# EDGAR Filing Document

**Accession Number:** 0001474103
**File Stem:** 0000940400-26-021648
**Filing Date:** 2026-5
**Character Count:** 181674
**Document Hash:** 7d8fa082e6367d482646c06abc72c935
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021648.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021648

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22338
- **FILM NUMBER:** 261031910

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments (unaudited)

March 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>

 **BrandywineGLOBAL — Flexible Bond Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 47.0%** | **Corporate Bonds & Notes — 47.0%** | **Corporate Bonds & Notes — 47.0%** | **Corporate Bonds & Notes — 47.0%** | **Corporate Bonds & Notes — 47.0%** |
| **Communication Services — 2.0%** | **Communication Services — 2.0%** | **Communication Services — 2.0%** | **Communication Services — 2.0%** | **Communication Services — 2.0%** |
| *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; $2138946<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; 560000<br>| &nbsp;&nbsp;&nbsp; 584843<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *2723789* |
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; ZipRecruiter Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 2755000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1593750*<br> <sup>(a)</sup><br>|
| *Media — 0.7%* | *Media — 0.7%* | *Media — 0.7%* | *Media — 0.7%* | *Media — 0.7%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications <br> Operating Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 2140000<br>| &nbsp;&nbsp;&nbsp; 1786127<br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1319736<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *3105863* |
| *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* | *Wireless Telecommunication Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1495000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1287840*<br> <sup>(a)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **8711242** |
| **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** | **Consumer Discretionary — 2.8%** |
| *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* |
| &nbsp;&nbsp;&nbsp; Affinity Interactive, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 5110000<br>| &nbsp;&nbsp;&nbsp; 3094175<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing UK PLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1688003<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1780000<br>| &nbsp;&nbsp;&nbsp; 1823450<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *6605628* |
| *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; Victra Holdings LLC/Victra Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4154692*<br> <sup>(a)</sup><br>|
| *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* |
| &nbsp;&nbsp;&nbsp; S&S Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 1724000<br>| &nbsp;&nbsp;&nbsp; 1522582<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Second Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 2136000<br>| &nbsp;&nbsp;&nbsp; 26,700<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Third Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 80100<br>| &nbsp;&nbsp;&nbsp; 301<br> \*<sup>(a)(b)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *1549583* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **12309903** |
| **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** |
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| &nbsp;&nbsp;&nbsp; Adecoagro SA, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/29/32 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 541612<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg SA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/18/31 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 321855<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg SA, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/13/33 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1261768<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2294763<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *4419998* |
| *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* |
| &nbsp;&nbsp;&nbsp; Turning Point Brands Inc., Senior Secured Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1374706*<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **5794704** |
| **Energy — 12.9%** | **Energy — 12.9%** | **Energy — 12.9%** | **Energy — 12.9%** | **Energy — 12.9%** |
| *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production BV, Senior Secured Notes | &nbsp;&nbsp; 8.947% | &nbsp;&nbsp; 7/31/42 | &nbsp;&nbsp; 2797805<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3053916*<br> <sup>(a)</sup><br>|
| *Oil, Gas & Consumable Fuels — 12.2%* | *Oil, Gas & Consumable Fuels — 12.2%* | *Oil, Gas & Consumable Fuels — 12.2%* | *Oil, Gas & Consumable Fuels — 12.2%* | *Oil, Gas & Consumable Fuels — 12.2%* |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1790000<br>| &nbsp;&nbsp;&nbsp; 1814809<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 2480000<br>| &nbsp;&nbsp;&nbsp; $2401609<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 3080000<br>| &nbsp;&nbsp;&nbsp; 3112939<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/13/33 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 621501<br>|
| &nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/30/28 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp; 2939635<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 <br> year Treasury Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 2160000<br>| &nbsp;&nbsp;&nbsp; 2157458<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1023622<br>|
| &nbsp;&nbsp;&nbsp; Geopark Ltd., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 1920000<br>| &nbsp;&nbsp;&nbsp; 1892935<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 643779<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1880000<br>| &nbsp;&nbsp;&nbsp; 1920896<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 893000<br>| &nbsp;&nbsp;&nbsp; 893568<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Leviathan Bond Ltd., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 1075000<br>| &nbsp;&nbsp;&nbsp; 1093297<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp;&nbsp; 1749304<br>|
| &nbsp;&nbsp;&nbsp; NFE Brazil Financing Ltd. | &nbsp;&nbsp; 15.000% | &nbsp;&nbsp; 8/30/29 | &nbsp;&nbsp; 539093<br>| &nbsp;&nbsp;&nbsp; 539093<br>|
| &nbsp;&nbsp;&nbsp; NFE Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 8384212<br>| &nbsp;&nbsp;&nbsp; 3,798,929<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2920000<br>| &nbsp;&nbsp;&nbsp; 3009945<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp., Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 750774<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 995000<br>| &nbsp;&nbsp;&nbsp; 1014229<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; 1690000<br>| &nbsp;&nbsp;&nbsp; 1187394<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/12/28 | &nbsp;&nbsp; 2340000<br>| &nbsp;&nbsp;&nbsp; 2315754<br>|
| &nbsp;&nbsp;&nbsp; Pluspetrol SA, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/18/31 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 1001277<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRIO Luxembourg Holding Sarl, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1740000<br>| &nbsp;&nbsp;&nbsp; 1694760<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SM Energy Co., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1691004<br>|
| &nbsp;&nbsp;&nbsp; Teine Energy Ltd., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 3101075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transportadora de Gas del Sur SA, Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 7/24/31 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1657262<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 <br> then 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2490000<br>| &nbsp;&nbsp;&nbsp; 2482110<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 9/11/31 | &nbsp;&nbsp; 2070000<br>| &nbsp;&nbsp;&nbsp; 2162442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/17/34 | &nbsp;&nbsp; 2360000<br>| &nbsp;&nbsp;&nbsp; 2409891<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 1/17/31 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 2074903<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; *53156194* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **56210110** |
| **Financials — 13.1%** | **Financials — 13.1%** | **Financials — 13.1%** | **Financials — 13.1%** | **Financials — 13.1%** |
| *Banks — 2.8%* | *Banks — 2.8%* | *Banks — 2.8%* | *Banks — 2.8%* | *Banks — 2.8%* |
| &nbsp;&nbsp;&nbsp; Banco de Credito del Peru S.A., Subordinated Notes (5.650% to 1/15/32 <br> then 5 year Treasury Constant Maturity Rate + 1.961%) | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 1/15/37 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1328720<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, Junior Subordinated Notes (5.875% to <br> 1/24/27 then 5 year Treasury Constant Maturity Rate + 4.643%) | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/24/27 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1838486<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (4.150% to 11/15/26 then 5 year <br> Treasury Constant Maturity Rate + 3.000%) | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1448906<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Citizens BancShares Inc., Senior Notes (4.869% to 3/3/31 then SOFR <br> + 1.487%) | &nbsp;&nbsp; 4.869% | &nbsp;&nbsp; 3/3/32 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1479177<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (3.650% to 6/1/26 <br> then 5 year Treasury Constant Maturity Rate + 2.850%) | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1860000<br>| &nbsp;&nbsp;&nbsp; 1852538<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Junior Subordinated Notes (3.400% to <br> 9/15/26 then 5 year Treasury Constant Maturity Rate + 2.595%) | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 753558<br> <sup>(d)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Junior Subordinated Notes (5.000% to <br> 11/1/26 then 3 mo. Term SOFR + 3.562%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; $1109330<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares Inc., Senior Notes (5.301% to 2/27/31 then <br> SOFR + 1.940%) | &nbsp;&nbsp; 5.301% | &nbsp;&nbsp; 2/27/32 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1213180<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares Inc., Subordinated Notes (4.000% to 5/6/26 then <br> 5 year Treasury Constant Maturity Rate + 3.150%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1078249<br> <sup>(e)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *12102144* |
| *Capital Markets — 4.4%* | *Capital Markets — 4.4%* | *Capital Markets — 4.4%* | *Capital Markets — 4.4%* | *Capital Markets — 4.4%* |
| &nbsp;&nbsp;&nbsp; Antares Holdings LP, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 631650<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Antares Holdings LP, Senior Notes | &nbsp;&nbsp; 7.950% | &nbsp;&nbsp; 8/11/28 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp;&nbsp; 2738227<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Junior Subordinated Notes (3.750% to <br> 12/20/26 then 5 year Treasury Constant Maturity Rate + 2.630%) | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/20/26 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1369757<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/10/31 | &nbsp;&nbsp; 1035000<br>| &nbsp;&nbsp;&nbsp; 893456<br>|
| &nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 835000<br>| &nbsp;&nbsp;&nbsp; 830888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated Notes (4.000% to 6/1/26 then <br> 5 year Treasury Constant Maturity Rate + 3.168%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 4940000<br>| &nbsp;&nbsp;&nbsp; 4909604<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credicorp Capital Sociedad Titulizadora SA | &nbsp;&nbsp; 9.700% | &nbsp;&nbsp; 3/5/45 | &nbsp;&nbsp; 2490000 <br><sup>PEN</sup><br>| &nbsp;&nbsp;&nbsp; 755608<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Private Credit Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/23/28 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1349738<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golub Capital BDC Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1316306<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%) | &nbsp;&nbsp; 6.537% | &nbsp;&nbsp; 8/12/33 | &nbsp;&nbsp; 4140000<br>| &nbsp;&nbsp;&nbsp; 4459556<br> <sup>(a)(e)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *19254790* |
| *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Junior Subordinated Notes (4.700% to 5/15/26 then 5 <br> year Treasury Constant Maturity Rate + 3.868%) | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 2530000<br>| &nbsp;&nbsp;&nbsp; 2508586<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Junior Subordinated Notes (4.700% to 5/15/28 then 7 <br> year Treasury Constant Maturity Rate + 3.481%) | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 3165000<br>| &nbsp;&nbsp;&nbsp; 2941080<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Acceptance Corp., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1988000<br>| &nbsp;&nbsp;&nbsp; 2062419<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enova International Inc., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1382054<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRA Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3040000<br>| &nbsp;&nbsp;&nbsp; 2809275<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Synchrony Financial, Senior Notes (4.947% to 2/25/31 then SOFR + <br> 1.530%) | &nbsp;&nbsp; 4.947% | &nbsp;&nbsp; 2/25/32 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 893335<br> <sup>(e)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *12596749* |
| *Financial Services — 3.0%* | *Financial Services — 3.0%* | *Financial Services — 3.0%* | *Financial Services — 3.0%* | *Financial Services — 3.0%* |
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1122345<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 1798000<br>| &nbsp;&nbsp;&nbsp; 1693212<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 825452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 872294<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 992036<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1053660<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 3240000<br>| &nbsp;&nbsp;&nbsp; 3332554<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1446900<br>| &nbsp;&nbsp;&nbsp; 159,159<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 2420000<br>| &nbsp;&nbsp;&nbsp; 2384088<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital LLC, Senior Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 675353<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *13110153* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **57063836** |

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** | **Health Care — 1.0%** |
| *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Embecta Corp., Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; $*1333499*<br> <sup>(a)</sup><br>|
| *Health Care Providers & Services — 0.7%* | *Health Care Providers & Services — 0.7%* | *Health Care Providers & Services — 0.7%* | *Health Care Providers & Services — 0.7%* | *Health Care Providers & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Prime Healthcare Services Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1765000<br>| &nbsp;&nbsp;&nbsp; 1831532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Star Parent Inc., Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1161721<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *2993253* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4326752** |
| **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** | **Industrials — 5.5%** |
| *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1511644*<br> <sup>(a)</sup><br>|
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, Senior Secured Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *764514*<br> <sup>(a)</sup><br>|
| *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* | *Construction & Engineering — 0.7%* |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean <br> Telecom Partners Peru S.R.L., Senior Secured Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1386602<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower <br> Partners Colombia SAS, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/3/30 | &nbsp;&nbsp; 1590000<br>| &nbsp;&nbsp;&nbsp; 1613402<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *3000004* |
| *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* | *Marine Transportation — 0.5%* |
| &nbsp;&nbsp;&nbsp; Danaos Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2094923*<br> <sup>(a)</sup><br>|
| *Passenger Airlines — 2.4%* | *Passenger Airlines — 2.4%* | *Passenger Airlines — 2.4%* | *Passenger Airlines — 2.4%* | *Passenger Airlines — 2.4%* |
| &nbsp;&nbsp;&nbsp; Air Canada, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp;&nbsp; 2021039<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 2358825<br>| &nbsp;&nbsp;&nbsp; 2327357<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 246400<br>| &nbsp;&nbsp;&nbsp; 236012<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.308% | &nbsp;&nbsp; 10/20/31 | &nbsp;&nbsp; 1065000<br>| &nbsp;&nbsp;&nbsp; 1042175<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avianca Midco 2 PLC, Senior Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 2/14/30 | &nbsp;&nbsp; 1030000<br>| &nbsp;&nbsp;&nbsp; 964224<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avianca Midco 2 PLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 1/28/31 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp;&nbsp; 455400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Azul Secured Finance LLP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1245250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de CV, Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2286000<br>| &nbsp;&nbsp;&nbsp; 2208848<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *10500305* |
| *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* | *Trading Companies & Distributors — 1.2%* |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd., Junior Subordinated Notes (5.250% to 9/15/26 then 5 year <br> Treasury Constant Maturity Rate + 4.410%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4993078*<br> <sup>(a)(d)(e)</sup><br>|
| *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* | *Transportation Infrastructure — 0.2%* |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI SA, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1009548*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **23874016** |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1485000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1561908**<br> <sup>(a)</sup><br>|
| **Materials — 4.2%** | **Materials — 4.2%** | **Materials — 4.2%** | **Materials — 4.2%** | **Materials — 4.2%** |
| *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* | *Chemicals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mativ Holdings Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1273042*<br> <sup>(a)</sup><br>|
| *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* | *Construction Materials — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV, Subordinated Notes (7.200% to 9/10/30 then 5 year <br> Treasury Constant Maturity Rate + 3.520%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 6/10/30 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *790725*<br> <sup>(a)(d)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Metals & Mining — 3.7%* | *Metals & Mining — 3.7%* | *Metals & Mining — 3.7%* | *Metals & Mining — 3.7%* | *Metals & Mining — 3.7%* |
| &nbsp;&nbsp;&nbsp; Algoma Steel Inc., Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1329000<br>| &nbsp;&nbsp;&nbsp; $1186430<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2691000<br>| &nbsp;&nbsp;&nbsp; 2607047<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1959000<br>| &nbsp;&nbsp;&nbsp; 1915741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERO Copper Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2095000<br>| &nbsp;&nbsp;&nbsp; 2078407<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp;&nbsp; 2740568<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 1154250<br>| &nbsp;&nbsp;&nbsp; 1136396<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Taseko Mines Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp;&nbsp; 2661715<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 6/28/54 | &nbsp;&nbsp; 1680000<br>| &nbsp;&nbsp;&nbsp; 1703016<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *16029320* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **18093087** |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Trust 2401, Senior Notes | &nbsp;&nbsp; 4.869% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 679000<br>| &nbsp;&nbsp;&nbsp; 654220<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trust 2401, Senior Notes | &nbsp;&nbsp; 7.700% | &nbsp;&nbsp; 1/23/32 | &nbsp;&nbsp; 488000<br>| &nbsp;&nbsp;&nbsp; 522497<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trust Fibra Uno, Senior Notes | &nbsp;&nbsp; 4.869% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 351000<br>| &nbsp;&nbsp;&nbsp; 336969<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trust Fibra Uno, Senior Notes | &nbsp;&nbsp; 7.700% | &nbsp;&nbsp; 1/23/32 | &nbsp;&nbsp; 972000<br>| &nbsp;&nbsp;&nbsp; 1026024<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *2539710* |
| *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *939633*<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **3479343** |
| **Utilities — 3.0%** | **Utilities — 3.0%** | **Utilities — 3.0%** | **Utilities — 3.0%** | **Utilities — 3.0%** |
| *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* | *Electric Utilities — 1.0%* |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL, Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 798150<br>| &nbsp;&nbsp;&nbsp; 739474<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (3.800% to 3/15/27 <br> then 5 year Treasury Constant Maturity Rate + 2.547%) | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 3/15/82 | &nbsp;&nbsp; 337000<br>| &nbsp;&nbsp;&nbsp; 325586<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; YPF Energia Electrica SA, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/16/32 | &nbsp;&nbsp; 3020000<br>| &nbsp;&nbsp;&nbsp; 3070078<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *4135138* |
| *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* | *Independent Power and Renewable Electricity Producers — 0.9%* |
| &nbsp;&nbsp;&nbsp; Long Ridge Energy LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1690288<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp., Junior Subordinated Notes (7.000% to 12/15/26 then 5 year <br> Treasury Constant Maturity Rate + 5.740%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1312596<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp., Junior Subordinated Notes (8.000% to 10/15/26 then 5 year <br> Treasury Constant Maturity Rate + 6.930%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 1095000<br>| &nbsp;&nbsp;&nbsp; 1107280<br> <sup>(a)(d)(e)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *4110164* |
| *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* |
| &nbsp;&nbsp;&nbsp; Sempra, Junior Subordinated Notes (4.125% to 4/1/27 then 5 year <br> Treasury Constant Maturity Rate + 2.868%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 4830000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4702462*<br> <sup>(e)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **12947764** |
| **Total Corporate Bonds & Notes (Cost — $211,556,081)** | **Total Corporate Bonds & Notes (Cost — $211,556,081)** | **Total Corporate Bonds & Notes (Cost — $211,556,081)** | **Total Corporate Bonds & Notes (Cost — $211,556,081)** | &nbsp;&nbsp; **204372665** |
| **Sovereign Bonds — 18.5%** | **Sovereign Bonds — 18.5%** | **Sovereign Bonds — 18.5%** | **Sovereign Bonds — 18.5%** | **Sovereign Bonds — 18.5%** |
| *Argentina — 2.4%* | *Argentina — 2.4%* | *Argentina — 2.4%* | *Argentina — 2.4%* | *Argentina — 2.4%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 4773600<br>| &nbsp;&nbsp;&nbsp; 4002663<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step <br> bond (4.125% to 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 7590000<br>| &nbsp;&nbsp;&nbsp; 5483775<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Entre Rios Argentina, Senior Notes | &nbsp;&nbsp; 9.550% | &nbsp;&nbsp; 3/4/33 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp;&nbsp; 683850<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *10170288* |

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Brazil — 6.6%* | *Brazil — 6.6%* | *Brazil — 6.6%* | *Brazil — 6.6%* | *Brazil — 6.6%* |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 124460000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; $20151000<br>|
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 55070000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; 8646134<br>|
| *Total Brazil* | *Total Brazil* | *Total Brazil* | *Total Brazil* | &nbsp;&nbsp; *28797134* |
| *Colombia — 2.8%* | *Colombia — 2.8%* | *Colombia — 2.8%* | *Colombia — 2.8%* | *Colombia — 2.8%* |
| &nbsp;&nbsp;&nbsp; Colombian TES, Bonds | &nbsp;&nbsp; 13.250% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 5980000000 <br><sup>COP</sup><br>| &nbsp;&nbsp;&nbsp; 1613362<br>|
| &nbsp;&nbsp;&nbsp; Colombian TES, Bonds | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 7/25/46 | &nbsp;&nbsp; 42310000000 <br><sup>COP</sup><br>| &nbsp;&nbsp;&nbsp; 10345170<br>|
| *Total Colombia* | *Total Colombia* | *Total Colombia* | *Total Colombia* | &nbsp;&nbsp; *11958532* |
| *Ecuador — 0.3%* | *Ecuador — 0.3%* | *Ecuador — 0.3%* | *Ecuador — 0.3%* | *Ecuador — 0.3%* |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bond, Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/29/34 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1355850*<br> <sup>(a)</sup><br>|
| *Egypt — 0.5%* | *Egypt — 0.5%* | *Egypt — 0.5%* | *Egypt — 0.5%* | *Egypt — 0.5%* |
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 5/29/32 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1470061<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Government International Bond, Senior Notes | &nbsp;&nbsp; 9.450% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 789755<br> <sup>(a)</sup><br>|
| *Total Egypt* | *Total Egypt* | *Total Egypt* | *Total Egypt* | &nbsp;&nbsp; *2259816* |
| *Mexico — 5.9%* | *Mexico — 5.9%* | *Mexico — 5.9%* | *Mexico — 5.9%* | *Mexico — 5.9%* |
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Bonds | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/26/33 | &nbsp;&nbsp; 128700000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 6584062<br>|
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Bonds | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 7/31/53 | &nbsp;&nbsp; 413100000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 19109923<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *25693985* |
| **Total Sovereign Bonds (Cost — $78,635,415)** | **Total Sovereign Bonds (Cost — $78,635,415)** | **Total Sovereign Bonds (Cost — $78,635,415)** | **Total Sovereign Bonds (Cost — $78,635,415)** | &nbsp;&nbsp; **80235605** |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 14.8%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 14.8%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 14.8%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 14.8%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 14.8%** |
| &nbsp;&nbsp;&nbsp; Bellemeade Re Ltd., 2023-1 M1B (30 Day Average SOFR + 4.250%) | &nbsp;&nbsp; 7.912% | &nbsp;&nbsp; 10/25/33 | &nbsp;&nbsp; 1680000<br>| &nbsp;&nbsp;&nbsp; 1716952<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bellemeade Re Ltd., 2024-1 M1C (30 Day Average SOFR + 3.950%) | &nbsp;&nbsp; 7.612% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 2120000<br>| &nbsp;&nbsp;&nbsp; 2156723<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bellemeade Re Ltd., 2024-1 M2 (30 Day Average SOFR + 4.600%) | &nbsp;&nbsp; 8.262% | &nbsp;&nbsp; 8/25/34 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 1227332<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit <br> Risk, 2022-MN4 B1 (30 Day Average SOFR + 9.500%) | &nbsp;&nbsp; 13.162% | &nbsp;&nbsp; 5/25/52 | &nbsp;&nbsp; 2256663<br>| &nbsp;&nbsp;&nbsp; 2698627<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit <br> Risk, 2022-MN5 B1 (30 Day Average SOFR + 9.500%) | &nbsp;&nbsp; 13.162% | &nbsp;&nbsp; 11/25/42 | &nbsp;&nbsp; 2640000<br>| &nbsp;&nbsp;&nbsp; 3060074<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit <br> Risk, 2023-MN6 B1 (30 Day Average SOFR + 9.250%) | &nbsp;&nbsp; 12.912% | &nbsp;&nbsp; 5/25/43 | &nbsp;&nbsp; 4660000<br>| &nbsp;&nbsp;&nbsp; 5363332<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit <br> Risk, 2023-MN7 M1 (30 Day Average SOFR + 3.600%) | &nbsp;&nbsp; 7.262% | &nbsp;&nbsp; 9/25/43 | &nbsp;&nbsp; 853164<br>| &nbsp;&nbsp;&nbsp; 855847<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Credit <br> Risk, 2024-MN8 M1 (30 Day Average SOFR + 2.850%) | &nbsp;&nbsp; 6.512% | &nbsp;&nbsp; 5/25/44 | &nbsp;&nbsp; 853521<br>| &nbsp;&nbsp;&nbsp; 860115<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-HQA1 B1 (30 Day Average SOFR + 7.000%) | &nbsp;&nbsp; 10.662% | &nbsp;&nbsp; 3/25/42 | &nbsp;&nbsp; 3880000<br>| &nbsp;&nbsp;&nbsp; 4077989<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2026-DNA2 B1 (30 Day Average SOFR + 2.100%) | &nbsp;&nbsp; 5.772% | &nbsp;&nbsp; 3/25/46 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 901061<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2020-HQA5 B1 (30 Day Average SOFR + 4.000%) | &nbsp;&nbsp; 7.662% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 3060000<br>| &nbsp;&nbsp;&nbsp; 3367233<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2021-DNA5 B1 (30 Day Average SOFR + 3.050%) | &nbsp;&nbsp; 6.712% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 1935000<br>| &nbsp;&nbsp;&nbsp; 2062789<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA2 M2 (30 Day Average SOFR + 3.750%) | &nbsp;&nbsp; 7.412% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 908802<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA3 M1B (30 Day Average SOFR + 2.900%) | &nbsp;&nbsp; 6.562% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1833108<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA3 M2 (30 Day Average SOFR + 4.350%) | &nbsp;&nbsp; 8.012% | &nbsp;&nbsp; 4/25/42 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 2007892<br> <sup>(a)(e)</sup><br>|

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA4 M1B (30 Day Average SOFR + 3.350%) | &nbsp;&nbsp; 7.012% | &nbsp;&nbsp; 5/25/42 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; $1532799<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA5 M1B (30 Day Average SOFR + 4.500%) | &nbsp;&nbsp; 8.162% | &nbsp;&nbsp; 6/25/42 | &nbsp;&nbsp; 2740000<br>| &nbsp;&nbsp;&nbsp; 2844060<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA6 M2 (30 Day Average SOFR + 5.750%) | &nbsp;&nbsp; 9.412% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 3650000<br>| &nbsp;&nbsp;&nbsp; 3884505<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-DNA7 M1B (30 Day Average SOFR + 5.000%) | &nbsp;&nbsp; 8.662% | &nbsp;&nbsp; 3/25/52 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 1987031<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-HQA2 M2 (30 Day Average SOFR + 6.000%) | &nbsp;&nbsp; 9.662% | &nbsp;&nbsp; 7/25/42 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1050924<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency <br> Credit Risk Trust, 2022-HQA3 M1B (30 Day Average SOFR + 3.550%) | &nbsp;&nbsp; 7.212% | &nbsp;&nbsp; 8/25/42 | &nbsp;&nbsp; 2630000<br>| &nbsp;&nbsp;&nbsp; 2706101<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2020-R01 1B1 (30 <br> Day Average SOFR + 3.364%) | &nbsp;&nbsp; 7.026% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1470288<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R02 2B1 (30 <br> Day Average SOFR + 3.300%) | &nbsp;&nbsp; 6.962% | &nbsp;&nbsp; 11/25/41 | &nbsp;&nbsp; 2260000<br>| &nbsp;&nbsp;&nbsp; 2292642<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2022-R02 2B1 (30 <br> Day Average SOFR + 4.500%) | &nbsp;&nbsp; 8.162% | &nbsp;&nbsp; 1/25/42 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 892801<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R02 1B1 (30 <br> Day Average SOFR + 5.550%) | &nbsp;&nbsp; 9.212% | &nbsp;&nbsp; 1/25/43 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1744008<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R07 2M2 <br> (30 Day Average SOFR + 3.250%) | &nbsp;&nbsp; 6.912% | &nbsp;&nbsp; 9/25/43 | &nbsp;&nbsp; 2310000<br>| &nbsp;&nbsp;&nbsp; 2375895<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2025-R06 1B1 (30 <br> Day Average SOFR + 1.850%) | &nbsp;&nbsp; 5.512% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1328624<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Multifamily CAS Trust, 2019-01 M10 (30 Day Average SOFR + 3.364%) | &nbsp;&nbsp; 7.026% | &nbsp;&nbsp; 10/25/49 | &nbsp;&nbsp; 3055705<br>| &nbsp;&nbsp;&nbsp; 3105442<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; TRTX Issuer Ltd., 2025-FL7 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.130% | &nbsp;&nbsp; 6/18/43 | &nbsp;&nbsp; 3980000<br>| &nbsp;&nbsp;&nbsp; 3979639<br> <sup>(a)(e)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $64,938,810)** | **Total Collateralized Mortgage Obligations (Cost — $64,938,810)** | **Total Collateralized Mortgage Obligations (Cost — $64,938,810)** | **Total Collateralized Mortgage Obligations (Cost — $64,938,810)** | &nbsp;&nbsp; **64292635** |
| **Asset-Backed Securities — 10.5%** | **Asset-Backed Securities — 10.5%** | **Asset-Backed Securities — 10.5%** | **Asset-Backed Securities — 10.5%** | **Asset-Backed Securities — 10.5%** |
| &nbsp;&nbsp;&nbsp; Blue Stream Issuer LLC, 2023-1A C | &nbsp;&nbsp; 8.898% | &nbsp;&nbsp; 5/20/53 | &nbsp;&nbsp; 2490000<br>| &nbsp;&nbsp;&nbsp; 2528632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cogent Ipv4 LLC, 2025-1A A2 | &nbsp;&nbsp; 6.646% | &nbsp;&nbsp; 4/25/55 | &nbsp;&nbsp; 2790000<br>| &nbsp;&nbsp;&nbsp; 2859071<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, <br> 2025-1A A2 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/20/55 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp;&nbsp; 1971056<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, <br> 2025-1A B | &nbsp;&nbsp; 6.506% | &nbsp;&nbsp; 5/20/55 | &nbsp;&nbsp; 4580000<br>| &nbsp;&nbsp;&nbsp; 4669276<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, <br> 2025-1A C | &nbsp;&nbsp; 9.408% | &nbsp;&nbsp; 5/20/55 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4168026<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer LLC, 2024-2A A2 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/20/49 | &nbsp;&nbsp; 5220000<br>| &nbsp;&nbsp;&nbsp; 5080331<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ExteNet Issuer LLC, 2024-1A C | &nbsp;&nbsp; 9.050% | &nbsp;&nbsp; 7/25/54 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2060764<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., 2016-21A D1R3 (3 mo. Term SOFR + 2.900%) | &nbsp;&nbsp; 6.568% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3564095<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2018-1A D1R (3 mo. Term SOFR + 3.600%) | &nbsp;&nbsp; 7.268% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 2551167<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC, 2023-1A A2A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 4010000<br>| &nbsp;&nbsp;&nbsp; 4001702<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC, 2026-1A A2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/27/56 | &nbsp;&nbsp; 4460000<br>| &nbsp;&nbsp;&nbsp; 4300642<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VB-S1 Issuer LLC, 2026-1A F | &nbsp;&nbsp; 6.843% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 4870000<br>| &nbsp;&nbsp;&nbsp; 4899767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zayo Issuer LLC, 2025-2A B | &nbsp;&nbsp; 6.586% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 3176558<br> <sup>(a)</sup><br>|
| **Total Asset-Backed Securities (Cost — $46,054,497)** | **Total Asset-Backed Securities (Cost — $46,054,497)** | **Total Asset-Backed Securities (Cost — $46,054,497)** | **Total Asset-Backed Securities (Cost — $46,054,497)** | &nbsp;&nbsp; **45831087** |

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **BrandywineGLOBAL — Flexible Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Convertible Bonds & Notes — 2.4%** | **Convertible Bonds & Notes — 2.4%** | **Convertible Bonds & Notes — 2.4%** | **Convertible Bonds & Notes — 2.4%** | **Convertible Bonds & Notes — 2.4%** |
| **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** |
| *Media — 1.6%* | *Media — 1.6%* | *Media — 1.6%* | *Media — 1.6%* | *Media — 1.6%* |
| &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; 1928588<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$6893932**<br> <sup>(g)</sup><br>|
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Global Payments Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2360000<br>| &nbsp;&nbsp;&nbsp; **2084001**<br>|
| **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** | **Information Technology — 0.3%** |
| *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* |
| &nbsp;&nbsp;&nbsp; IREN Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1977000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1447263**<br> <sup>(a)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $6,352,808)** | **Total Convertible Bonds & Notes (Cost — $6,352,808)** | **Total Convertible Bonds & Notes (Cost — $6,352,808)** | **Total Convertible Bonds & Notes (Cost — $6,352,808)** | &nbsp;&nbsp; **10425196** |
| **Senior Loans — 0.6%** | **Senior Loans — 0.6%** | **Senior Loans — 0.6%** | **Senior Loans — 0.6%** | **Senior Loans — 0.6%** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Star Parent Inc., Term Loan B (3 mo. Term SOFR + 4.000%)  | 7.700% | &nbsp;&nbsp; 9/27/30 | &nbsp;&nbsp; 1127000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1115831**<br> <sup>(e)(h)(i)</sup><br>|
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Connect US Finco LLC, Amendment No. 4 Term Loan  |  | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 1621726<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1627556**<br> <sup>(j)</sup><br>|
| **Total Senior Loans (Cost — $2,732,564)** | **Total Senior Loans (Cost — $2,732,564)** | **Total Senior Loans (Cost — $2,732,564)** | **Total Senior Loans (Cost — $2,732,564)** | &nbsp;&nbsp; **2743387** |
| **Total Investments before Short-Term Investments (Cost — $410,270,175)** | **Total Investments before Short-Term Investments (Cost — $410,270,175)** | **Total Investments before Short-Term Investments (Cost — $410,270,175)** | **Total Investments before Short-Term Investments (Cost — $410,270,175)** | &nbsp;&nbsp; **407900575** |
| **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** |
| **Sovereign Bonds — 2.8%** | **Sovereign Bonds — 2.8%** | **Sovereign Bonds — 2.8%** | **Sovereign Bonds — 2.8%** | **Sovereign Bonds — 2.8%** |
| &nbsp;&nbsp;&nbsp; Egypt Treasury Bills | 14.624% | &nbsp;&nbsp; 4/14/26 | &nbsp;&nbsp; 300250000 <br><sup>EGP</sup><br>| &nbsp;&nbsp;&nbsp; 5477394<br> <sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Treasury Bills | 19.210% | &nbsp;&nbsp; 4/21/26 | &nbsp;&nbsp; 226500000 <br><sup>EGP</sup><br>| &nbsp;&nbsp;&nbsp; 4111897<br> <sup>(c)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Egypt Treasury Bills | 21.516% | &nbsp;&nbsp; 4/28/26 | &nbsp;&nbsp; 154525000 <br><sup>EGP</sup><br>| &nbsp;&nbsp;&nbsp; 2791714<br> <sup>(k)</sup><br>|
| **Total Sovereign Bonds (Cost — $14,206,079)** | **Total Sovereign Bonds (Cost — $14,206,079)** | **Total Sovereign Bonds (Cost — $14,206,079)** | **Total Sovereign Bonds (Cost — $14,206,079)** | &nbsp;&nbsp; **12381005** |
|  |  |  | Shares |  |
| **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional U.S. Treasury Reserves, Premium <br> Shares (Cost — $5,540,250)  | &nbsp;&nbsp; 3.578% |  | &nbsp;&nbsp; 5540250<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5540250**<br> <sup>(l)(m)</sup><br>|
| **Total Short-Term Investments (Cost — $19,746,329)** | **Total Short-Term Investments (Cost — $19,746,329)** | **Total Short-Term Investments (Cost — $19,746,329)** | **Total Short-Term Investments (Cost — $19,746,329)** | &nbsp;&nbsp; **17921255** |
| **Total Investments — 97.9% (Cost — $430,016,504)** | **Total Investments — 97.9% (Cost — $430,016,504)** | **Total Investments — 97.9% (Cost — $430,016,504)** | **Total Investments — 97.9% (Cost — $430,016,504)** | &nbsp;&nbsp; **425821830** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.1% | &nbsp;&nbsp;&nbsp; 9082846 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$434904676** |

---

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

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

---

| | |
|:---|:---|
| † | 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 Trustees.<br>|
| <sup>(b)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(c)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(d)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(e)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(f)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(g)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(h)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(i)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(j)</sup> | All or a portion of this loan has not settled as of March 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>(k)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(l)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(m)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2026, the total market value of <br> investments in Affiliated Companies was $5,540,250 and the cost was $5,540,250 (Note 2).<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| BDC |  | Business development company. |
| BRL |  | Brazilian Real |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| COP |  | Colombian Peso |
| EGP |  | Egyptian Pound |
| MXN |  | Mexican Peso |
| PEN |  | Peruvian Nuevo Sol |
| PIK |  | Payment-In-Kind |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |

---

At March 31, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $56633425 | &nbsp;&nbsp;&nbsp;&nbsp; $56190237 | &nbsp;&nbsp;&nbsp; **$(443188)** |

---

At March 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>|
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 83400000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 4726873 | Citibank N.A. | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; $(90886) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4799667 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 83100000 | Citibank N.A. | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 180357 |

---

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **BrandywineGLOBAL — Flexible Bond Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 82100000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 4593907 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; $(30183) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 91300000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5116107 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; (40980) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 24199849 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 421300000 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 780888 |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 11600000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 648896 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4083) |
| CLP | &nbsp;&nbsp; 9110000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10587483 | HSBC Securities Inc. | &nbsp;&nbsp; 5/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; (745393) |
| EGP | &nbsp;&nbsp;&nbsp;&nbsp; 483000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 9415205 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 6/2/26 | &nbsp;&nbsp;&nbsp;&nbsp; (979136) |
| CLP | &nbsp;&nbsp; 10520000000 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 12107959 | HSBC Securities Inc. | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; (742829) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **$(1672245)** |

---

&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:** |
| CLP |  | Chilean Peso |
| EGP |  | Egyptian Pound |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

At March 31, 2026, the Fund had the following open swap contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.HY.45 Index | $21007800 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$1106303** | &nbsp;&nbsp;&nbsp; **$1312259** | &nbsp;&nbsp;&nbsp; **$(205956)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  | <br> **OTC CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES — SELL PROTECTION**<sup>1</sup>  |
| Swap Counterparty <br>(Reference Entity)<br>| Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp; Implied <br>Credit <br>Spread at <br>March 31, <br>2026<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>(Received)<br>| &nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Barclays Bank PLC (Panama Government <br> International Bond, 8.875%, due <br>9/30/27)<br>| $2940000 | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 0.787% | 1.000% quarterly | &nbsp;&nbsp; $16188 | &nbsp;&nbsp; $(43199) | &nbsp;&nbsp; $59387 |
| JPMorgan Chase & Co. (Panama <br> Government International Bond, 8.875%,due <br>9/30/27)<br>| 2880000 | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 0.787% | 1.000% quarterly | &nbsp;&nbsp; 15858 | &nbsp;&nbsp; (43156) | &nbsp;&nbsp;&nbsp; 59014 |
| **Total** | **$5820000** |  |  |  | &nbsp;&nbsp; **$32046** | &nbsp;&nbsp; **$(86355)** | &nbsp;&nbsp; **$118401** |

---

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

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

 **BrandywineGLOBAL — Flexible Bond Fund**

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| <sup>4</sup> | Implied credit spreads, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end, serve <br> as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied <br> credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter <br> into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or <br> other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for <br> the referenced entity or obligation.<br>|
| † | Percentage shown is an annual percentage rate. |

---

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

See Notes to Schedule of Investments.

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

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; $55671017 | &nbsp;&nbsp; $539093 | &nbsp;&nbsp; $56210110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 148162555 | &nbsp;&nbsp; — | &nbsp;&nbsp; 148162555 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 80235605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80235605 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 64292635 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64292635 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 45831087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45831087 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 10425196 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10425196 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2743387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2743387 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 407361482 | &nbsp;&nbsp; 539093 | &nbsp;&nbsp; 407900575 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 12381005 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12381005 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $5540250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5540250 |
| Total Short-Term Investments | &nbsp;&nbsp; 5540250 | &nbsp;&nbsp; 12381005 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17921255 |
| **Total Investments** | &nbsp;&nbsp; **$5540250** | &nbsp;&nbsp; **$419742487** | &nbsp;&nbsp; **$539093** | &nbsp;&nbsp; **$425821830** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $961245 | &nbsp;&nbsp; — | &nbsp;&nbsp; $961245 |
| &nbsp;&nbsp;&nbsp; OTC Credit Default Swaps on Sovereign Issues — Sell Protection‡ | &nbsp;&nbsp; — | &nbsp;&nbsp; 32046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32046 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$993291** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$993291** |
| **Total** | &nbsp;&nbsp; **$5540250** | &nbsp;&nbsp; **$420735778** | &nbsp;&nbsp; **$539093** | &nbsp;&nbsp; **$426815121** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $443188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $443188 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $2633490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2633490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 205956 | &nbsp;&nbsp; — | &nbsp;&nbsp; 205956 |
| **Total** | &nbsp;&nbsp; **$443188** | &nbsp;&nbsp; **$2839446** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$3282634** |

---

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

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments. <br> ‡ Value includes any premium paid or received with respect to swap contracts.

**2. Transactions with affiliated company**

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

------

BrandywineGLOBAL — Flexible Bond Fund 2026 Quarterly Report

------

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

an affiliated company for all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 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>December 31, <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>December 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional U.S. <br> Treasury Reserves, <br> Premium Shares<br>| $10448882 | $50304218 | 50304218 | $55212850 | 55212850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>March 31, <br>2026<br>|
| Western Asset Premier <br> Institutional U.S. Treasury <br> Reserves, Premium Shares<br>|  | $123236 |  | $5540250 |

---

------

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

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

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

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

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

  - **Street Address 1:** One Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **Telephone number:** 1-800-691-6960

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $444157336.17

**Total Liabilities:** $14407815.89

**Net Assets:** $429749520.28

**Cash Not Reported:** $1880000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 60.72109992 | **1-Year:** 7543.54135627 | **5-Year:** 33460.29654068 | **10-Year:** 11394.51964211 | **30-Year:** 2101.67575093

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

- **3-Month:** 581.63479842 | **1-Year:** 22785.09548500 | **5-Year:** 49786.93926784 | **10-Year:** 7701.16944071 | **30-Year:** 2121.20029418

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000169732 | 1.29%                | 0.11%                | -1.95%               |
| Class ID C000169730 | 1.28%                | 0.21%                | -1.96%               |
| Class ID C000169735 | 1.38%                | 0.21%                | -1.90%               |
| Class ID C000169736 | 1.38%                | 0.21%                | -1.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $851758.01               | $3368866.15                                |
| Month 2  | $-1427159.68             | $-109018.54                                |
| Month 3  | $-621665.76              | $-8407045.46                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cogent Communications Group LLC / Cogent Finance Inc.                                | CCOI 6.5 07/01/32 144A                                 | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     2450000 | PA      | $2138946.53   | 0.50%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                                               | COLTES 13.25 02/09/33 B                                | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  5980000000 | PA      | $1613361.50   | 0.38%             | 2033-02-09      | Fixed         | 13.25%                | No            |                  2 | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.                                     | GEL 8 05/15/33                                         | CUSIP: 37185LAR3<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |      990000 | PA      | $1023622.38   | 0.24%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PRIO Luxembourg Holding S.a r.l.                                                     | PRIOBZ 6.75 10/15/30 144A                              | CUSIP: 74259PAA5<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |     1740000 | PA      | $1694760.00   | 0.39%             | 2030-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                                           | CLP/USD FORWARD                                        | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-745393.75   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| IREN Ltd.                                                                            | IREN 0 07/01/31                                        | CUSIP: 46270CAE9<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |     1977000 | PA      | $1447262.85   | 0.34%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Prime Healthcare Services Inc                                                        | PRIHEA 9.375 09/01/29 144A                             | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1765000 | PA      | $1831531.68   | 0.43%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ATP TOWER HOLDINGS LLC                                                               | ATPTOW 4.05 04/27/26 144A                              | CUSIP: 00216DAA9<br>LEI: 254900CIKL1FQZ45N873 | Long             | DBT              | CORP              | US        |     1390000 | PA      | $1386601.45   | 0.32%             | 2026-04-27      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| OLD STEELCO INC                                                                      | ALGSTE 9.125 04/15/29 144A                             | CUSIP: 01566MAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1329000 | PA      | $1186429.53   | 0.28%             | 2029-04-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN CLO XXI LTD                                                         | NEUB 2016-21A D1R3                                     | CUSIP: 64130DCA6<br>LEI: 549300VBBLOSKH8XQ869 | Long             | ABS-CBDO         | CORP              | KY        |     3600000 | PA      | $3564094.68   | 0.83%             | 2039-01-20      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer Llc                                                      | SIDC 2026-1A A2                                        | CUSIP: 85236KAR3<br>LEI: 254900AV7V87H3A2WM57 | Long             | ABS-O            | CORP              | US        |     4460000 | PA      | $4300641.97   | 1.00%             | 2056-03-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                       | ECOPET 8.875 01/13/33                                  | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      590000 | PA      | $621501.37    | 0.14%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ZAYO ISSUER LLC                                                                      | ZAYO 2025-2A B                                         | CUSIP: 98919WAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3100000 | PA      | $3176558.22   | 0.74%             | 2055-06-20      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST                                                  | CAS 2020-R01 1B1                                       | CUSIP: 20754CAF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     1450000 | PA      | $1470288.11   | 0.34%             | 2040-01-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Sempra                                                                               | SRE V4.125 04/01/52                                    | CUSIP: 816851BM0<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |     4830000 | PA      | $4702461.92   | 1.09%             | 2052-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                  | ANTHOL 2.75 01/15/27                                   | CUSIP: 03666HAD3<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      645000 | PA      | $631650.22    | 0.15%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Enviri Corp.                                                                         | NVRI 5.75 07/31/27 144A                                | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |     1785000 | PA      | $1781976.39   | 0.41%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Mativ Holdings Inc                                                                   | MATV 8 10/01/29 144A                                   | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     1365000 | PA      | $1273042.13   | 0.30%             | 2029-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                                               | LVIATH 6.5 06/30/27                                    | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |      893000 | PA      | $893567.68    | 0.21%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                              | USD/MXN FORWARD                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-71162.92    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CYRUSONE DATA CENTERS ISSUER I LLC                                                   | CYRUS 2024-2A A2                                       | CUSIP: 23284BAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     5220000 | PA      | $5080331.07   | 1.18%             | 2049-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AFFINITY INTERACTIVE CORP                                                            | AFFGAM 6.875 12/15/27 144A                             | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5110000 | PA      | $3094175.11   | 0.72%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HOLDINGS SRL                                                   | AES 4.375 05/31/30 144A                                | CUSIP: 00109AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |      798150 | PA      | $739474.26    | 0.17%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB DE CV                                                           | AEROMX 8.25 11/15/29 144A                              | CUSIP: 40054JAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2286000 | PA      | $2208847.50   | 0.51%             | 2029-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                  | ANTHOL 7.95 08/11/28                                   | CUSIP: 03666HAF8<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     2640000 | PA      | $2738227.01   | 0.64%             | 2028-08-11      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL                      | BNTNF 10 01/01/35 NTNF                                 | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    55070000 | PA      | $8646134.06   | 2.01%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                              | LVLT 8.5 01/15/36 144A                                 | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      560000 | PA      | $584842.56    | 0.14%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE 2024-1 LTD                                                             | BMIR 2024-1 M1C                                        | CUSIP: 078915AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |     2120000 | PA      | $2156723.49   | 0.50%             | 2034-08-25      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA6                                              | STACR 2022-DNA6 M2                                     | CUSIP: 35564KH77<br>LEI: 5493000IS30HKV5IAS29 | Long             | ABS-O            | USGSE             | US        |     3650000 | PA      | $3884505.20   | 0.90%             | 2042-09-25      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-HQA3                                              | STACR 2022-HQA3 M1B                                    | CUSIP: 35564KE47<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-O            | USGSE             | US        |     2630000 | PA      | $2706100.63   | 0.63%             | 2042-08-25      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| Retained Vantage Data Centers Issuer LLC / Vantage Data Centers Cda Qc4 Ltd.         | VDCR 2023-1A A2A                                       | CUSIP: 76134KAA2<br>LEI: 254900N4NW6XZ9B4HM15 | Long             | ABS-O            | CORP              | US        |     4010000 | PA      | $4001701.71   | 0.93%             | 2048-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.15 PERP Y                                         | CUSIP: 172967NB3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1470000 | PA      | $1448905.50   | 0.34%             | N/A             | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL                      | BNTNF 10 01/01/33 NTNF                                 | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   124460000 | PA      | $20150999.91  | 4.69%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Pluspetrol S.A.                                                                      | PLUSPE 8.125 05/18/31 144A                             | CUSIP: 72942BAB1<br>LEI: 254900QSCHBUBX6J6H71 | Long             | DBT              | CORP              | AR        |      980000 | PA      | $1001276.72   | 0.23%             | 2031-05-18      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Taseko Mines Limited                                                                 | TKOCN 8.25 05/01/30 144A                               | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |     2550000 | PA      | $2661715.50   | 0.62%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V4 PERP I                                         | CUSIP: 808513BK0<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     4940000 | PA      | $4909604.18   | 1.14%             | N/A             | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MBONO 7.5 05/26/33 M                                   | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   128700000 | PA      | $6584062.43   | 1.53%             | 2033-05-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC / Fidium Fiber Finance Holdco LLC                    | CNSL 2025-1A C                                         | CUSIP: 209031AC7<br>LEI: 549300WW675Y48HDVX34 | Long             | ABS-O            | CORP              | US        |     4000000 | PA      | $4168026.00   | 0.97%             | 2055-05-20      | Fixed         | 9.41%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Limited                                                                | VALEBZ 6.4 06/28/54                                    | CUSIP: 91911TAS2<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |     1680000 | PA      | $1703016.00   | 0.40%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital LLC                                                      | VEL 9.375 02/15/31 144A                                | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |      675000 | PA      | $675352.62    | 0.16%             | 2031-02-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| FIDEICOMISO FIBRA UNO SIN TIPO DE SOCIEDAD                                           | FUNOTR 4.869 01/15/30 REGS                             | CUSIP: 000000000<br>LEI: 54930011BLQ0JPRBAL73 | Long             | DBT              | CORP              | MX        |      351000 | PA      | $336969.37    | 0.08%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE                                                       | MCAS 2019-01 M10                                       | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-O            | CORP              | US        |     3055705 | PA      | $3105441.68   | 0.72%             | 2049-10-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)                                             | FCNCA V4.869 03/03/32                                  | CUSIP: 31959XAJ2<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |     1530000 | PA      | $1479177.19   | 0.34%             | 2032-03-03      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS V6.537 08/12/33 144A                               | CUSIP: 225401AZ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     4140000 | PA      | $4459555.84   | 1.04%             | 2033-08-12      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                        | STACR 2026-DNA2 B1                                     | CUSIP: 35564UEP8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |      900000 | PA      | $901060.65    | 0.21%             | 2046-03-26      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V3.4 PERP T                                        | CUSIP: 693475BC8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      765000 | PA      | $753557.81    | 0.18%             | N/A             | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Yinson Boronia Production BV                                                         | YPANBR 8.947 07/31/42 144A                             | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     2797805 | PA      | $3053915.85   | 0.71%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE V3.8 03/15/82                                      | CUSIP: 65339KCB4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |      337000 | PA      | $325586.21    | 0.08%             | 2082-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                         | ENOIGA 5.375 03/30/28                                  | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     3050000 | PA      | $2939634.53   | 0.68%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Transportadora de Gas del Sur S.A.                                                   | TRAGAS 8.5 07/24/31 144A                               | CUSIP: 893870AY1<br>LEI: 5299002TRC7IFQYSW596 | Long             | DBT              | CORP              | AR        |     1570000 | PA      | $1657262.17   | 0.39%             | 2031-07-24      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MBONO 8 07/31/53 M                                     | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   413100000 | PA      | $19109922.56  | 4.45%             | 2053-07-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2025-R06                                         | CAS 2025-R06 1B1                                       | CUSIP: 20754YCL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     1310000 | PA      | $1328624.27   | 0.31%             | 2045-09-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| BLUE STREAM ISSUER LLC                                                               | BSTRM 2023-1A C                                        | CUSIP: 09606BAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2490000 | PA      | $2528632.10   | 0.59%             | 2053-05-20      | Fixed         | 8.90%                 | No            |                  2 | On Loan: No      |
| Mohegan Escrow Issuer LLC                                                            | MOHEGN 8.25 04/15/30 144A                              | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1780000 | PA      | $1823449.80   | 0.42%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DEL NORTE SA CAYMAN ISLANDS BRANCH                                   | BANORT V5.875 PERP 144a                                | CUSIP: 05973KAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1860000 | PA      | $1838486.31   | 0.43%             | N/A             | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                                               | LVIATH 6.75 06/30/30                                   | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     1075000 | PA      | $1093296.50   | 0.25%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corp.                                                    | BK V3.75 PERP I                                        | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1369756.50   | 0.32%             | N/A             | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                                                              | MXN/USD FORWARD                                        | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |           1 | NC      | $780887.76    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET V6.5 PERP H                                         | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     2160000 | PA      | $2157458.44   | 0.50%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust 2022-DNA7                                              | STACR 2022-DNA7 M1B                                    | CUSIP: 35564KL49<br>LEI: 5493000IRUQLXTG4SV18 | Long             | ABS-O            | USGSE             | US        |     1890000 | PA      | $1987031.28   | 0.46%             | 2052-03-25      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA5                                              | STACR 2021-DNA5 B1                                     | CUSIP: 35564KJA8<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-O            | USGSE             | US        |     1935000 | PA      | $2062788.95   | 0.48%             | 2034-01-25      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-HQA2                                              | STACR 2022-HQA2 M2                                     | CUSIP: 35564KB65<br>LEI: 5493000IRLADKYZNON28 | Long             | ABS-O            | USGSE             | US        |      990000 | PA      | $1050923.91   | 0.24%             | 2042-07-25      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY V4.7 PERP B                                       | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     2530000 | PA      | $2508585.57   | 0.58%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Extenet Issuer Llc                                                                   | EXTNT 2024-1A C                                        | CUSIP: 30227XAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $2060764.40   | 0.48%             | 2054-07-25      | Fixed         | 9.05%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                          | TRACTC 5.875 03/01/31 144A                             | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      950000 | PA      | $939633.18    | 0.22%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao SA                                                                 | SAMMIN 9.5 06/30/31 144A                               | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     1154250 | PA      | $1136395.95   | 0.26%             | 2031-06-30      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Entre Rios (Province Of)                                                             | ENTRIO 9.55 03/04/33 144A                              | CUSIP: 29384NAB0<br>LEI: 529900YISSWARKQRS409 | Long             | DBT              | NUSS              | AR        |      705000 | PA      | $683850.00    | 0.16%             | 2033-03-04      | Fixed         | 9.55%                 | No            |                  2 | On Loan: No      |
| Embecta Corp.                                                                        | EMBC 5 02/15/30 144A                                   | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     1440000 | PA      | $1333499.53   | 0.31%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                              | ARGENT 4.125 07/09/35                                  | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     7590000 | PA      | $5483775.00   | 1.28%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Ypf Energia Electrica S.A.                                                           | YPFLUZ 7.875 10/16/32 144A                             | CUSIP: 98424MAB9<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |     3020000 | PA      | $3070077.64   | 0.71%             | 2032-10-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Legg Mason Partners Institutional Trust                                              | Legg Mason Partners Institutional Trust US TRASURY PRM | CUSIP: 52470G478<br>LEI: 549300FS1J68EF5THY28 | Long             | STIV             | RF                | US        |     8225382 | NS      | $8225382.12   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Turning Point Brands Inc                                                             | TPB 7.625 03/15/32 144A                                | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     1340000 | PA      | $1374706.00   | 0.32%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| S&S Holdings LLC                                                                     | SSACTI 8.375 10/01/31 144A                             | CUSIP: 78525CAA3<br>LEI: 25490047QJT06H3Z7U34 | Long             | DBT              | CORP              | US        |     1724000 | PA      | $1522582.32   | 0.35%             | 2031-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Aeropuertos Dominicanos Siglo XXI SA                                                 | AERDOS 7 06/30/34 144A                                 | CUSIP: 007866AE6<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |      990000 | PA      | $1009547.55   | 0.23%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                              | ARGENT 0.75 07/09/30                                   | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     4773600 | PA      | $4002663.60   | 0.93%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                        | FREMOR 8.375 04/01/32 144A                             | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     1070000 | PA      | $1053660.35   | 0.25%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                          | FMCN 8.625 06/01/31 144A                               | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     2640000 | PA      | $2740568.16   | 0.64%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Aircastle Limited                                                                    | AYR V5.25 PERP 144A                                    | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |     5000000 | PA      | $4993078.50   | 1.16%             | N/A             | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2023-R02                                         | CAS 2023-R02 1B1                                       | CUSIP: 20755AAD4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     1640000 | PA      | $1744008.14   | 0.41%             | 2043-01-26      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA3                                              | STACR 2022-DNA3 M1B                                    | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-O            | USGSE             | US        |     1800000 | PA      | $1833108.12   | 0.43%             | 2042-04-25      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                            | XYZ 6 08/15/33 144A                                    | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     1140000 | PA      | $1122345.41   | 0.26%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                                  | AVIAGP 9.5 01/28/31 144A                               | CUSIP: 05369YAD1<br>LEI: 213800AMPX5VKH9AMX10 | Long             | DBT              | CORP              | GB        |      495000 | PA      | $455400.00    | 0.11%             | 2031-01-28      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Adecoagro SA                                                                         | AGRO 7.5 07/29/32 144A                                 | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |      550000 | PA      | $541612.50    | 0.13%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                 | CEMEX V7.2 PERP 144A                                   | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      780000 | PA      | $790725.00    | 0.18%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Sgus LLC                                                                             | SGUSLL 11 12/15/29 144A                                | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1446900 | PA      | $159159.00    | 0.04%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| NFE Financing LLC                                                                    | NFE 12 11/15/29 144A                                   | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8384212 | PA      | $3798928.38   | 0.88%             | 2029-11-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                                        | SM 6.625 01/15/27                                      | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1691004.20   | 0.39%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ZipRecruiter Inc                                                                     | ZIP 5 01/15/30 144A                                    | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |     2755000 | PA      | $1593749.59   | 0.37%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 4.25 04/15/31                                      | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     2400000 | PA      | $2294762.88   | 0.53%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                           | VMED 4.75 07/15/31 144A                                | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     1495000 | PA      | $1287839.76   | 0.30%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                                             | NGL 8.125 02/15/29 144A                                | CUSIP: 62922LAC2<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |     2920000 | PA      | $3009944.76   | 0.70%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC / Fidium Fiber Finance Holdco LLC                    | CNSL 2025-1A B                                         | CUSIP: 209031AB9<br>LEI: 549300WW675Y48HDVX34 | Long             | ABS-O            | CORP              | US        |     4580000 | PA      | $4669276.11   | 1.09%             | 2055-05-20      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                        | PBFENE 9.875 03/15/30 144A                             | CUSIP: 69318FAM0<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |      700000 | PA      | $750773.80    | 0.17%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| VB-S1 ISSUER LLC                                                                     | VBTEL 2026-1A F                                        | CUSIP: 91825HAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     4870000 | PA      | $4899767.39   | 1.14%             | 2056-03-15      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                   | CHRD 6 10/01/30 144A                                   | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     1790000 | PA      | $1814809.40   | 0.42%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Enova International Inc.                                                             | ENVA 9.125 08/01/29 144A                               | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1382054.40   | 0.32%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Golub Capital BDC Inc.                                                               | GBDC 6 07/15/29                                        | CUSIP: 38173MAE2<br>LEI: 2549005WE0QLGK9APF78 | Long             | DBT              | CORP              | US        |     1320000 | PA      | $1316306.13   | 0.31%             | 2029-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE 2024-1 LTD                                                             | BMIR 2024-1 M2                                         | CUSIP: 078915AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |     1190000 | PA      | $1227331.61   | 0.29%             | 2034-08-25      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| TRTX 2025-FL7 ISSUER LTD                                                             | TRTX 2025-FL7 A                                        | CUSIP: 87277LAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3980000 | PA      | $3979638.62   | 0.93%             | 2043-06-18      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                                       | TCBI V5.301 02/27/32                                   | CUSIP: 88224QAC1<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     1230000 | PA      | $1213179.48   | 0.28%             | 2032-02-27      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| OHA CREDIT FUNDING 1 LTD                                                             | OAKC 2018-1A D1R                                       | CUSIP: 67115WBA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2560000 | PA      | $2551166.72   | 0.59%             | 2037-04-20      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                                  | AVIAGP 9.625 02/14/30 144A                             | CUSIP: 05369YAA7<br>LEI: 213800AMPX5VKH9AMX10 | Long             | DBT              | CORP              | GB        |     1030000 | PA      | $964224.20    | 0.22%             | 2030-02-14      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                                                        | MXN/USD FORWARD                                        | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |           1 | NC      | $180356.55    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                             | EGYTB 0 04/14/26 364D                                  | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   300250000 | PA      | $5477394.24   | 1.27%             | 2026-04-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Infinity Natural Resources LLC                                                       | INFNAR 7.625 04/01/31 144A                             | CUSIP: 45690BAA3<br>LEI: 54930021094IFVB5ND43 | Long             | DBT              | CORP              | US        |      640000 | PA      | $643779.20    | 0.15%             | 2031-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                              | ISATLN 9 09/15/29 144A                                 | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |     1485000 | PA      | $1561908.15   | 0.36%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5 PERP S                                          | CUSIP: 693475AQ8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     1110000 | PA      | $1109330.45   | 0.26%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE 2023-1 LTD                                                             | BMIR 2023-1 M1B                                        | CUSIP: 07876XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |     1680000 | PA      | $1716951.60   | 0.40%             | 2033-10-25      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                       | SATS 3.875 11/30/30                                    | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     1928588 | PA      | $6893932.24   | 1.60%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2021-R02 2B1                                       | CUSIP: 20754KAF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     2260000 | PA      | $2292642.54   | 0.53%             | 2041-11-25      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                                                                | CDS REPUBLIC OF PANAMA                                 | CUSIP: 000000000<br>LEI: AC28XWWI3WIBK2824319 | N/A              | DCR              | CORP              | US        |           1 | NC      | $17168.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | MSCR 2022-MN4 B1                                       | CUSIP: 35563HAC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     2256663 | PA      | $2698627.29   | 0.63%             | 2052-05-28      | Floating      | 13.16%                | No            |                  2 | On Loan: No      |
| AIR CANADA PASS THROUGH TRUST SERIES 2017-1                                          | ACACN 3.3 01/15/30 144A                                | CUSIP: 00908PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |      246400 | PA      | $236012.10    | 0.05%             | 2030-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Blue Owl Technology Finance Corp.                                                    | OTF 3.75 06/17/26                                      | CUSIP: 691205AE8<br>LEI: 254900G5EZJSOD3UKL16 | Long             | DBT              | CORP              | US        |      835000 | PA      | $830887.76    | 0.19%             | 2026-06-17      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Kraken Oil & Gas Partners LLC                                                        | KRAOIG 7.625 08/15/29 144A                             | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |     1880000 | PA      | $1920895.64   | 0.45%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                                             | MXN/USD FORWARD                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-4082.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA5                                              | STACR 2022-DNA5 M1B                                    | CUSIP: 35564KYP8<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-O            | USGSE             | US        |     2740000 | PA      | $2844060.27   | 0.66%             | 2042-06-25      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.65 PERP KK                                      | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     1860000 | PA      | $1852537.49   | 0.43%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | MSCR 2024-MN8 M1                                       | CUSIP: 35563RAA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      853521 | PA      | $860114.54    | 0.20%             | 2044-05-25      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                             | EGYPT 7.625 05/29/32 144A                              | CUSIP: 03846JX54<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1520000 | PA      | $1470060.52   | 0.34%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ecuador (Republic Of)                                                                | ECUA 8.75 01/29/34 144A                                | CUSIP: 27927WAQ5<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     1380000 | PA      | $1355850.00   | 0.32%             | 2034-01-29      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Danaos Corp.                                                                         | DAC 6.875 10/15/32 144A                                | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     2060000 | PA      | $2094923.18   | 0.49%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                                          | SAGLEN 11 12/15/29 144@                                | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     2136000 | PA      | $26700.00     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Ministerio de Hacienda y Credito Publico                                             | COLTES 11.5 07/25/46 B                                 | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 42310000000 | PA      | $10345170.17  | 2.41%             | 2046-07-25      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                                       | TCBI V4 05/06/31                                       | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     1080000 | PA      | $1078249.38   | 0.25%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                             | EGYTB 0 04/21/26 364D                                  | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   226500000 | PA      | $4111896.58   | 0.96%             | 2026-04-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Fibra Uno Sin Tipo De Sociedad                                           | FUNOTR 7.7 01/23/32 144A                               | CUSIP: 89834JAB9<br>LEI: 54930011BLQ0JPRBAL73 | Long             | DBT              | CORP              | MX        |      972000 | PA      | $1026023.76   | 0.24%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                        | FREMOR 6.875 05/01/31 144A                             | CUSIP: 35641AAE8<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     1060000 | PA      | $992036.09    | 0.23%             | 2031-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                          | VST V7 PERP 144A                                       | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     1310000 | PA      | $1312596.37   | 0.31%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PRA Group Inc.                                                                       | PRAA 5 10/01/29 144A                                   | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     3040000 | PA      | $2809275.25   | 0.65%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Private Credit Corp.                                                   | GSCRED 5.05 02/23/28 144A                              | CUSIP: 38152BAJ0<br>LEI: 549300TD27G6372IYJ65 | Long             | DBT              | CORP              | US        |     1370000 | PA      | $1349738.06   | 0.31%             | 2028-02-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                         | AVOL 4.2 04/15/29 144A                                 | CUSIP: 05401ABE0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     1540000 | PA      | $1511644.10   | 0.35%             | 2029-04-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Cogent IPV4 LLC                                                                      | CGNT 2025-1A A2                                        | CUSIP: 19240JAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2790000 | PA      | $2859070.91   | 0.67%             | 2055-04-25      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Allwyn Entertainment Financing (UK) PLC                                              | SAZKAG 7.875 04/30/29 144A                             | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |     1650000 | PA      | $1688003.13   | 0.39%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                   | BURLN 7.5 07/15/33 144A                                | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      990000 | PA      | $825452.10    | 0.19%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | CLF 7 03/15/32 144A                                    | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     2691000 | PA      | $2607046.99   | 0.61%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA3                                              | STACR 2022-DNA3 M2                                     | CUSIP: 35564KVE6<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-O            | USGSE             | US        |     1950000 | PA      | $2007891.60   | 0.47%             | 2042-04-25      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Blue Owl Finance Llc                                                                 | OWL 3.125 06/10/31                                     | CUSIP: 09581JAR7<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     1035000 | PA      | $893455.96    | 0.21%             | 2031-06-10      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc.                                                                     | SYNH 9 10/01/30 144A                                   | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     1120000 | PA      | $1161721.12   | 0.27%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Connect US Finco LLC                                                                 | CONNECT FINCO SARL                                     | CUSIP: 000000000<br>LEI: 9845009357089S8JD619 | Long             | LON              | CORP              | US        |     1621726 | PA      | $1627555.98   | 0.38%             | 2029-09-27      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Teine Energy Ltd                                                                     | TEINEN 6.875 04/15/29 144A                             | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |     3100000 | PA      | $3101074.46   | 0.72%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMEDIATE LLC                                                     | AMEPIP 7.625 08/15/33 144A                             | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      740000 | PA      | $764513.98    | 0.18%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Ero Copper Corp                                                                      | EROCN 6.5 02/15/30 144A                                | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |     2095000 | PA      | $2078407.39   | 0.48%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATP Tower HoldingsLLC/Andean Telecom Partners Chile SpA                              | ATPTOW 7.875 02/03/30 144A                             | CUSIP: 00193BAA0<br>LEI: 254900CIKL1FQZ45N873 | Long             | DBT              | CORP              | US        |     1590000 | PA      | $1613402.22   | 0.38%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                                                        | MXN/USD FORWARD                                        | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-90885.92    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORP                                                               | CACC 9.25 12/15/28                                     | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1988000 | PA      | $2062418.79   | 0.48%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | MSCR 2023-MN6 B1                                       | CUSIP: 355920AB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     4660000 | PA      | $5363331.94   | 1.25%             | 2043-05-26      | Floating      | 12.91%                | No            |                  2 | On Loan: No      |
| Murphy Oil Corporation                                                               | MUR 6.5 02/15/34                                       | CUSIP: 626717AQ5<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |     1770000 | PA      | $1749304.45   | 0.41%             | 2034-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                   | BURLN 6.25 04/15/28 144A                               | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     1798000 | PA      | $1693212.56   | 0.39%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                       | ECOPET 7.75 02/01/32                                   | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     3080000 | PA      | $3112939.03   | 0.72%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                          | VST V8 PERP 144A                                       | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     1095000 | PA      | $1107280.43   | 0.26%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                                           | ACACN 3.875 08/15/26 144A                              | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |     2030000 | PA      | $2021038.77   | 0.47%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Minerva Luxembourg S.A.                                                              | BEEFBZ 8.875 09/13/33 144A                             | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |     1180000 | PA      | $1261768.10   | 0.29%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 5.75 04/01/48                                     | CUSIP: 161175BN3<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     2140000 | PA      | $1786127.25   | 0.42%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Next Properties Trust 2401                                                           | NEXTPR 7.7 01/23/32 144A                               | CUSIP: 89834MAB2<br>LEI: 254900QDKZ8ZURT6FD83 | Long             | DBT              | CORP              | MX        |      488000 | PA      | $522496.72    | 0.12%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC / Victra Finance Corp.                                           | VICTRA 8.75 09/15/29 144A                              | CUSIP: 92648DAA4<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | DBT              | CORP              | US        |     4000000 | PA      | $4154692.00   | 0.97%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                                          | SAGLEN 11 12/15/29 144*                                | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |       80100 | PA      | $300.38       | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Star Parent Inc                                                                      | STAR PARENT INC                                        | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |     1127000 | PA      | $1115831.43   | 0.26%             | 2030-09-27      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                  | GPN 1.5 03/01/31                                       | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     2360000 | PA      | $2084000.48   | 0.48%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                     | PR 6.25 02/01/33 144A                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      995000 | PA      | $1014229.37   | 0.24%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Banco de Credito del Peru                                                            | BCP V5.65 01/15/37 144A                                | CUSIP: 05971U2K2<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     1360000 | PA      | $1328720.00   | 0.31%             | 2037-01-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-HQA1                                              | STACR 2022-HQA1 B1                                     | CUSIP: 35564KUE7<br>LEI: 5493000IRODEKU3J3Q16 | Long             | ABS-O            | USGSE             | US        |     3880000 | PA      | $4077989.03   | 0.95%             | 2042-03-25      | Floating      | 10.66%                | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                 | CLF 7.625 01/15/34 144A                                | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1959000 | PA      | $1915740.66   | 0.45%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                             | DVN 5.6 07/15/41                                       | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     2480000 | PA      | $2401608.86   | 0.56%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2022-R02 2B1                                       | CUSIP: 20754BAF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      870000 | PA      | $892801.31    | 0.21%             | 2042-01-27      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | MSCR 2023-MN7 M1                                       | CUSIP: 35563QAA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      853164 | PA      | $855847.37    | 0.20%             | 2043-09-25      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos Sa De CV                                                         | PEMEX 5.35 02/12/28                                    | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     2340000 | PA      | $2315754.32   | 0.54%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | MSCR 2022-MN5 B1                                       | CUSIP: 35563LAA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     2640000 | PA      | $3060073.63   | 0.71%             | 2042-11-25      | Floating      | 13.16%                | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2023-R07                                         | CAS 2023-R07 2M2                                       | CUSIP: 20753BAB8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     2310000 | PA      | $2375895.52   | 0.55%             | 2043-09-25      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                  | SYF V4.947 02/25/32                                    | CUSIP: 87165BAZ6<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      920000 | PA      | $893334.66    | 0.21%             | 2032-02-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                        | FREMOR 9.25 02/01/29 144A                              | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      860000 | PA      | $872293.70    | 0.20%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                             | EGYTB 0 04/28/26 364D                                  | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   154525000 | PA      | $2791714.08   | 0.65%             | 2026-04-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Communications LLC / Fidium Fiber Finance Holdco LLC                    | CNSL 2025-1A A2                                        | CUSIP: 209031AA1<br>LEI: 549300WW675Y48HDVX34 | Long             | ABS-O            | CORP              | US        |     1940000 | PA      | $1971055.52   | 0.46%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Long Ridge Energy LLC                                                                | LONRID 8.75 02/15/32 144A                              | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1690287.48   | 0.39%             | 2032-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                                 | YPFDAR 8.75 09/11/31 144A                              | CUSIP: 984245AY6<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     2070000 | PA      | $2162442.06   | 0.50%             | 2031-09-11      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         495 | NC      | $-443188.35   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2020-HQA5                                              | STACR 2020-HQA5 B1                                     | CUSIP: 35565TBD0<br>LEI: 5493000IT2BRJ2Q9YQ96 | Long             | ABS-O            | USGSE             | US        |     3060000 | PA      | $3367233.18   | 0.78%             | 2050-11-25      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 7.125 04/30/31 144A                             | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     3240000 | PA      | $3332553.84   | 0.78%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru - Petroperu SA                                                    | PETRPE 5.625 06/19/47 144A                             | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     1690000 | PA      | $1187394.00   | 0.28%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NFE Brazil Financing LTD 15 08/30/29                                                 | NFE Brazil Financing LTD 15 08/30/29                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      539093 | PA      | $539093.14    | 0.13%             | 2029-08-30      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| AS MILEAGE PLAN IP LTD                                                               | ALK 5.308 10/20/31 144A                                | CUSIP: 00218QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1065000 | PA      | $1042175.43   | 0.24%             | 2031-10-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE BORROWER LLC                                                       | RIVENT 6.25 10/15/30 144A                              | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1370000 | PA      | $1367343.84   | 0.32%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Next Properties Trust 2401                                                           | NEXTPR 4.869 01/15/30 144A                             | CUSIP: 89834MAA4<br>LEI: 254900QDKZ8ZURT6FD83 | Long             | DBT              | CORP              | MX        |      679000 | PA      | $654219.90    | 0.15%             | 2030-01-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                              | VENLNG V9 PERP 144a                                    | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     2490000 | PA      | $2482109.61   | 0.58%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Credicorp Capital Sociedad Titulizadora SA                                           | MUNMET 9.7 03/05/45                                    | CUSIP: 224939AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     2490000 | PA      | $755607.92    | 0.18%             | 2045-03-05      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                                                           | USD/CLP FORWARD                                        | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-742828.79   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                    | ABEGET 10.5 11/15/30 144A                              | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     1470000 | PA      | $1319735.72   | 0.31%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Air Canada Pass Through Trust Series 2015-1                                          | ACACN 3.6 03/15/27 144A                                | CUSIP: 009090AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |     2358825 | PA      | $2327357.06   | 0.54%             | 2027-03-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                                             | EGYPT 9.45 02/04/33 144A                               | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      750000 | PA      | $789755.38    | 0.18%             | 2033-02-04      | Fixed         | 9.45%                 | No            |                  2 | On Loan: No      |
| Azul Secured Finance LLP                                                             | AZUBBZ 9.875 02/15/31 144A                             | CUSIP: 05501WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1360000 | PA      | $1245250.00   | 0.29%             | 2031-02-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA2                                              | STACR 2022-DNA2 M2                                     | CUSIP: 35564KRN1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-O            | USGSE             | US        |      890000 | PA      | $908802.32    | 0.21%             | 2042-02-25      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                  | ALLY V4.7 PERP C                                       | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     3165000 | PA      | $2941080.36   | 0.68%             | N/A             | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                                 | YPFDAR 8.25 01/17/34 144A                              | CUSIP: 984245BB5<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     2360000 | PA      | $2409890.87   | 0.56%             | 2034-01-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | CDS REPUBLIC OF PANAMA                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | US        |           1 | NC      | $16817.73     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GeoPark Ltd.                                                                         | GEOPAR 8.75 01/31/30 144A                              | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     1920000 | PA      | $1892935.28   | 0.44%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                                 | YPFDAR 9.5 01/17/31 144A                               | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     1970000 | PA      | $2074902.50   | 0.48%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                                             | USD/EGP FORWARD                                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-979135.49   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                                                        | UWMLLC 5.75 06/15/27 144A                              | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     2420000 | PA      | $2384087.68   | 0.55%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA4                                              | STACR 2022-DNA4 M1B                                    | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-O            | USGSE             | US        |     1500000 | PA      | $1532798.55   | 0.36%             | 2042-05-27      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| Minerva Luxembourg S.A.                                                              | BEEFBZ 4.375 03/18/31 144A                             | CUSIP: 603374AF6<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |      355000 | PA      | $321854.82    | 0.07%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.HY.45.V2                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |           1 | NC      | $1141316.54   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer