo. Term SOFR + 4.900%) | &nbsp;&nbsp; 8.568% | &nbsp;&nbsp; 1/25/37 | &nbsp;&nbsp; 669733<br>| &nbsp;&nbsp;&nbsp; 675489<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MidOcean Credit CLO LLC, 2025-18A E (3 mo. Term SOFR + 5.400%) | &nbsp;&nbsp; 9.070% | &nbsp;&nbsp; 10/18/35 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 756433<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2022-12A ER (3 mo. Term SOFR + 7.500%) | &nbsp;&nbsp; 11.168% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 698855<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR + 6.340%) | &nbsp;&nbsp; 10.008% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1414337<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2024-18A D1 (3 mo. Term SOFR + 3.450%) | &nbsp;&nbsp; 7.118% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1012651<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%) | &nbsp;&nbsp; 6.618% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311376<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., 2022-3A DR (3 mo. Term SOFR + <br> 5.900%) | &nbsp;&nbsp; 9.572% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2005632<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; TICP CLO Ltd., 2017-7A DR (3 mo. Term SOFR + 3.462%) | &nbsp;&nbsp; 7.134% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 860198<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%) | &nbsp;&nbsp; 7.968% | &nbsp;&nbsp; 4/18/37 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 292867<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2021-43A D (3 mo. Term SOFR + 3.732%) | &nbsp;&nbsp; 7.404% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1193743<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO Ltd., 2024-3A D (3 mo. Term SOFR + 4.500%) | &nbsp;&nbsp; 8.168% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1161311<br> <sup>(a)(f)</sup><br>|
| **Total Asset-Backed Securities (Cost — $27,076,853)** | **Total Asset-Backed Securities (Cost — $27,076,853)** | **Total Asset-Backed Securities (Cost — $27,076,853)** | **Total Asset-Backed Securities (Cost — $27,076,853)** | &nbsp;&nbsp; **27251073** |
| **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 5.9%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 5.9%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 5.9%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 5.9%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 5.9%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. Term SOFR + <br> 3.127%) | &nbsp;&nbsp; 6.800% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 983390<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 H | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 357892<br> <sup>(a)(f)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(p)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; BANK, 2021-BN35 K | &nbsp;&nbsp; 1.662% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 1846154<br>| &nbsp;&nbsp;&nbsp; $698125<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK41 E | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/65 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 1375874<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK43 D | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 1652206<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR + <br> 3.688%) | &nbsp;&nbsp; 7.368% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1431159<br>| &nbsp;&nbsp;&nbsp; 1440114<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-SPOT E (1 mo. Term SOFR + <br> 3.690%) | &nbsp;&nbsp; 7.370% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 1269299<br>| &nbsp;&nbsp;&nbsp; 1279560<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 D | &nbsp;&nbsp; 3.225% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 8600<br>| &nbsp;&nbsp;&nbsp; 8432<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured <br> Agency Credit Risk Trust, 2021-DNA3 B2 (30 Day Average SOFR + <br> 6.250%) | &nbsp;&nbsp; 9.947% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1820226<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2024-R01 <br> 1B2 (30 Day Average SOFR + 4.000%) | &nbsp;&nbsp; 7.697% | &nbsp;&nbsp; 1/25/44 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2116658<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes, 2024-HC3 D (1 mo. Term SOFR + 5.333%) | &nbsp;&nbsp; 9.013% | &nbsp;&nbsp; 3/15/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1006270<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, 2024-70P E | &nbsp;&nbsp; 9.263% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1568605<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; KIND Trust, 2021-KIND C (1 mo. Term SOFR + 1.864%) | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 1487782<br>| &nbsp;&nbsp;&nbsp; 1479056<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, 2021-MHC F (1 mo. Term SOFR + <br> 2.715%) | &nbsp;&nbsp; 6.395% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1200917<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2015-UBS8 C | &nbsp;&nbsp; 4.364% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 540283<br>| &nbsp;&nbsp;&nbsp; 527148<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-BNK2 B | &nbsp;&nbsp; 3.485% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 954627<br>|
| &nbsp;&nbsp;&nbsp; SLG Office Trust, 2021-OVA F | &nbsp;&nbsp; 2.851% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 2119000<br>| &nbsp;&nbsp;&nbsp; 1791732<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMRT, 2022-MINI D (1 mo. Term SOFR + 1.950%) | &nbsp;&nbsp; 5.631% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1498843<br> <sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; WB Commercial Mortgage Trust, 2024-HQ D | &nbsp;&nbsp; 8.278% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1053597<br> <sup>(a)(f)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $21,065,530)** | **Total Collateralized Mortgage Obligations (Cost — $21,065,530)** | **Total Collateralized Mortgage Obligations (Cost — $21,065,530)** | **Total Collateralized Mortgage Obligations (Cost — $21,065,530)** | &nbsp;&nbsp; **22813272** |
|  |  |  | Shares |  |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + <br> 4.959%) | &nbsp;&nbsp; 8.619% |  | &nbsp;&nbsp; 49756 | &nbsp;&nbsp;&nbsp; 1249871<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR + <br> 5.005%) | &nbsp;&nbsp; 8.690% |  | &nbsp;&nbsp; 15711 | &nbsp;&nbsp;&nbsp; 345013<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.267% |  | &nbsp;&nbsp; 28683 | &nbsp;&nbsp;&nbsp; 665446<br> <sup>(f)</sup><br>|
| **Total Preferred Stocks (Cost — $2,317,413)** | **Total Preferred Stocks (Cost — $2,317,413)** | **Total Preferred Stocks (Cost — $2,317,413)** | **Total Preferred Stocks (Cost — $2,317,413)** | &nbsp;&nbsp; **2260330** |
|  |  | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* | *Media — 0.2%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875% PIK) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 241173<br>| &nbsp;&nbsp;&nbsp;&nbsp; **837021**<br> <sup>(c)</sup><br>|
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; **371110**<br>|
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* |
| &nbsp;&nbsp;&nbsp; AeroVironment Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 77000<br>| &nbsp;&nbsp;&nbsp; 90745<br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* |
| &nbsp;&nbsp;&nbsp; Voyager Technologies Inc., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; $173530<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **264275** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 37080<br>| &nbsp;&nbsp;&nbsp; 463<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 1088944<br>| &nbsp;&nbsp;&nbsp; 116194<br> <sup>(e)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **116657** |
| **Total Convertible Bonds & Notes (Cost — $1,035,345)** | **Total Convertible Bonds & Notes (Cost — $1,035,345)** | **Total Convertible Bonds & Notes (Cost — $1,035,345)** | **Total Convertible Bonds & Notes (Cost — $1,035,345)** | &nbsp;&nbsp; **1589063** |
|  |  |  | Shares |  |
| **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** | **Communication Services — 0.3%** |
| *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco | &nbsp;&nbsp;&nbsp; Altice France Luxco |  | &nbsp;&nbsp; 54680 | &nbsp;&nbsp;&nbsp; **1,045,141**<br> \*<br>|
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; WW International Inc. | &nbsp;&nbsp;&nbsp; WW International Inc. |  | &nbsp;&nbsp; 16972 | &nbsp;&nbsp;&nbsp; **343,683**<br> \*<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 127<br> \*<sup>(i)(q)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 72692 | &nbsp;&nbsp;&nbsp; 21,807<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **21934** |
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. | &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. |  | &nbsp;&nbsp; 103724 | &nbsp;&nbsp;&nbsp; 1,192<br> \*<sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd. |  | &nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp; 164<br> \*<sup>(i)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **1356** |
| **Total Common Stocks (Cost — $1,470,098)** | **Total Common Stocks (Cost — $1,470,098)** | **Total Common Stocks (Cost — $1,470,098)** | **Total Common Stocks (Cost — $1,470,098)** | &nbsp;&nbsp;&nbsp; **1412114**<br>|
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Altice France Luxco (Cost — $0) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3904 | &nbsp;&nbsp;&nbsp; **65,365**<br> \*<br>|
|  |  |  | Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $628,730) |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 51648<br>| &nbsp;&nbsp;&nbsp; **15,494**<br> \*<sup>(a)(i)(q)</sup><br>|
| **Total Investments — 146.6% (Cost — $532,757,940)** | **Total Investments — 146.6% (Cost — $532,757,940)** | **Total Investments — 146.6% (Cost — $532,757,940)** | **Total Investments — 146.6% (Cost — $532,757,940)** | &nbsp;&nbsp; **567337668** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (46.6)% | &nbsp;&nbsp;&nbsp; (180269039)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$387068629** |

---

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

See Notes to Schedule of Investments.

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Western Asset High Income Fund II Inc. 2026 Quarterly Report

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 **Western Asset High Income Fund II Inc.**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.<br>|
| <sup>(b)</sup> | All or a portion of this security is pledged as collateral pursuant to the loan agreement.  |
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(d)</sup> | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
| <sup>(e)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Directors.<br>|
| <sup>(f)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(g)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(h)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(i)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(j)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(k)</sup> | Value is less than $1. |
| <sup>(l)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(m)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(n)</sup> | All or a portion of this loan has not settled as of January 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(o)</sup> | The coupon payment on this security is currently in default as of January 31, 2026. |
| <sup>(p)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(q)</sup> | Restricted security (Note 3). |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| DIP |  | Debtor-in-possession |
| EUR |  | Euro |
| EURIBOR |  | Euro Interbank Offered Rate |
| GBP |  | British Pound |
| LIBOR |  | London Interbank Offered Rate |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |
| UYU |  | Uruguayan Peso |

---

At January 31, 2026, the Fund had the following open reverse repurchase agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty  | Rate | &nbsp;&nbsp;&nbsp; Effective <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp;&nbsp; Face Amount <br>of Reverse <br>Repurchase <br>Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Asset Class <br>of Collateral\*<br>| &nbsp;&nbsp;&nbsp; Collateral <br>Value\*\*<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.160% | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/2025 | 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $6952841 | Corporate Bonds & Notes | $7595166 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.380% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2025 | 2/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6020003 | Corporate Bonds & Notes | 6433857 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 4.580% | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/2025 | 2/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3968094 | Corporate Bonds & Notes | 4724955 |
| Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 12/12/2025 | TBD<sup>\*\*\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2350312 | Corporate Bonds & Notes | 3397583 |

---

See Notes to Schedule of Investments.

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Western Asset High Income Fund II Inc. 2026 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Western Asset High Income Fund II Inc.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty  | Rate | &nbsp;&nbsp;&nbsp; Effective<br> Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp;&nbsp; Face Amount<br> of Reverse<br> Repurchase<br> Agreements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Asset Class<br> of Collateral\*<br>| &nbsp;&nbsp;&nbsp; Collateral<br> Value\*\*<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp; 4.290% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/2025 | 2/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; $6320876 | Corporate Bonds & Notes | $6754135 |
|  |  |  |  | &nbsp;&nbsp;&nbsp; **$25612126** |  | &nbsp;&nbsp;&nbsp; **$28905696** |

---

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

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

\*\* Including accrued interest.

\*\*\* TBD — To Be Determined; These reverse repurchase agreements have no maturity dates because they are renewed daily and can be terminated by either the Fund or the counterparty in accordance with the terms of the agreements. The rates for these agreements are variable. The rate disclosed is the rate as of January 31, 2026. 

At January 31, 2026, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | &nbsp;&nbsp; 3366112 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 2499442 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $(53618) |
| USD | &nbsp;&nbsp; 260491 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 221988 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (3605) |
| GBP | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 200540 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4689 |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(52534)** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| EUR |  | Euro |
| GBP |  | British Pound |
| USD |  | United States Dollar |

---

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 High Income Fund II Inc. 2026 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset High Income Fund II Inc. (the "Fund") was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund seeks to maximize current income by investing at least 80% of its net assets, plus any borrowings for investment purposes, in high-yield debt securities. As a secondary objective, the Fund seeks capital appreciation to the extent consistent with its objective of seeking to maximize current income.

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. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Directors (the "Board").

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

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

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

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

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Western Asset High Income Fund II Inc. 2026 Quarterly Report

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $76101871 | &nbsp;&nbsp; $964108 | &nbsp;&nbsp; $77065979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 42478722 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 42478722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 291915019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291915019 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp; 13548073 | &nbsp;&nbsp; 2006841 | &nbsp;&nbsp; 15554914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 198500 | &nbsp;&nbsp; 198500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 39390342 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39390342 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 45327481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45327481 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 27251073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27251073 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 22813272 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22813272 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $2260330 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2260330 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1589063 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1589063 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 343683 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 343683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 21807 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1046497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1046497 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 65365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65365 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 15494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15494 |
| **Total Investments** | &nbsp;&nbsp; **$2625820** | &nbsp;&nbsp; **$561542399** | &nbsp;&nbsp; **$3169449** | &nbsp;&nbsp; **$567337668** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $4689 | &nbsp;&nbsp; — | &nbsp;&nbsp; $4689 |
| **Total** | &nbsp;&nbsp; **$2625820** | &nbsp;&nbsp; **$561547088** | &nbsp;&nbsp; **$3169449** | &nbsp;&nbsp; **$567342357** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $57223 | &nbsp;&nbsp; — | &nbsp;&nbsp; $57223 |

---

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

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered

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Western Asset High Income Fund II Inc. 2026 Quarterly Report

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an affiliated company for all or some portion of the period ended January 31, 2026. The following transactions were effected in such company for the period ended January 31, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $722961 | $93053723 | 93053723 | $93776684 | 93776684 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>January 31, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $64677 |  |  |

---

**3. Restricted securities**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 1/31/2026<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 422 | 3/25 | $5137 | $127 | &nbsp;&nbsp; $0.30<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 51648 | 3/25 | 628730 | 15494 <br><sup>(b)</sup><br>| 0.30<br> 0.00 <br><sup>(a)</sup><br>|
| **Total** |  |  | **$633867** | **$15621** | &nbsp;&nbsp; <br> &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;**0.00%** <br><sup>(a)</sup><br>|

---

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

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

<sup>(b)</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. 

------

Western Asset High Income Fund II Inc. 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Western Asset High Income Fund II Inc.

- **b. Investment Company Act file number:** 811-08709

- **c. CIK number of Registrant:** 0001058239

- **d. LEI of Registrant:** 549300LH0LPNF7USIA77

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

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

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

- **a. Name of Series:** Western Asset High Income Fund II Inc.

- **c. LEI of Series:** 549300LH0LPNF7USIA77

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-30

**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:** $578501084.18

**Total Liabilities:** $191436025.87

**Net Assets:** $387065058.31

**Delayed Delivery Securities:** $1904153.02

**Cash Not Reported:** $1134014.93

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4958.45000000 | **1-Year:** 2523.72000000 | **5-Year:** 17305.22000000 | **10-Year:** 25264.73000000 | **30-Year:** 1873.14000000

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

- **3-Month:** 1314.78000000 | **1-Year:** 45559.61000000 | **5-Year:** 86605.33000000 | **10-Year:** 35047.93000000 | **30-Year:** 383.47000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 0.92%                | -0.27%               | 3.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $202505.67               | $-2061061.25                               |
| Month 2  | $-550090.79              | $-634903.77                                |
| Month 3  | $-1781862.26             | $2992747.32                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BNP PARIBAS SECURITIES CORP.                             | USD/GBP FORWARD                                                                  | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-53618.65    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ziggo Financing Partnership                              | FLEETCOR TECHNOLOGIES INC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1770000 | PA      | $1751565.45   | 0.45%             | 2033-01-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                  | VZ Secured Financing BV                                                          | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $802990.21    | 0.21%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                 | Petrobras Global Finance BV                                                      | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |   5620000 | PA      | $5650123.20   | 1.46%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4940000 | PA      | $4950171.31   | 1.28%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   2350000 | PA      | $1777343.61   | 0.46%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                      | Freddie Mac STACR REMIC Trust 2021-DNA3                                          | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |   1430000 | PA      | $1820225.84   | 0.47%             | 2033-10-25      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                      | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    630000 | PA      | $668791.62    | 0.17%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                     | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1440000 | PA      | $1572957.29   | 0.41%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                        | Chord Energy Corp                                                                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1142454.10   | 0.30%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     37080 | PA      | $463.50       | 0.00%             | 2028-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                    | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    330000 | PA      | $337341.26    | 0.09%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2290000 | PA      | $2422639.09   | 0.63%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                       | Panama Government International Bond                                             | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |   2110000 | PA      | $1745814.00   | 0.45%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                    | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1210000 | PA      | $1208228.83   | 0.31%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                         | Connecticut Avenue Securities Trust 2024-R01                                     | CUSIP: 20753UAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2116657.60   | 0.55%             | 2044-01-25      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                  | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1580197.50   | 0.41%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    710000 | PA      | $761075.27    | 0.20%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                  | VZ Secured Financing BV                                                          | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   1160000 | PA      | $1048190.96   | 0.27%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                   | UNITED AIRLINES INC                                                              | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |   1202751 | PA      | $1206257.45   | 0.31%             | 2031-02-22      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                     | AGNC Investment Corp                                                             | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     49756 | NS      | $1249870.72   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN AIRLINES INC                                    | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1952498.79   | 0.50%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                                 | Saudi Government International Bond                                              | CUSIP: 80413TAB5<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    700000 | PA      | $698092.97    | 0.18%             | 2026-10-26      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                      | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51648 | NS      | $15494.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                              | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1000000 | PA      | $872549.70    | 0.23%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                          | BHN MERGER SUB INC                                                               | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |   1792791 | PA      | $1796896.45   | 0.46%             | 2029-03-12      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                  | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1437377.20   | 0.37%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                       | Angolan Government International Bond                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |   2200000 | PA      | $2165243.01   | 0.56%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Net, LLC                                  | DIAMOND SPORTS NET LLC                                                           | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |   2656505 | PA      | $767544.09    | 0.20%             | 2028-01-02      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2350000 | PA      | $2468284.90   | 0.64%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1101984.56   | 0.28%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                          | Gen Digital Inc                                                                  | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    850000 | PA      | $855009.90    | 0.22%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                  | Sasol Financing USA LLC                                                          | CUSIP: 80386WAF2<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1737066.50   | 0.45%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1520000 | PA      | $1598585.52   | 0.41%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| LUXCO3 DUMMY EQUITY                                      | LUXCO3 DUMMY EQUITY                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54680 | NS      | $1045140.88   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                    | PETCO HEALTH & WELLNESS CO INC                                                   | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |   1300000 | PA      | $1274695.50   | 0.33%             | 2031-01-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                                  | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   1441000 | PA      | $1448135.83   | 0.37%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                      | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |   1130000 | PA      | $1119215.01   | 0.29%             | 2038-02-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                 | Republic of South Africa Government International Bond                           | CUSIP: 836205BJ2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    270000 | PA      | $262573.99    | 0.07%             | 2055-12-11      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                      | STATION CASINOS LLC                                                              | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |   1473750 | PA      | $1476793.29   | 0.38%             | 2031-03-14      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| B3 SA-BRASIL BOLSA BALCA                                 | B3 SA - Brasil Bolsa Balcao                                                      | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |   1500000 | PA      | $1423387.50   | 0.37%             | 2031-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS HOMES INC                                  | Dream Finders Homes Inc                                                          | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1630000 | PA      | $1652578.76   | 0.43%             | 2030-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                           | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1929384.71   | 0.50%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                                     | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1088943 | PA      | $116193.75    | 0.03%             | 2031-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRANITE RIDGE RESOURCES                                  | Granite Ridge Resources Inc                                                      | CUSIP: 387432AA5<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | DBT              | CORP              | US        |   3440000 | PA      | $3308874.42   | 0.85%             | 2029-11-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                     | Spirit Airlines, LLC Third DIP New Money TL                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    205535 | PA      | $204892.73    | 0.05%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   5800000 | PA      | $6231002.93   | 1.61%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                    | Qnity Electronics Inc                                                            | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1395014.40   | 0.36%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                           | Qatar Government International Bond                                              | CUSIP: 74727PBD2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |    200000 | PA      | $198252.42    | 0.05%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                 | SPIRIT AVIA HOL RESTRICT                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       422 | NS      | $126.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                                  | Philippine Government International Bond                                         | CUSIP: 718286CP0<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    200000 | PA      | $141831.59    | 0.04%             | 2046-07-06      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                        | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1122318.46   | 0.29%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                         | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   2060000 | PA      | $1883864.85   | 0.49%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                               | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    640000 | PA      | $675777.28    | 0.17%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TICP CLO Ltd                                             | TICP CLO VII Ltd                                                                 | CUSIP: 87248TAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    860000 | PA      | $860197.54    | 0.22%             | 2033-04-15      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                  | Bahamas Government International Bond                                            | CUSIP: 056732AG5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |   1030000 | PA      | $1055750.00   | 0.27%             | 2029-11-20      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                      | Axon Enterprise Inc                                                              | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    580000 | PA      | $597660.42    | 0.15%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                         | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    160000 | PA      | $143343.65    | 0.04%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                 | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    970000 | PA      | $999828.47    | 0.26%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WULF COMPUTE LLC                                         | WULF Compute LLC                                                                 | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2060000 | PA      | $2150537.00   | 0.56%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WB Commercial Mortgage Trust                             | WB Commercial Mortgage Trust 2024-HQ                                             | CUSIP: 92943PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1050000 | PA      | $1053596.67   | 0.27%             | 2040-03-15      | Variable      | 8.28%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                 | Sally Holdings LLC / Sally Capital Inc                                           | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1840000 | PA      | $1908622.80   | 0.49%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hartwick Park CLO, Ltd.                                  | Hartwick Park CLO Ltd                                                            | CUSIP: 417402AE4<br>LEI: 2549003E1ZAWJG55NM75 | Long             | ABS-CBDO         | CORP              | JE        |    630000 | PA      | $631479.49    | 0.16%             | 2037-01-20      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                  | HCA Inc                                                                          | CUSIP: 197677AH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2205000 | PA      | $2393093.97   | 0.62%             | 2095-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                 | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1591237.50   | 0.41%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                            | TRANSDIGM INC                                                                    | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   2456344 | PA      | $2457977.20   | 0.64%             | 2031-02-28      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                        | Republic of Kenya Government International Bond                                  | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |   1500000 | PA      | $1610531.88   | 0.42%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                            | MHC Commercial Mortgage Trust 2021-MHC                                           | CUSIP: 55316VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1200916.80   | 0.31%             | 2038-04-15      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Ascensus Group Holdings Inc (f/k/a Mercury Borrower Inc) | ASCENSUS HOLDINGS INC                                                            | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1469943 | PA      | $1467488.60   | 0.38%             | 2032-11-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                    | Costa Rica Government International Bond                                         | CUSIP: 221597BV8<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    460000 | PA      | $504371.60    | 0.13%             | 2045-03-12      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                 | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    845500 | PA      | $799711.95    | 0.21%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                        | Service Corp International/US                                                    | CUSIP: 817565BT0<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1417396.52   | 0.37%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Country Garden Holdings Co Ltd                           | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | EC               | CORP              | CN        |      4350 | NS      | $163.96       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                       | Cerdia Finanz GmbH                                                               | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    490000 | PA      | $500887.80    | 0.13%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                | PRIMO BRANDS CORP                                                                | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   1957169 | PA      | $1960026.86   | 0.51%             | 2028-03-31      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                     | LIFEPOINT HEALTH INC                                                             | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    987525 | PA      | $988606.34    | 0.26%             | 2031-05-16      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                 | Occidental Petroleum Corp                                                        | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1358831.74   | 0.35%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                  | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1921688.86   | 0.50%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARCELORMITTAL                                            | ArcelorMittal SA                                                                 | CUSIP: 03938LAP9<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |   3200000 | PA      | $3608683.14   | 0.93%             | 2039-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                    | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3540000 | PA      | $3606091.80   | 0.93%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                                     | KIND Trust 2021-KIND                                                             | CUSIP: 482606AL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1487782 | PA      | $1479056.16   | 0.38%             | 2038-08-15      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                        | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2437553.34   | 0.63%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                    | Tenet Healthcare Corp                                                            | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1979571.66   | 0.51%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                             | CUSIP: 969457BB5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    780000 | PA      | $885375.10    | 0.23%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                        | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1113193.98   | 0.29%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                          | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAJ1<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    389025 | PA      | $383919.05    | 0.10%             | 2031-07-31      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                   | Oman Government International Bond                                               | CUSIP: 682051AH0<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |    800000 | PA      | $818748.69    | 0.21%             | 2028-01-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                   | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    940000 | PA      | $1006060.38   | 0.26%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SMRT                                                     | SMRT 2022-MINI                                                                   | CUSIP: 78457JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1498843.20   | 0.39%             | 2039-01-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                   | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $554003.28    | 0.14%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                       | Banco Santander SA                                                               | CUSIP: 05971KAQ2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1000000 | PA      | $1207373.00   | 0.31%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                    | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |   1240000 | PA      | $1228322.86   | 0.32%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                 | Hilcorp Energy I LP / Hilcorp Finance Co                                         | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $20776.70     | 0.01%             | 2033-11-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    316072 | PA      | $4345.99      | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                         | SLG Office Trust 2021-OVA                                                        | CUSIP: 78449RAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2119000 | PA      | $1791732.32   | 0.46%             | 2041-07-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                 | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1450000 | PA      | $1517665.70   | 0.39%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                   | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   3770000 | PA      | $3449550.00   | 0.89%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                                     | Vermilion Energy Inc                                                             | CUSIP: 923725AD7<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |   1110000 | PA      | $1109850.04   | 0.29%             | 2030-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1910000 | PA      | $1985232.76   | 0.51%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                           | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1393189.44   | 0.36%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                                        | 720 East CLO VII Ltd                                                             | CUSIP: 81789NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    520000 | PA      | $523574.01    | 0.14%             | 2037-04-20      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                         | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1639357.72   | 0.42%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Autokiniton US Holdings Inc                              | AUTOKINITON US HOLDINGS                                                          | CUSIP: 05278HAC0<br>LEI: 254900EHNKMJ1OSEZL85 | Long             | LON              | CORP              | US        |   1423138 | PA      | $1421359.41   | 0.37%             | 2028-04-06      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   4630000 | PA      | $2812948.17   | 0.73%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                 | Virgin Media Finance PLC                                                         | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |   1240000 | PA      | $1084555.21   | 0.28%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                                   | Spirit Contingent TL                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1021497 | PA      | $204299.49    | 0.05%             | 2026-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                  | Millrose Properties Inc                                                          | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $455399.55    | 0.12%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1076146.39   | 0.28%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                                 | Aston Martin Capital Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1609326.33   | 0.42%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                             | Fibercop SpA                                                                     | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |   1176000 | PA      | $1192840.32   | 0.31%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                       | Dominican Republic International Bond                                            | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   3330000 | PA      | $3252577.50   | 0.84%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4689.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                      | Turkiye Government International Bond                                            | CUSIP: 900123CP3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   1400000 | PA      | $1408806.60   | 0.36%             | 2028-02-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1068359.99   | 0.28%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Red Planet Borrower LLC                                  | RED PLANET BORROWER LLC                                                          | CUSIP: 57165KAE6<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |   1020000 | PA      | $1017689.70   | 0.26%             | 2032-09-08      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                  | Dryden 119 CLO Ltd                                                               | CUSIP: 26254LAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2030197.00   | 0.52%             | 2036-04-15      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                     | ROYAL BANK OF CANADA                                                             | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | Short            | RA               | CORP              | US        |  -6320876 | PA      | $-6320876.26  | -1.63%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                                          | Masterbrand Inc                                                                  | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    520000 | PA      | $539677.32    | 0.14%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   4110000 | PA      | $2970107.94   | 0.77%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                 | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   3310000 | PA      | $2333550.00   | 0.60%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                        | Elevation CLO 2016-5 Ltd                                                         | CUSIP: 28623BAC7<br>LEI: 549300IH854FT1JLRT08 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1202265.48   | 0.31%             | 2038-01-25      | Floating      | 11.25%                | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                  | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2328712.20   | 0.60%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLING CORP                                   | Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL        | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |   2150000 | PA      | $2140308.66   | 0.55%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MKS Instruments Inc                                      | MKS INSTRUMENTS INC                                                              | CUSIP: 55314NAZ7<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |   1123934 | PA      | $1128008.62   | 0.29%             | 2029-08-17      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                 | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1032489.00   | 0.27%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                           | Bain Capital Credit CLO 2020-3 Ltd                                               | CUSIP: 05684CBA2<br>LEI: 2549002RK7W6TK0Q0E16 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $653759.73    | 0.17%             | 2034-10-23      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                  | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    970000 | PA      | $921133.23    | 0.24%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $2365428.00   | 0.61%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                         | Ocean Trails CLO XIV Ltd                                                         | CUSIP: 67515MAG3<br>LEI: 254900TWRKR5CRS1OX19 | Long             | ABS-CBDO         | CORP              | JE        |   1420000 | PA      | $1414337.18   | 0.37%             | 2038-01-20      | Floating      | 10.01%                | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    570000 | PA      | $611562.69    | 0.16%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                              | Balboa Bay Loan Funding 2024-2 Ltd                                               | CUSIP: 05765BAA7<br>LEI: 254900FG1DS8PNX30R63 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $856262.72    | 0.22%             | 2038-01-20      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    800000 | PA      | $477577.76    | 0.12%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1313711.93   | 0.34%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    272000 | PA      | $280040.86    | 0.07%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                 | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |    230000 | PA      | $272891.11    | 0.07%             | 2031-06-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                             | Fibercop SpA                                                                     | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |   1585000 | PA      | $1547106.09   | 0.40%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                  | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    600000 | PA      | $601329.60    | 0.16%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                        | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    750000 | PA      | $771119.25    | 0.20%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                     | Neptune Bidco US Inc                                                             | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1227475.56   | 0.32%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| WW International Inc                                     | WW International Inc                                                             | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |     16972 | NS      | $343683.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BAUSCH HEALTH COS INC                                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1060000 | PA      | $981305.59    | 0.25%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                 | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080000 | PA      | $650662.51    | 0.17%             | 2061-04-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                         | CIFC Funding 2021-I Ltd                                                          | CUSIP: 12563EAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $503877.35    | 0.13%             | 2037-07-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                      | Apex Credit CLO 2019-II Ltd                                                      | CUSIP: 03755DAE2<br>LEI: 549300OKB854VBBC1981 | Long             | ABS-CBDO         | CORP              | KY        |   1260000 | PA      | $1222318.19   | 0.32%             | 2038-01-25      | Floating      | 11.34%                | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                 | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5280000 | PA      | $4848043.20   | 1.25%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                          | Sands China Ltd                                                                  | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |   2620000 | PA      | $2499274.33   | 0.65%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                                           | Eskom Holdings                                                                   | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |   1210000 | PA      | $1201366.38   | 0.31%             | 2027-07-23      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                      | Turkiye Government International Bond                                            | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |   2400000 | PA      | $1811300.52   | 0.47%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | DEUTSCHE BANK SECURITIES                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |  -3669188 | PA      | $-3669188.46  | -0.95%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                           | NRG Energy Inc                                                                   | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2820000 | PA      | $2850757.74   | 0.74%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                    | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1247385.37   | 0.32%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2021-BNK35                                                                  | CUSIP: 06540CAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    890000 | PA      | $357892.41    | 0.09%             | 2064-06-15      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                     | WW INTERNATIONAL INC                                                             | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | US        |   2477246 | PA      | $2205145.64   | 0.57%             | 2030-06-24      | Floating      | 10.49%                | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                         | Getty Images Inc                                                                 | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    920000 | PA      | $932307.24    | 0.24%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                         | Trinitas CLO XXVII LTD                                                           | CUSIP: 89642VAJ7<br>LEI: 254900JOSDBR04E6JB79 | Long             | ABS-CBDO         | CORP              | KY        |    290000 | PA      | $292867.06    | 0.08%             | 2037-04-18      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                  | Talen Energy Supply LLC                                                          | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    930000 | PA      | $953913.56    | 0.25%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    239445 | PA      | $3591.67      | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                 | Republic of South Africa Government International Bond                           | CUSIP: 836205BH6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    800000 | PA      | $777494.00    | 0.20%             | 2037-12-11      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                         | MODENA BUYER LLC                                                                 | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |    819625 | PA      | $784106.55    | 0.20%             | 2031-07-01      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    414893 | PA      | $3111.70      | 0.00%             | N/A             | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   2926369 | PA      | $2981934.89   | 0.77%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                 | Celanese US Holdings LLC                                                         | CUSIP: 15089QBC7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    660000 | PA      | $675512.64    | 0.17%             | 2031-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                             | GS Mortgage Securities Corp II                                                   | CUSIP: 36269JAL2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1568604.90   | 0.41%             | 2041-03-10      | Variable      | 9.26%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                 | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1066354.74   | 0.28%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    740000 | PA      | $716540.08    | 0.19%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                    | Vale Overseas Ltd                                                                | CUSIP: 91911TAH6<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |   2960000 | PA      | $3358013.44   | 0.87%             | 2036-11-21      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1385003.27   | 0.36%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                 | Ford Motor Credit Co LLC                                                         | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    410000 | PA      | $442793.71    | 0.11%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                          | Dcert Buyer Inc                                                                  | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |    500000 | PA      | $447082.50    | 0.12%             | 2029-02-19      | Floating      | 10.67%                | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                        | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1035913.98   | 0.27%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                     | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    910000 | PA      | $949129.95    | 0.25%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Esta                           | Greystone CRE Notes 2024-HC3                                                     | CUSIP: 39808MAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1006269.80   | 0.26%             | 2041-03-15      | Floating      | 9.01%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                        | MFA Financial Inc                                                                | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     28683 | NS      | $665445.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                  | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $580490.26    | 0.15%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |   2250000 | PA      | $2247416.48   | 0.58%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                     | Spirit Airlines, LLC Second DIP New Money Delayed TL                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    104067 | PA      | $103741.44    | 0.03%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                   | Carriage Purchaser Inc                                                           | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1941130.62   | 0.50%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAT8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1380000 | PA      | $1445599.68   | 0.37%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                                          | NCL Finance Ltd                                                                  | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   3000000 | PA      | $3085173.00   | 0.80%             | 2028-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                            | DISH DBS Corp                                                                    | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1520000 | PA      | $1346495.28   | 0.35%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    241173 | PA      | $837021.04    | 0.22%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                       | Bahrain Government International Bond                                            | CUSIP: 05674RAD6<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |   2750000 | PA      | $2362567.46   | 0.61%             | 2044-09-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                    | JANE STREET GROUP LLC                                                            | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    979381 | PA      | $973505.15    | 0.25%             | 2031-12-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $808516.50    | 0.21%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AEROPUERTOS DOMINICANOS                                  | Aeropuertos Dominicanos Siglo XXI SA                                             | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    400000 | PA      | $419910.00    | 0.11%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2754000 | PA      | $2968228.15   | 0.77%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                        | HSBC Holdings PLC                                                                | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1730000 | PA      | $2023700.84   | 0.52%             | 2033-11-03      | Fixed         | 8.11%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                 | OHA Credit Funding 18 Ltd                                                        | CUSIP: 67706JAL8<br>LEI: 254900NGFKJYUCJCAJ59 | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1012650.60   | 0.26%             | 2037-04-20      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2025-SPOT                                           | CUSIP: 12433FAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1269299 | PA      | $1279560.22   | 0.33%             | 2040-04-15      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                          | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    641903 | PA      | $628571.06    | 0.16%             | 2031-07-31      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| MidOcean Credit CLO                                      | MidOcean Credit CLO XVIII LLC                                                    | CUSIP: 59803MAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    760000 | PA      | $756433.40    | 0.20%             | 2035-10-18      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| TANZANIA PRIVATE BL                                      | TANZANIA PRIVATE BL                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TZ        |    200000 | PA      | $198500.00    | 0.05%             | 2031-04-30      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                                         | CIFC Funding 2022-II Ltd                                                         | CUSIP: 12567QAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $470094.89    | 0.12%             | 2035-04-19      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                 | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |   1967189 | PA      | $1595882.01   | 0.41%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2054991.66   | 0.53%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   5051707 | PA      | $5540535.43   | 1.43%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                     | Telecom Argentina SA                                                             | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |    920000 | PA      | $983480.00    | 0.25%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TURK TELEKOMUNIKASYON AS                                 | Turk Telekomunikasyon AS                                                         | CUSIP: 90011QAD2<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |   1670000 | PA      | $1740770.69   | 0.45%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                  | Halsey Point CLO I Ltd                                                           | CUSIP: 40638CAN9<br>LEI: 549300POBLM5RW6LD816 | Long             | ABS-CBDO         | CORP              | KY        |   1520000 | PA      | $1448970.86   | 0.37%             | 2037-10-20      | Floating      | 14.40%                | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                             | Fibercop SpA                                                                     | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    202000 | PA      | $207977.99    | 0.05%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                  | United Rentals North America Inc                                                 | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    810000 | PA      | $842638.49    | 0.22%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                            | Carnival Corp                                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    790000 | PA      | $813050.62    | 0.21%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                               | X CORP                                                                           | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    327468 | PA      | $327433.65    | 0.08%             | 2029-10-26      | Floating      | 10.45%                | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2616340.30   | 0.68%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                 | BX Commercial Mortgage Trust 2024-KING                                           | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1431159 | PA      | $1440113.82   | 0.37%             | 2034-05-15      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                 | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1500000 | PA      | $1500775.50   | 0.39%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                                     | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |    525618 | PA      | $59148.70     | 0.02%             | 2032-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $171638.83    | 0.04%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                    | QUIKRETE HOLDINGS INC                                                            | CUSIP: 74839XAM1<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1470024 | PA      | $1472677.73   | 0.38%             | 2031-04-14      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                 | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1314757.08   | 0.34%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                   | Telecom Italia Capital SA                                                        | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    161000 | PA      | $165130.62    | 0.04%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1077601.08   | 0.28%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $3023751.06   | 0.78%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                           | Morgan Stanley Capital I Trust 2016-BNK2                                         | CUSIP: 61690YBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1020000 | PA      | $954626.47    | 0.25%             | 2049-11-15      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                         | Altice France SA                                                                 | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    920455 | PA      | $945161.92    | 0.24%             | 2029-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                               | XAI CORP                                                                         | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3313350 | PA      | $3597751.40   | 0.93%             | 2028-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                      | Sprint Capital Corp                                                              | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   5170000 | PA      | $6262959.97   | 1.62%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1450000 | PA      | $1541225.30   | 0.40%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                      | BUCKEYE PARTNERS LP                                                              | CUSIP: 11823LAR6<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |    493775 | PA      | $496088.30    | 0.13%             | 2032-11-22      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                     | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |   1100000 | PA      | $1162946.40   | 0.30%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                        | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2270746.40   | 0.59%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                                       | Pinnacle Bidco PLC                                                               | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $2740325.62   | 0.71%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                           | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3604.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                 | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   4320000 | PA      | $4692314.88   | 1.21%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                    | QUIKRETE HOLDING 01/30/32                                                        | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1369650 | PA      | $1371108.68   | 0.35%             | 2032-02-10      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                        | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2287004.31   | 0.59%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    610000 | PA      | $502543.38    | 0.13%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                                             | COTIVITI INC                                                                     | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   1473844 | PA      | $1367918.60   | 0.35%             | 2031-05-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| ABCTEC Second Out TL                                     | ABCTEC Second Out TL                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2006841 | PA      | $2006841.14   | 0.52%             | 2031-09-08      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| WYNN MACAU LTD                                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    800000 | PA      | $796657.52    | 0.21%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2177466.97   | 0.56%             | 2029-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                   | Egypt Government International Bond                                              | CUSIP: 03846JAA8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1000000 | PA      | $1000411.82   | 0.26%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                        | Kinder Morgan Inc                                                                | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2267217.17   | 0.59%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV                                                 | IPD 3 BV                                                                         | CUSIP: 000000000<br>LEI: 724500RBP2J59JMQB629 | Long             | DBT              | CORP              | NL        |    320000 | PA      | $378782.31    | 0.10%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                            | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   3470000 | PA      | $3420459.37   | 0.88%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                     | Michaels Cos Inc/The                                                             | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    540000 | PA      | $526650.39    | 0.14%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                   | FIRST BRANDS GROUP LLC                                                           | CUSIP: 31935HAM9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    280237 | PA      | $42269.47     | 0.01%             | 2026-06-29      | Floating      | 13.69%                | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                    | Directv Financing LLC                                                            | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    310000 | PA      | $314265.29    | 0.08%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                      | Ecuador Government International Bond                                            | CUSIP: 27927WAQ5<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    570000 | PA      | $577125.00    | 0.15%             | 2034-01-29      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                    | Guatemala Government Bond                                                        | CUSIP: 401494AS8<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    200000 | PA      | $201942.00    | 0.05%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                                   | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2298532.60   | 0.59%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                        | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $2060581.32   | 0.53%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                 | Midcap Financial Issuer Trust                                                    | CUSIP: 59590AAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1933948.59   | 0.50%             | 2056-01-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| SPIRIT FUNDED ROLL UP TL                                 | SPIRIT FUNDED ROLL UP TL                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    882282 | PA      | $771996.38    | 0.20%             | 2026-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                         | Altice France SA                                                                 | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1905489 | PA      | $1862243.93   | 0.48%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                 | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    980000 | PA      | $1037419.18   | 0.27%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Jamestown CLO Ltd                                        | Jamestown CLO IX Ltd                                                             | CUSIP: 47048JBK8<br>LEI: 254900NFTK4YH0WYT485 | Long             | ABS-CBDO         | CORP              | KY        |    580000 | PA      | $581349.83    | 0.15%             | 2034-07-25      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| China Aoyuan Group Ltd                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | EC               | CORP              | CN        |    103724 | NS      | $1192.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                   | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    330000 | PA      | $351891.54    | 0.09%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                 | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2480000 | PA      | $2397104.64   | 0.62%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                 | IHEARTCOMMUNICATIONS INC                                                         | CUSIP: 45174UAJ7<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |   1354320 | PA      | $1242961.04   | 0.32%             | 2029-05-01      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                    | Petco Health & Wellness Co Inc                                                   | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |   1459574 | PA      | $1459216.53   | 0.38%             | 2028-03-03      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                            | Citigroup Commercial Mortgage Trust 2015-P1                                      | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8600 | PA      | $8432.38      | 0.00%             | 2048-09-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                 | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $530405.00    | 0.14%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     75885 | PA      | $47968.81     | 0.01%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH & WELLNESS                                  | Petco Health & Wellness Co Inc                                                   | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1384911.30   | 0.36%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                           | Palmer Square Loan Funding 2022-3 Ltd                                            | CUSIP: 69690DAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2005631.60   | 0.52%             | 2031-04-15      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                     | Provincia de Cordoba                                                             | CUSIP: 74408DAD6<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    262500 | PA      | $262376.63    | 0.07%             | 2027-06-01      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                  | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1885866.95   | 0.49%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2700000 | PA      | $2727407.70   | 0.70%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                             | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   3900000 | PA      | $3897479.59   | 1.01%             | 2044-06-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WBI OPERATING LLC                                        | WBI Operating LLC                                                                | CUSIP: 92944BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1520000 | PA      | $1535443.20   | 0.40%             | 2033-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                      | Ecuador Government International Bond                                            | CUSIP: 27927WAR3<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    710000 | PA      | $727750.00    | 0.19%             | 2039-01-29      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ATP TOW/ANDEAN TELECOM                                   | ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1700000 | PA      | $1753641.80   | 0.45%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $978808.83    | 0.25%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                  | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   2410000 | PA      | $2480534.39   | 0.64%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                             | MPH ACQUISITION HOLDINGS LLC                                                     | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |     79312 | PA      | $79278.75     | 0.02%             | 2030-12-31      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Arini US CLO Limited                                     | Arini US Clo III Ltd                                                             | CUSIP: 03990MAA5<br>LEI: 254900RLGVSRR5ZHHW52 | Long             | ABS-CBDO         | CORP              | KY        |    370000 | PA      | $376219.15    | 0.10%             | 2039-01-15      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                                  | Warwick Capital CLO 3 Ltd                                                        | CUSIP: 93655PAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1150000 | PA      | $1161310.83   | 0.30%             | 2037-04-20      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| ACProducts Holdings Inc                                  | ACProducts Holdings Inc                                                          | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |    391795 | PA      | $337378.49    | 0.09%             | 2028-05-17      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                      | Apex Credit CLO 2020 LTD                                                         | CUSIP: 03756ABL0<br>LEI: 549300WAK1RS0910RU63 | Long             | ABS-CBDO         | CORP              | BM        |    490000 | PA      | $490007.35    | 0.13%             | 2035-04-20      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                         | Altice France SA                                                                 | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    396342 | PA      | $387255.11    | 0.10%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220000 | PA      | $262896.43    | 0.07%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                               | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1750234.14   | 0.45%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                 | Western Midstream Operating LP                                                   | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1342792.36   | 0.35%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1638817.81   | 0.42%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CB6<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    132798 | PA      | $82726.83     | 0.02%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | DEUTSCHE BANK SECURITIES                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |  -6020004 | PA      | $-6020003.72  | -1.56%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   7320000 | PA      | $6444112.74   | 1.66%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                         | Ocean Trails CLO XII Ltd                                                         | CUSIP: 67515FAE3<br>LEI: 549300RF4JV7XJ3EV147 | Long             | ABS-CBDO         | CORP              | JE        |    700000 | PA      | $698855.22    | 0.18%             | 2035-07-20      | Floating      | 11.17%                | No            |                  2 | On Loan: No      |
| Clarios Global LP                                        | CLARIOS GLOBAL LP                                                                | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   1485000 | PA      | $1486165.73   | 0.38%             | 2030-05-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                               | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1960000 | PA      | $2032030.00   | 0.52%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRAN LUX 3/HOLD 1                                 | Altice France Lux 3 / Altice Holdings 1                                          | CUSIP: 020956AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    934000 | PA      | $903276.17    | 0.23%             | 2033-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                   | Telecom Italia Capital SA                                                        | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    394000 | PA      | $427546.34    | 0.11%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                             | MPH ACQUISITION HOLDINGS LLC                                                     | CUSIP: 55328HAQ4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    657447 | PA      | $607523.65    | 0.16%             | 2030-12-31      | Floating      | 8.53%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                     | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1320000 | PA      | $1306474.75   | 0.34%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    170740 | PA      | $104094.69    | 0.03%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                    | Palmer Square CLO 2022-3 Ltd                                                     | CUSIP: 69690ABC0<br>LEI: 5493000CAZ8VWJGUOH13 | Long             | ABS-CBDO         | CORP              | JE        |    310000 | PA      | $311375.94    | 0.08%             | 2037-07-20      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                                        | Chile Government International Bond                                              | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    800000 | PA      | $616200.00    | 0.16%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                      | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   4500000 | PA      | $3241908.00   | 0.84%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                                 | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    570000 | PA      | $568292.23    | 0.15%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                                 | Park-Ohio Industries Inc                                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1428593.35   | 0.37%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                  | Chimera Investment Corp                                                          | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |     15711 | NS      | $345013.56    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                   | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1432482.45   | 0.37%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | DEUTSCHE BANK SECURITIES                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |  -3968094 | PA      | $-3968093.76  | -1.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2022-BNK43                                                                  | CUSIP: 06541QAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $1652206.05   | 0.43%             | 2055-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                     | Spirit Airlines, LLC DIP New Money Term Loan 10/25                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    419612 | PA      | $418300.51    | 0.11%             | 2040-01-02      | None          | 11.68%                | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                                   | Asurion LLC and Asurion Co-Issuer Inc                                            | CUSIP: 045941AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1062495.07   | 0.27%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COLUMBUS MCKINNON CORP                                   | Columbus McKinnon Corp/NY                                                        | CUSIP: 199333AK1<br>LEI: 549300W3HQB0HO1F3G69 | Long             | DBT              | CORP              | US        |    610000 | PA      | $613595.95    | 0.16%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                        | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    820000 | PA      | $860307.10    | 0.22%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                 | Republic of South Africa Government International Bond                           | CUSIP: 836205AP9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   1500000 | PA      | $1409961.96   | 0.36%             | 2041-03-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                 | ALTICE LUXEMBOURG 0 SNR PERP EUR1 '144A'                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |      3904 | NS      | $65364.94     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                           | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5232000 | PA      | $5374634.73   | 1.39%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                                    | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    610000 | PA      | $567719.50    | 0.15%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     20726 | PA      | $13182.46     | 0.00%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                      | NCL Corp Ltd                                                                     | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    370000 | PA      | $371110.00    | 0.10%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK SECURITIES INC.                            | DEUTSCHE BANK SECURITIES                                                         | CUSIP: 000000000<br>LEI: 9J6MBOOO7BECTDTUZW19 | Short            | RA               | CORP              | US        |  -3283652 | PA      | $-3283652.32  | -0.85%            |  |  |  | No            |                  2 | On Loan: No      |
| Jazz Financing Lux Sarl                                  | JAZZ FINANCING LUX SARL                                                          | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    701745 | PA      | $704569.23    | 0.18%             | 2028-05-05      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2330000 | PA      | $871284.46    | 0.23%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                      | Altice Financing SA                                                              | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2240000 | PA      | $1628273.70   | 0.42%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOYAGER SPACE HOLDINGS I                                 | Voyager Technologies Inc                                                         | CUSIP: 92892BAA1<br>LEI: 254900DDCLSP240FE187 | Long             | DBT              | CORP              | US        |    140000 | PA      | $173530.00    | 0.04%             | 2030-11-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Mortgage Trust                           | 280 Park Avenue 2017-280P Mortgage Trust                                         | CUSIP: 90205FAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $983390.40    | 0.25%             | 2034-09-15      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                                   | Asurion LLC and Asurion Co-Issuer Inc                                            | CUSIP: 045941AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4060000 | PA      | $4244545.23   | 1.10%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                        | Magnetite XXVI Ltd                                                               | CUSIP: 55955CAG7<br>LEI: 549300F7COUCG1RROP29 | Long             | ABS-CBDO         | CORP              | KY        |   1610000 | PA      | $1612169.80   | 0.42%             | 2038-01-25      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                         | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1106054.88   | 0.29%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                     | Neptune Bidco US Inc                                                             | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1896300.02   | 0.49%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2022-BNK41                                                                  | CUSIP: 06540MAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2100000 | PA      | $1375873.80   | 0.36%             | 2065-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                     | YPF SA                                                                           | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    670000 | PA      | $677254.09    | 0.17%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| AEROVIRONMENT INC                                        | AeroVironment Inc                                                                | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |     77000 | PA      | $90744.50     | 0.02%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                        | Magnetite XXIV Ltd                                                               | CUSIP: 55954XAE7<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $302123.67    | 0.08%             | 2035-04-15      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CE0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     77450 | PA      | $38098.64     | 0.01%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                   | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   2780000 | PA      | $2895392.24   | 0.75%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                     | Abu Dhabi Government International Bond                                          | CUSIP: 29135LAA8<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |    850000 | PA      | $842141.66    | 0.22%             | 2027-10-11      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                  | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1370000 | PA      | $1377503.49   | 0.36%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                    | Petroleos del Peru SA                                                            | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   1750000 | PA      | $1322615.00   | 0.34%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                                   | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   2038000 | PA      | $2120058.17   | 0.55%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                    | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    680000 | PA      | $692664.35    | 0.18%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $1348126.08   | 0.35%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                             | Carnival PLC                                                                     | CUSIP: 14365CAA1<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |   6990000 | PA      | $7730558.39   | 2.00%             | 2029-10-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                                       | APLD ComputeCo LLC                                                               | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1081594.03   | 0.28%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                    | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1845291.31   | 0.48%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Hexion Holdings Corporation                              | HEXION HOLDINGS CORP                                                             | CUSIP: 00217XAE6<br>LEI: 549300LBB370MUHGLV84 | Long             | LON              | CORP              | US        |   1369745 | PA      | $1344493.75   | 0.35%             | 2029-03-15      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                     | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    510000 | PA      | $529062.27    | 0.14%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                   | Northern Oil & Gas Inc                                                           | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1828604.99   | 0.47%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                     | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    580000 | PA      | $601345.74    | 0.16%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CF7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     65450 | PA      | $37288.88     | 0.01%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                     | Provincia de Cordoba                                                             | CUSIP: 74408DAE4<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |   1640000 | PA      | $1574400.00   | 0.41%             | 2029-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                        | Magnetite XXXIX Ltd                                                              | CUSIP: 559923AE7<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |    990000 | PA      | $998508.26    | 0.26%             | 2037-01-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                    | Petroleos del Peru SA                                                            | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   1000000 | PA      | $672125.00    | 0.17%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                    | Continental Resources Inc/OK                                                     | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    240000 | PA      | $240385.88    | 0.06%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bear Mountain Park CLO, Ltd                              | Bear Mountain Park CLO Ltd                                                       | CUSIP: 07403KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1170000 | PA      | $1172053.58   | 0.30%             | 2037-07-15      | Floating      | 9.62%                 | No            |                  2 | On Loan: No      |
| NGPL PIPECO LLC                                          | NGPL PipeCo LLC                                                                  | CUSIP: 62912XAC8<br>LEI: 549300K3NT1HSQFEM073 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $2219715.74   | 0.57%             | 2037-12-15      | Fixed         | 7.77%                 | No            |                  2 | On Loan: No      |
| Aimco                                                    | AIMCO CLO 22 Ltd                                                                 | CUSIP: 00901VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1512409.05   | 0.39%             | 2037-04-19      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                   | FIRST BRANDS GROUP LLC                                                           | CUSIP: 31935HAN7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    804759 | PA      | $6341.50      | 0.00%             | 2026-06-29      | Floating      | 10.69%                | No            |                  2 | On Loan: No      |
| HalseyPoint CLO 3, Ltd.                                  | HalseyPoint CLO 3 Ltd                                                            | CUSIP: 40638UBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    780000 | PA      | $787915.21    | 0.20%             | 2037-07-30      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                      | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    540000 | PA      | $446850.00    | 0.12%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                   | First Brands Group LLC                                                           | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    630069 | PA      | $3518.93      | 0.00%             | 2027-03-30      | Floating      | 10.81%                | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                                       | Ukraine Government International Bond                                            | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     54542 | PA      | $30971.36     | 0.01%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $245644.00    | 0.06%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                                   | Bausch Health Americas Inc                                                       | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |    650000 | PA      | $647146.50    | 0.17%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                        | Jordan Government International Bond                                             | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |   2540000 | PA      | $2562730.36   | 0.66%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Cardinal Parent Inc                                      | Cardinal Parent Inc                                                              | CUSIP: 14153EAC9<br>LEI: 5493009YXQNPN3HQQH84 | Long             | LON              | CORP              | US        |    912686 | PA      | $870474.31    | 0.22%             | 2027-11-12      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                   | Telecom Italia Capital SA                                                        | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     98000 | PA      | $109599.28    | 0.03%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                              | Ivory Coast Government International Bond                                        | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   2750000 | PA      | $2724265.56   | 0.70%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                             | Spirit Aviation Holdings Inc                                                     | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72692 | NS      | $21807.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                    | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $2033718.79   | 0.53%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MARKS & SPENCER PLC                                      | Marks & Spencer PLC                                                              | CUSIP: 57069PAA0<br>LEI: 213800CN1RI3UCIZWB95 | Long             | DBT              | CORP              | GB        |   2240000 | PA      | $2459037.75   | 0.64%             | 2037-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                      | Petroleos Mexicanos                                                              | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   5220000 | PA      | $4249136.38   | 1.10%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                    | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    270000 | PA      | $278386.47    | 0.07%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                 | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $232172.04    | 0.06%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                 | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | PA      | $648111.42    | 0.17%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                  | CREDIT SUISSE ESCROW CL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14780000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    294006 | PA      | $15376.49     | 0.00%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                              | Ivory Coast Government International Bond                                        | CUSIP: 221625AK2<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    416945 | PA      | $417168.49    | 0.11%             | 2032-12-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                                         | Ford Motor Credit Co LLC                                                         | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1026243.77   | 0.27%             | 2031-06-17      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| METLIFE CAPITAL TRUST IV                                 | MetLife Capital Trust IV                                                         | CUSIP: 591560AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1220597.40   | 0.32%             | 2037-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Venture CLO 43 Limited                                   | Venture 43 CLO Ltd                                                               | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1193743.38   | 0.31%             | 2034-04-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                      | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    760000 | PA      | $809342.24    | 0.21%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                     | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1091827.00   | 0.28%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                            | ZF North America Capital Inc                                                     | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1487089.55   | 0.38%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                 | Vistra Operations Co LLC                                                         | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1314062.50   | 0.34%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                 | Western Midstream Operating LP                                                   | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   7627000 | PA      | $6553926.18   | 1.69%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Light and Wonder International Inc                       | LIGHT & WONDER INTERNATIONAL INC                                                 | CUSIP: 80875AAY7<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |   2216320 | PA      | $2216320.30   | 0.57%             | 2029-04-16      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                    | Mexico Government International Bond                                             | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   1500000 | PA      | $1332900.00   | 0.34%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                                  | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $889787.64    | 0.23%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    740000 | PA      | $776060.13    | 0.20%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                           | Morgan Stanley Capital I Trust 2015-UBS8                                         | CUSIP: 61691ABQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    540283 | PA      | $527147.63    | 0.14%             | 2048-12-15      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                  | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2330000 | PA      | $2451120.39   | 0.63%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TK Elevator Midco Gmbh                                   | TK ELEVATOR US NEWCO INC                                                         | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |   2450435 | PA      | $2459477.41   | 0.64%             | 2030-04-30      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                            | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $4118726.46   | 1.06%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    950000 | PA      | $954930.50    | 0.25%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                | Sunoco LP                                                                        | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2961000 | PA      | $3051725.04   | 0.79%             | N/A             | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                            | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2205134.24   | 0.57%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                  | Bahamas Government International Bond                                            | CUSIP: 056732AM2<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |   2060000 | PA      | $2230980.00   | 0.58%             | 2029-06-16      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                      | Apex Credit CLO 2021-II LLC                                                      | CUSIP: 03755QAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $491134.01    | 0.13%             | 2034-10-20      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                       | Energy Transfer LP                                                               | CUSIP: 29273VAJ9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    751000 | PA      | $761673.21    | 0.20%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    480000 | PA      | $367582.72    | 0.09%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2500000 | PA      | $2481400.50   | 0.64%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                            | FirstCash Inc                                                                    | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1040752.00   | 0.27%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                                | Prosus NV                                                                        | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    600000 | PA      | $575279.80    | 0.15%             | 2032-01-19      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Bank                                                     | BANK 2021-BNK35                                                                  | CUSIP: 06540CCJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1846154 | PA      | $698125.35    | 0.18%             | 2064-06-15      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Froneri International Limited                            | FRONERI US INC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1477179 | PA      | $1476558.97   | 0.38%             | 2031-09-30      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION GAS                                       | New Generation Gas Gathering LLC                                                 | CUSIP: 000000000<br>LEI: 9845008CB7EPB0KCD474 | Long             | DBT              | CORP              | US        |    927027 | PA      | $964108.10    | 0.25%             | 2029-09-30      | Floating      | 9.64%                 | No            |                  3 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                 | Diversified Healthcare Trust                                                     | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1227128.00   | 0.32%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                              | BNP Paribas SA                                                                   | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4320000 | PA      | $4590833.76   | 1.19%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                                      | Arbor Realty SR Inc                                                              | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   2160000 | PA      | $2105619.49   | 0.54%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    960000 | PA      | $1070974.08   | 0.28%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN                                  | Virgin Media Vendor Financing Notes III DAC                                      | CUSIP: 92771EAA1<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |   2500000 | PA      | $3428059.97   | 0.89%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                    | Nabors Industries Inc                                                            | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1953745.92   | 0.50%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                      | Sprint Capital Corp                                                              | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2360718.05   | 0.61%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                        | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   1418000 | PA      | $1406622.82   | 0.36%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                                | Sunoco LP                                                                        | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573761.43    | 0.15%             | 2031-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                            | ZF North America Capital Inc                                                     | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    840000 | PA      | $842805.60    | 0.22%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                  | Versant Media Group Inc                                                          | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1117745.47   | 0.29%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                    | Level 3 Financing Inc                                                            | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2541240.52   | 0.66%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                               | FERTITTA ENTERTAINMENT L                                                         | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |   1958038 | PA      | $1956246.41   | 0.51%             | 2029-01-27      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                   | Brazilian Government International Bond                                          | CUSIP: 105756BR0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1500000 | PA      | $1395600.00   | 0.36%             | 2041-01-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                       | Panama Government International Bond                                             | CUSIP: 698299BG8<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    500000 | PA      | $391225.00    | 0.10%             | 2047-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                 | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   5210000 | PA      | $5536234.57   | 1.43%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    115611 | PA      | $867.08       | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                            | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1018079.00   | 0.26%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                 | Uruguay Government International Bond                                            | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |  89000000 | PA      | $2610009.02   | 0.67%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                  | Five Point Operating Co LP                                                       | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1643059.38   | 0.42%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                                        | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                     | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1970328.02   | 0.51%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                 | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    470000 | PA      | $496338.80    | 0.13%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                   | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   2640000 | PA      | $2786836.80   | 0.72%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    760000 | PA      | $799013.08    | 0.21%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                  | Goldman Sachs & Co                                                               | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | Short            | RA               | CORP              | US        |  -2350312 | PA      | $-2350311.90  | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO NUTRESA SA                                         | Grupo Nutresa SA                                                                 | CUSIP: 40055CAA1<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |   1410000 | PA      | $1503730.55   | 0.39%             | 2030-05-12      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** Western Asset High Income Fund II Inc.

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer