# EDGAR Filing Document

**Accession Number:** 0000889512
**File Stem:** 0000940400-26-002319
**Filing Date:** 2026-1
**Character Count:** 181648
**Document Hash:** 97065f57cef6ce58ee82c1f6ec0fcfea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002319.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000940400-26-002319

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06740
- **FILM NUMBER:** 26559382

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

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

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

## Series and Classes Contracts Data

### Western Asset SMASh Series C Fund (Series ID: S000014682)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000040180 | SMASh Series C Fund | LMLCX           |

## Nport-Ex

Schedule of Investments (unaudited)

November 30, 2025

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 83.0%** | **Corporate Bonds & Notes — 83.0%** | **Corporate Bonds & Notes — 83.0%** | **Corporate Bonds & Notes — 83.0%** | **Corporate Bonds & Notes — 83.0%** |
| **Communication Services — 12.1%** | **Communication Services — 12.1%** | **Communication Services — 12.1%** | **Communication Services — 12.1%** | **Communication Services — 12.1%** |
| *Diversified Telecommunication Services — 5.3%* | *Diversified Telecommunication Services — 5.3%* | *Diversified Telecommunication Services — 5.3%* | *Diversified Telecommunication Services — 5.3%* | *Diversified Telecommunication Services — 5.3%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; $1360000<br>| &nbsp;&nbsp;&nbsp; $1199796<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 360483<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10043<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242814<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 352000<br>| &nbsp;&nbsp;&nbsp; 296766<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 426970<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/1/57 | &nbsp;&nbsp; 6730000<br>| &nbsp;&nbsp;&nbsp; 4785557<br>|
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA, Senior Notes | &nbsp;&nbsp; 5.213% | &nbsp;&nbsp; 3/8/47 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 437812<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 688296<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 585710<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.355% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1284000<br>| &nbsp;&nbsp;&nbsp; 1135172<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/10/33 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 1874817<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 126341<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 1204000<br>| &nbsp;&nbsp;&nbsp; 1195120<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/37 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1180864<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 11/20/40 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1162796<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 6335<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/22/51 | &nbsp;&nbsp; 2360000<br>| &nbsp;&nbsp;&nbsp; 1714922<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/1/52 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 934900<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *18365514* |
| *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* | *Entertainment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 102000<br>| &nbsp;&nbsp;&nbsp; 100999<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 262123<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 494000<br>| &nbsp;&nbsp;&nbsp; 452010<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 104103<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp;&nbsp; 93813<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *1013048* |
| *Media — 4.8%* | *Media — 4.8%* | *Media — 4.8%* | *Media — 4.8%* | *Media — 4.8%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 487322<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 919087<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 509283<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1503838<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 203678<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.484% | &nbsp;&nbsp; 10/23/45 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 383525<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 763905<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp;&nbsp; 1727353<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; $910000<br>| &nbsp;&nbsp;&nbsp; $699854<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 834458<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/63 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 72472<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 2390000<br>| &nbsp;&nbsp;&nbsp; 2396465<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7705<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.969% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 461154<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 1580000<br>| &nbsp;&nbsp;&nbsp; 944615<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.887% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 714498<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 2.937% | &nbsp;&nbsp; 11/1/56 | &nbsp;&nbsp; 1194000<br>| &nbsp;&nbsp;&nbsp; 693576<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 1/25/49 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 898166<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51140<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1610339<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1068967<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *16951400* |
| *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 494850<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2252893<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1502369<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 246222<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1049424<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 465066<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *6010824* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **42340786** |
| **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** |
| *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* |
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 383440<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 213788<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/2/43 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 678145<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 4/1/45 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 236557<br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *1511930* |
| *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* | *Broadline Retail — 1.0%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/12/51 | &nbsp;&nbsp; 3930000<br>| &nbsp;&nbsp;&nbsp; 2717681<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 6/3/60 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 642656<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *3360337* |
| *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* |
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp;&nbsp; 1884076<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 926425<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 538174<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *3348675* |
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 1930000<br>| &nbsp;&nbsp;&nbsp; *1799949*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **10020891** |

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** |
| *Tobacco — 2.1%* | *Tobacco — 2.1%* | *Tobacco — 2.1%* | *Tobacco — 2.1%* | *Tobacco — 2.1%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; $4000<br>| &nbsp;&nbsp;&nbsp; $4069<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 744762<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 2/4/41 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 717460<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/4/51 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp;&nbsp; 1837234<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/19/32 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp;&nbsp; 2856553<br>|
| &nbsp;&nbsp;&nbsp; Reynolds American Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1127462<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **7287540** |
| **Energy — 14.0%** | **Energy — 14.0%** | **Energy — 14.0%** | **Energy — 14.0%** | **Energy — 14.0%** |
| *Oil, Gas & Consumable Fuels — 14.0%* | *Oil, Gas & Consumable Fuels — 14.0%* | *Oil, Gas & Consumable Fuels — 14.0%* | *Oil, Gas & Consumable Fuels — 14.0%* | *Oil, Gas & Consumable Fuels — 14.0%* |
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.001% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 3160000<br>| &nbsp;&nbsp;&nbsp; 2079172<br>|
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 1940968<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 3.302% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 886000<br>| &nbsp;&nbsp;&nbsp; 783766<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 333068<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72221<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2255242<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 732372<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 578078<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 596140<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 420847<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/2/51 | &nbsp;&nbsp; 4250000<br>| &nbsp;&nbsp;&nbsp; 3094462<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 185287<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1512742<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201257<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 402518<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; 1217352<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/31/51 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 157563<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes (5.375% to 2/15/28 then 3 mo. <br> Term SOFR + 2.832%) | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/78 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1621460<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 3420000<br>| &nbsp;&nbsp;&nbsp; 3116868<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2448677<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 4.114% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 452421<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 4.327% | &nbsp;&nbsp; 3/19/50 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1500834<br>|
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/19/47 | &nbsp;&nbsp; 4960000<br>| &nbsp;&nbsp;&nbsp; 4729588<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 1880000<br>| &nbsp;&nbsp;&nbsp; 1858257<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 677176<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 229732<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 213698<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/15/46 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 661460<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 2290000<br>| &nbsp;&nbsp;&nbsp; 1673013<br>|
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/20/43 | &nbsp;&nbsp; 2130000<br>| &nbsp;&nbsp;&nbsp; 2107112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 6/5/2115 | &nbsp;&nbsp; 1480000<br>| &nbsp;&nbsp;&nbsp; 1427116<br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1192182<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 1/23/45 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 879458<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/21/47 | &nbsp;&nbsp; 307000<br>| &nbsp;&nbsp;&nbsp; 250011<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 8/12/43 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 800702<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/6/50 | &nbsp;&nbsp; $880000<br>| &nbsp;&nbsp;&nbsp; $623553<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 256327<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150752<br>|
| &nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1510795<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 507537<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 890399<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1583974<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 104500<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 12214<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 902895<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **48945766** |
| **Financials — 26.4%** | **Financials — 26.4%** | **Financials — 26.4%** | **Financials — 26.4%** | **Financials — 26.4%** |
| *Banks — 16.5%* | *Banks — 16.5%* | *Banks — 16.5%* | *Banks — 16.5%* | *Banks — 16.5%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (4.175% to 3/24/27 then 1 year Treasury <br> Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 4.175% | &nbsp;&nbsp; 3/24/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 599650<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/21/44 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1035833<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.572% to 10/20/31 then SOFR + 1.210%) | &nbsp;&nbsp; 2.572% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 7280000<br>| &nbsp;&nbsp;&nbsp; 6607413<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.972% to 2/4/32 then SOFR + 1.330%) | &nbsp;&nbsp; 2.972% | &nbsp;&nbsp; 2/4/33 | &nbsp;&nbsp; 2840000<br>| &nbsp;&nbsp;&nbsp; 2611315<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Subordinated Notes (4.588% to 5/4/32 then 5 year Treasury <br> Constant Maturity Rate + 2.050%) | &nbsp;&nbsp; 4.588% | &nbsp;&nbsp; 5/4/37 | &nbsp;&nbsp; 3320000<br>| &nbsp;&nbsp;&nbsp; 3242634<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Subordinated Notes (5.088% to 6/20/29 then 3 mo. USD LIBOR + <br> 3.054%) | &nbsp;&nbsp; 5.088% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1354864<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (3.052% to 1/13/30 then SOFR + 1.507%) | &nbsp;&nbsp; 3.052% | &nbsp;&nbsp; 1/13/31 | &nbsp;&nbsp; 2910000<br>| &nbsp;&nbsp;&nbsp; 2757473<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Subordinated Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp; 1840000<br>| &nbsp;&nbsp;&nbsp; 1845978<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 1177478<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (2.572% to 6/3/30 then SOFR + 2.107%) | &nbsp;&nbsp; 2.572% | &nbsp;&nbsp; 6/3/31 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 631067<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.910% to 5/24/32 then SOFR + 2.086%) | &nbsp;&nbsp; 4.910% | &nbsp;&nbsp; 5/24/33 | &nbsp;&nbsp; 6760000<br>| &nbsp;&nbsp;&nbsp; 6886287<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 643279<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/18/46 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 151652<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.758% to 4/6/32 then 1 year Treasury <br> Constant Maturity Rate + 1.420%) | &nbsp;&nbsp; 3.758% | &nbsp;&nbsp; 4/6/33 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1021293<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury Constant <br> Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1241462<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Subordinated Notes (4.762% to 3/29/32 then SOFR + 2.530%) | &nbsp;&nbsp; 4.762% | &nbsp;&nbsp; 3/29/33 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 2216813<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%) | &nbsp;&nbsp; 2.522% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1532168<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/50 then SOFR + 2.440%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/51 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 782048<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.897% to 1/23/48 then 3 mo. Term SOFR + <br> 1.482%) | &nbsp;&nbsp; 3.897% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 310350<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.032% to 7/24/47 then 3 mo. Term SOFR + <br> 1.722%) | &nbsp;&nbsp; 4.032% | &nbsp;&nbsp; 7/24/48 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1346768<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.912% to 7/25/32 then SOFR + 2.080%) | &nbsp;&nbsp; 4.912% | &nbsp;&nbsp; 7/25/33 | &nbsp;&nbsp; 6445000<br>| &nbsp;&nbsp;&nbsp; 6619368<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 412535<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo. Term <br> SOFR + 2.515%) | &nbsp;&nbsp; 2.956% | &nbsp;&nbsp; 5/13/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 406109<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.076% to 1/27/29 then 3 mo. USD LIBOR + <br> 1.905%) | &nbsp;&nbsp; 5.076% | &nbsp;&nbsp; 1/27/30 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1126816<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.582% to 6/12/28 then SOFR + <br> 1.841%) | &nbsp;&nbsp; 5.582% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; $450000<br>| &nbsp;&nbsp;&nbsp; $466634<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Subordinated Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 469464<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 289854<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.611% to 4/25/52 then SOFR + 2.130%) | &nbsp;&nbsp; 4.611% | &nbsp;&nbsp; 4/25/53 | &nbsp;&nbsp; 5657000<br>| &nbsp;&nbsp;&nbsp; 4989716<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.557% to 7/25/33 then SOFR + 1.990%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 2140000<br>| &nbsp;&nbsp;&nbsp; 2267370<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 11/4/44 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 901008<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 11/17/45 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp;&nbsp; 1570483<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Subordinated Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/14/46 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 161902<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *57677084* |
| *Capital Markets — 5.5%* | *Capital Markets — 5.5%* | *Capital Markets — 5.5%* | *Capital Markets — 5.5%* | *Capital Markets — 5.5%* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/21/45 | &nbsp;&nbsp; 1520000<br>| &nbsp;&nbsp;&nbsp; 1402406<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (2.908% to 7/21/41 then SOFR + 1.472%) | &nbsp;&nbsp; 2.908% | &nbsp;&nbsp; 7/21/42 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 835370<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.436% to 2/24/42 then SOFR + 1.632%) | &nbsp;&nbsp; 3.436% | &nbsp;&nbsp; 2/24/43 | &nbsp;&nbsp; 1810000<br>| &nbsp;&nbsp;&nbsp; 1436667<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. Term SOFR <br> + 1.563%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 881989<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 1014151<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Subordinated Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/22/45 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 838625<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%) | &nbsp;&nbsp; 2.699% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1231106<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (6.342% to 10/18/32 then SOFR + 2.560%) | &nbsp;&nbsp; 6.342% | &nbsp;&nbsp; 10/18/33 | &nbsp;&nbsp; 5460000<br>| &nbsp;&nbsp;&nbsp; 6032442<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (3.126% to 8/13/29 then 3 mo. USD LIBOR + <br> 1.468%) | &nbsp;&nbsp; 3.126% | &nbsp;&nbsp; 8/13/30 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 1891739<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (4.194% to 4/1/30 then SOFR + 3.730%) | &nbsp;&nbsp; 4.194% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 3660000<br>| &nbsp;&nbsp;&nbsp; 3635443<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *19199938* |
| *Financial Services — 3.2%* | *Financial Services — 3.2%* | *Financial Services — 3.2%* | *Financial Services — 3.2%* | *Financial Services — 3.2%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 648786<br>|
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 6/1/49 | &nbsp;&nbsp; 7960000<br>| &nbsp;&nbsp;&nbsp; 6219349<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 4875000<br>| &nbsp;&nbsp;&nbsp; 4319374<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *11187509* |
| *Insurance — 1.2%* | *Insurance — 1.2%* | *Insurance — 1.2%* | *Insurance — 1.2%* | *Insurance — 1.2%* |
| &nbsp;&nbsp;&nbsp; MetLife Inc., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 25129<br>|
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, Subordinated Notes | &nbsp;&nbsp; 4.270% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 5070000<br>| &nbsp;&nbsp;&nbsp; 4246405<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4271534* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.0%††* | *Mortgage Real Estate Investment Trusts (REITs) — 0.0%††* | *Mortgage Real Estate Investment Trusts (REITs) — 0.0%††* | *Mortgage Real Estate Investment Trusts (REITs) — 0.0%††* | *Mortgage Real Estate Investment Trusts (REITs) — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *84755*<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **92420820** |
| **Health Care — 8.3%** | **Health Care — 8.3%** | **Health Care — 8.3%** | **Health Care — 8.3%** | **Health Care — 8.3%** |
| *Biotechnology — 2.6%* | *Biotechnology — 2.6%* | *Biotechnology — 2.6%* | *Biotechnology — 2.6%* | *Biotechnology — 2.6%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 679174<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/6/42 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp;&nbsp; 3681446<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/14/48 | &nbsp;&nbsp; 3630000<br>| &nbsp;&nbsp;&nbsp; 3382111<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1519218<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *9261949* |
| *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* |
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 871826<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 4870000<br>| &nbsp;&nbsp;&nbsp; 3467603<br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; $590000<br>| &nbsp;&nbsp;&nbsp; $519059<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/20/45 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1833283<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2540000<br>| &nbsp;&nbsp;&nbsp; 2481211<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 955284<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 939595<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1507438<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 734973<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/45 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 73249<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 878065<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp; 1382726<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/60 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1092026<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *16736338* |
| *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 5/28/40 | &nbsp;&nbsp; 1640000<br>| &nbsp;&nbsp;&nbsp; 1221937<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/49 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; 1778549<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *3000486* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **28998773** |
| **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** | **Industrials — 5.2%** |
| *Aerospace & Defense — 3.4%* | *Aerospace & Defense — 3.4%* | *Aerospace & Defense — 3.4%* | *Aerospace & Defense — 3.4%* | *Aerospace & Defense — 3.4%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9824<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1323648<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 586047<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 170846<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 551306<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 1490000<br>| &nbsp;&nbsp;&nbsp; 1473173<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.090% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 6580000<br>| &nbsp;&nbsp;&nbsp; 5356827<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 4.030% | &nbsp;&nbsp; 10/15/47 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; 1781225<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/4/47 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 610286<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *11863182* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; *244984*<br>|
| *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1234363<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 3/20/60 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 1403093<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/5/70 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 638539<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *3275995* |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *10063*<br> <sup>(a)</sup><br>|
| *Transportation Infrastructure — 0.8%* | *Transportation Infrastructure — 0.8%* | *Transportation Infrastructure — 0.8%* | *Transportation Infrastructure — 0.8%* | *Transportation Infrastructure — 0.8%* |
| &nbsp;&nbsp;&nbsp; DP World Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/25/48 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2740557*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18134781** |
| **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** | **Information Technology — 2.5%** |
| *Semiconductors & Semiconductor Equipment — 2.0%* | *Semiconductors & Semiconductor Equipment — 2.0%* | *Semiconductors & Semiconductor Equipment — 2.0%* | *Semiconductors & Semiconductor Equipment — 2.0%* | *Semiconductors & Semiconductor Equipment — 2.0%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 189000<br>| &nbsp;&nbsp;&nbsp; 188942<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 823631<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.187% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 77763<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; $769000<br>| &nbsp;&nbsp;&nbsp; $773232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1045971<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 8/12/51 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 518683<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 8/16/32 | &nbsp;&nbsp; 1560000<br>| &nbsp;&nbsp;&nbsp; 1505094<br>|
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 2280000<br>| &nbsp;&nbsp;&nbsp; 2090684<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *7024000* |
| *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1910000<br>| &nbsp;&nbsp;&nbsp; *1795742*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **8819742** |
| **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** | **Materials — 2.8%** |
| *Metals & Mining — 1.6%* | *Metals & Mining — 1.6%* | *Metals & Mining — 1.6%* | *Metals & Mining — 1.6%* | *Metals & Mining — 1.6%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2436552<br>|
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/8/42 | &nbsp;&nbsp; 3260000<br>| &nbsp;&nbsp;&nbsp; 3139551<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *5576103* |
| *Paper & Forest Products — 1.2%* | *Paper & Forest Products — 1.2%* | *Paper & Forest Products — 1.2%* | *Paper & Forest Products — 1.2%* | *Paper & Forest Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Celulosa Arauco y Constitucion SA, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/30/49 | &nbsp;&nbsp; 1740000<br>| &nbsp;&nbsp;&nbsp; 1566229<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 2670000<br>| &nbsp;&nbsp;&nbsp; 2756755<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *4322984* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **9899087** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* | *Retail REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; WEA Finance LLC/Westfield UK & Europe Finance PLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/17/44 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **175286**<br> <sup>(a)</sup><br>|
| **Utilities — 6.6%** | **Utilities — 6.6%** | **Utilities — 6.6%** | **Utilities — 6.6%** | **Utilities — 6.6%** |
| *Electric Utilities — 6.6%* | *Electric Utilities — 6.6%* | *Electric Utilities — 6.6%* | *Electric Utilities — 6.6%* | *Electric Utilities — 6.6%* |
| &nbsp;&nbsp;&nbsp; American Transmission Systems Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2174128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, First Mortgage Bonds | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 154192<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 4750000<br>| &nbsp;&nbsp;&nbsp; 4726266<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 5870000<br>| &nbsp;&nbsp;&nbsp; 5233895<br>|
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 1581000<br>| &nbsp;&nbsp;&nbsp; 1273398<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 945484<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 130955<br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/5/50 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3237328<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/50 | &nbsp;&nbsp; 7080000<br>| &nbsp;&nbsp;&nbsp; 5318691<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **23194337** |
| **Total Corporate Bonds & Notes (Cost — $296,564,088)** | **Total Corporate Bonds & Notes (Cost — $296,564,088)** | **Total Corporate Bonds & Notes (Cost — $296,564,088)** | **Total Corporate Bonds & Notes (Cost — $296,564,088)** | &nbsp;&nbsp; **290237809** |
| **Asset-Backed Securities — 5.8%** | **Asset-Backed Securities — 5.8%** | **Asset-Backed Securities — 5.8%** | **Asset-Backed Securities — 5.8%** | **Asset-Backed Securities — 5.8%** |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 5.082% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; 6501652<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2015-3A A1R (3 mo. Term SOFR + 1.262%) | &nbsp;&nbsp; 5.146% | &nbsp;&nbsp; 4/20/31 | &nbsp;&nbsp; 711318<br>| &nbsp;&nbsp;&nbsp; 711502<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2025-18A A1 (3 mo. Term SOFR + 1.240%) | &nbsp;&nbsp; 5.124% | &nbsp;&nbsp; 3/28/38 | &nbsp;&nbsp; 4360000<br>| &nbsp;&nbsp;&nbsp; 4366390<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2019-1A A1RR (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.404% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2005201<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Empower CLO Ltd., 2024-1A A1 (3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 5.458% | &nbsp;&nbsp; 4/25/37 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp; 3059286<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rad CLO Ltd., 2023-22A A1 (3 mo. Term SOFR + 1.830%) | &nbsp;&nbsp; 5.714% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2007486<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2023-25A A1 (3 mo. Term SOFR + 1.850%) | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 1/23/37 | &nbsp;&nbsp; 1810000<br>| &nbsp;&nbsp;&nbsp; 1816731<br> <sup>(a)(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $20,417,763)** | **Total Asset-Backed Securities (Cost — $20,417,763)** | **Total Asset-Backed Securities (Cost — $20,417,763)** | **Total Asset-Backed Securities (Cost — $20,417,763)** | &nbsp;&nbsp; **20468248** |

---

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Western Asset SMASh Series C Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Sovereign Bonds — 4.7%** | **Sovereign Bonds — 4.7%** | **Sovereign Bonds — 4.7%** | **Sovereign Bonds — 4.7%** | **Sovereign Bonds — 4.7%** |
| *Israel — 0.5%* | *Israel — 0.5%* | *Israel — 0.5%* | *Israel — 0.5%* | *Israel — 0.5%* |
| &nbsp;&nbsp;&nbsp; Israel Government International Bond, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 1/17/48 | &nbsp;&nbsp; $2440000<br>| &nbsp;&nbsp;&nbsp; $*1932543*<br>|
| *Kazakhstan — 0.6%* | *Kazakhstan — 0.6%* | *Kazakhstan — 0.6%* | *Kazakhstan — 0.6%* | *Kazakhstan — 0.6%* |
| &nbsp;&nbsp;&nbsp; Kazakhstan Government International Bond, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 10/14/44 | &nbsp;&nbsp; 2130000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1980727*<br> <sup>(a)</sup><br>|
| *Mexico — 3.6%* | *Mexico — 3.6%* | *Mexico — 3.6%* | *Mexico — 3.6%* | *Mexico — 3.6%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/12/52 | &nbsp;&nbsp; 16780000<br>| &nbsp;&nbsp;&nbsp; *12426429*<br>|
| **Total Sovereign Bonds (Cost — $15,934,362)** | **Total Sovereign Bonds (Cost — $15,934,362)** | **Total Sovereign Bonds (Cost — $15,934,362)** | **Total Sovereign Bonds (Cost — $15,934,362)** | &nbsp;&nbsp; **16339699** |
| **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** | **U.S. Government & Agency Obligations — 0.6%** |
| *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* | *U.S. Government Obligations — 0.6%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 91445<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 154734<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/48 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp; 779424<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 5090<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 8930<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 713953<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30505<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 234003<br>|
| **Total U.S. Government & Agency Obligations (Cost — $2,358,849)** | **Total U.S. Government & Agency Obligations (Cost — $2,358,849)** | **Total U.S. Government & Agency Obligations (Cost — $2,358,849)** | **Total U.S. Government & Agency Obligations (Cost — $2,358,849)** | &nbsp;&nbsp; **2018084** |
| **Total Investments — 94.1% (Cost — $335,275,062)** | **Total Investments — 94.1% (Cost — $335,275,062)** | **Total Investments — 94.1% (Cost — $335,275,062)** | **Total Investments — 94.1% (Cost — $335,275,062)** | &nbsp;&nbsp; **329063840** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 5.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 5.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 5.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 5.9% | &nbsp;&nbsp;&nbsp; 20728584 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$349792424** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <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> | 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>|

---

&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:** |
| CLO |  | Collateralized Loan Obligation |
| DAC |  | Designated Activity Company |
| JSC |  | Joint Stock Company |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $31718937 | &nbsp;&nbsp;&nbsp;&nbsp; $31746625 | &nbsp;&nbsp;&nbsp;&nbsp; $27688 |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 32043249 | &nbsp;&nbsp;&nbsp;&nbsp; 32161329 | &nbsp;&nbsp;&nbsp;&nbsp; 118080 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 51174687 | &nbsp;&nbsp;&nbsp;&nbsp; 51437625 | &nbsp;&nbsp;&nbsp;&nbsp; 262938 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3915903 | &nbsp;&nbsp;&nbsp;&nbsp; 3950907 | &nbsp;&nbsp;&nbsp;&nbsp; 35004 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 443710 |

---

See Notes to Schedule of Investments.

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Western Asset SMASh Series C Fund 2025 Quarterly Report

------

 **Western Asset SMASh Series C Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; Number of<br> Contracts<br>| &nbsp;&nbsp;&nbsp; Expiration<br> Date<br>| &nbsp;&nbsp;&nbsp; Notional<br> Amount<br>| &nbsp;&nbsp;&nbsp; Market<br> Value<br>| &nbsp;&nbsp;&nbsp; Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $47920705 | &nbsp;&nbsp;&nbsp;&nbsp; $48057750 | &nbsp;&nbsp;&nbsp;&nbsp; $(137045) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 37293210 | &nbsp;&nbsp;&nbsp;&nbsp; 37732500 | &nbsp;&nbsp;&nbsp;&nbsp; (439290) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (576335) |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(132625)** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.IG.45 Index | $614439000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$13820909** | &nbsp;&nbsp;&nbsp; **$13642490** | &nbsp;&nbsp;&nbsp; **$178419** |

---

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

---

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

---

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

See Notes to Schedule of Investments.

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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.

------

Western Asset SMASh Series C Fund 2025 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; $290237809 | &nbsp;&nbsp; — | &nbsp;&nbsp; $290237809 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 20468248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20468248 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 16339699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16339699 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2018084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2018084 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$329063840** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$329063840** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $443710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $443710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $178419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 178419 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$443710** | &nbsp;&nbsp; **$178419** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$622129** |
| **Total** | &nbsp;&nbsp; **$443710** | &nbsp;&nbsp; **$329242259** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$329685969** |
| **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; $576335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $576335 |

---

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

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

------

Western Asset SMASh Series C Fund 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Legg Mason Partners Institutional Trust

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

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

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

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

- **b. EDGAR series identifier (if any):** S000014682

- **c. LEI of Series:** 54930003EFT6H1PI7A06

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

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

- **b. Date as of which information is reported:** 2025-11-28

**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:** $349696900.73

**Total Liabilities:** $117960.51

**Net Assets:** $349578940.22

**Cash Not Reported:** $1811066.86

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 28.64000000 | **1-Year:** 46490.30000000 | **5-Year:** 295814.46000000 | **10-Year:** 192892.01000000 | **30-Year:** 31452.73000000

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

- **3-Month:** 0.00000000 | **1-Year:** 51.29000000 | **5-Year:** 876.25000000 | **10-Year:** 5095.57000000 | **30-Year:** 414.62000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000040180 | 2.41%                | 0.55%                | 0.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1447263.93              | $4615537.38                                |
| Month 2  | $-30235.04               | $511755.32                                 |
| Month 3  | $85480.59                | $240561.19                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        34 | NC      | $35003.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                  | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5460000 | PA      | $6032442.45   | 1.73%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VGP3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $934900.12    | 0.27%             | 2052-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                  | Humana Inc                                                                      | CUSIP: 444859BR2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $955284.08    | 0.27%             | 2032-02-03      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                    | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDP6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   1070000 | PA      | $1021293.44   | 0.29%             | 2033-04-06      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                        | Targa Resources Corp                                                            | CUSIP: 87612KAC6<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256327.10    | 0.07%             | 2052-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                        | Southern Copper Corp                                                            | CUSIP: 84265VAG0<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |   3260000 | PA      | $3139551.15   | 0.90%             | 2042-11-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    910000 | PA      | $763905.32    | 0.22%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $782047.59    | 0.22%             | 2051-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                        | Lockheed Martin Corp                                                            | CUSIP: 539830BK4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1473173.10   | 0.42%             | 2036-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                       | Time Warner Cable LLC                                                           | CUSIP: 88732JAY4<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1068966.62   | 0.31%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SBN2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |   2550000 | PA      | $1837234.58   | 0.53%             | 2051-02-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                       | Continental Resources Inc/OK                                                    | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72220.85     | 0.02%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                             | McDonald's Corp                                                                 | CUSIP: 58013MFK5<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   2510000 | PA      | $1884075.93   | 0.54%             | 2049-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                       | Time Warner Cable LLC                                                           | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51139.95     | 0.01%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                           | General Motors Co                                                               | CUSIP: 37045VAP5<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    220000 | PA      | $213787.45    | 0.06%             | 2038-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    494000 | PA      | $452010.00    | 0.13%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29279FAA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201256.58    | 0.06%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                    | Devon Energy Corp                                                               | CUSIP: 25179MAU7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    680000 | PA      | $596140.13    | 0.17%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                         | Bank of Nova Scotia/The                                                         | CUSIP: 06417XAG6<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   3320000 | PA      | $3242633.44   | 0.93%             | 2037-05-04      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $487321.66    | 0.14%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    570000 | PA      | $586046.94    | 0.17%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SBM4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    920000 | PA      | $717460.08    | 0.21%             | 2041-02-04      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6445000 | PA      | $6619368.31   | 1.89%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $5090.23      | 0.00%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 94974BGE4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $901007.92    | 0.26%             | 2044-11-04      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                            | DP World Ltd/United Arab Emirates                                               | CUSIP: 23330JAB7<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |   2750000 | PA      | $2740556.69   | 0.78%             | 2048-09-25      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                                               | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1621459.78   | 0.46%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                         | Elevance Health Inc                                                             | CUSIP: 036752AT0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   2540000 | PA      | $2481210.53   | 0.71%             | 2032-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    940000 | PA      | $823630.83    | 0.24%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    910000 | PA      | $919086.71    | 0.26%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $154734.38    | 0.04%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                           | NatWest Group PLC                                                               | CUSIP: 78009PEH0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   1100000 | PA      | $1126816.01   | 0.32%             | 2030-01-27      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBL9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1532167.98   | 0.44%             | 2031-04-22      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1323647.67   | 0.38%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC                         | Gilead Sciences Inc                                                             | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1519218.05   | 0.43%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    840000 | PA      | $744762.01    | 0.21%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RBA9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    240000 | PA      | $242813.48    | 0.07%             | 2041-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                             | Cigna Group/The                                                                 | CUSIP: 125523CK4<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |   4870000 | PA      | $3467602.76   | 0.99%             | 2050-03-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1727352.72   | 0.49%             | 2049-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                    | Santander UK Group Holdings PLC                                                 | CUSIP: 80281LAB1<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $469464.14    | 0.13%             | 2045-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                  | AbbVie Inc                                                                      | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    700000 | PA      | $679174.03    | 0.19%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1284000 | PA      | $1135171.51   | 0.32%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                              | Amazon.com Inc                                                                  | CUSIP: 023135CB0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $2717680.87   | 0.78%             | 2051-05-12      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                     | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AP8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $507536.89    | 0.15%             | 2030-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $72471.63     | 0.02%             | 2063-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                                    | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     90000 | PA      | $77762.85     | 0.02%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $383524.78    | 0.11%             | 2045-10-23      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| VISA INC                                    | Visa Inc                                                                        | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |   4875000 | PA      | $4319374.41   | 1.24%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                    | Fox Corp                                                                        | CUSIP: 35137LAK1<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    920000 | PA      | $898166.12    | 0.26%             | 2049-01-25      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023BU8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9823.70      | 0.00%             | 2027-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                      | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    450000 | PA      | $466634.09    | 0.13%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PAK2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1346768.43   | 0.39%             | 2048-07-24      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 04650NAB0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10043.29     | 0.00%             | 2040-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                       | Northrop Grumman Corp                                                           | CUSIP: 666807BP6<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $1781225.17   | 0.51%             | 2047-10-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                            | FirstEnergy Corp                                                                | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $4726266.34   | 1.35%             | 2027-07-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                           | General Motors Co                                                               | CUSIP: 37045VAF7<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    660000 | PA      | $678145.11    | 0.19%             | 2043-10-02      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NDL2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1580000 | PA      | $944615.36    | 0.27%             | 2051-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $8930.08      | 0.00%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                      | Diamondback Energy Inc                                                          | CUSIP: 25278XAR0<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    450000 | PA      | $420846.85    | 0.12%             | 2031-03-24      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABX2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1502369.39   | 0.43%             | 2031-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                                  | CUSIP: 09659W2K9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2910000 | PA      | $2757472.96   | 0.79%             | 2031-01-13      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                                      | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    270000 | PA      | $289853.53    | 0.08%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $30505.08     | 0.01%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EOG RESOURCES INC                           | EOG Resources Inc                                                               | CUSIP: 26875PAT8<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |   3420000 | PA      | $3116867.55   | 0.89%             | 2050-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                          | Union Pacific Corp                                                              | CUSIP: 907818FQ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1234363.21   | 0.35%             | 2036-04-06      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY INC                          | Coterra Energy Inc                                                              | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2255242.28   | 0.65%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                  | Humana Inc                                                                      | CUSIP: 444859BG6<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1507437.82   | 0.43%             | 2047-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NBZ3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7705.48      | 0.00%             | 2047-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                     | Exxon Mobil Corp                                                                | CUSIP: 30231GBG6<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1500833.79   | 0.43%             | 2050-03-19      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U2Z5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5657000 | PA      | $4989716.18   | 1.43%             | 2053-04-25      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                                       | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213698.00    | 0.06%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| TEACHERS INSUR & ANNUITY                    | Teachers Insurance & Annuity Association of America                             | CUSIP: 878091BF3<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |   5070000 | PA      | $4246405.62   | 1.21%             | 2047-05-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE                      | Tennessee Gas Pipeline Co LLC                                                   | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1510794.91   | 0.43%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                       | Texas Instruments Inc                                                           | CUSIP: 882508BP8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1505093.52   | 0.43%             | 2032-08-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $2252893.51   | 0.64%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    910000 | PA      | $1177477.77   | 0.34%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                    | Western Midstream Operating LP                                                  | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1583974.37   | 0.45%             | 2030-02-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| CELULOSA ARAUCO CONSTITU                    | Celulosa Arauco y Constitucion SA                                               | CUSIP: 151191BG7<br>LEI: 549300QEKV8G0AMNQD28 | Long             | DBT              | CORP              | CL        |   1740000 | PA      | $1566229.16   | 0.45%             | 2049-04-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1512742.25   | 0.43%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $834457.59    | 0.24%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                        | Shell Finance US Inc                                                            | CUSIP: 822905AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $623552.98    | 0.18%             | 2050-04-06      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                             | Cigna Group/The                                                                 | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    900000 | PA      | $871825.86    | 0.25%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                       | Mexico Government International Bond                                            | CUSIP: 91087BAS9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |  16780000 | PA      | $12426429.00  | 3.55%             | 2052-02-12      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                     | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1130000 | PA      | $890398.90    | 0.25%             | 2050-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SY                    | American Transmission Systems Inc                                               | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2174128.27   | 0.62%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| MASTERCARD INC                              | Mastercard Inc                                                                  | CUSIP: 57636QAL8<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   7960000 | PA      | $6219348.75   | 1.78%             | 2049-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                             | Israel Government International Bond                                            | CUSIP: 46513YJJ8<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |   2440000 | PA      | $1932542.54   | 0.55%             | 2048-01-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                            | FirstEnergy Corp                                                                | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   5870000 | PA      | $5233894.87   | 1.50%             | 2047-07-15      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $714498.00    | 0.20%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46625HLL2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    430000 | PA      | $412534.69    | 0.12%             | 2045-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    740000 | PA      | $734972.63    | 0.21%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                           | General Motors Co                                                               | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    350000 | PA      | $383440.04    | 0.11%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                    | Devon Energy Corp                                                               | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    750000 | PA      | $732371.81    | 0.21%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                             | Cameron LNG LLC                                                                 | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1940967.55   | 0.56%             | 2031-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $91444.92     | 0.03%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                      | Pertamina Persero PT                                                            | CUSIP: 69369EAF6<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |   2130000 | PA      | $2107111.62   | 0.60%             | 2043-05-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                                       | CUSIP: 674599CJ2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    830000 | PA      | $661459.79    | 0.19%             | 2046-04-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                    | Blackstone Holdings Finance Co LLC                                              | CUSIP: 09256BAG2<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84755.15     | 0.02%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                          | Union Pacific Corp                                                              | CUSIP: 907818FG8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1403093.06   | 0.40%             | 2060-03-20      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                      | BP Capital Markets America Inc                                                  | CUSIP: 10373QBS8<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |   3160000 | PA      | $2079172.15   | 0.59%             | 2052-03-17      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1199795.52   | 0.34%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                         | Suzano Austria GmbH                                                             | CUSIP: 86964WAF9<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |   2670000 | PA      | $2756754.65   | 0.79%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   2390000 | PA      | $2396464.66   | 0.69%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    102000 | PA      | $100999.38    | 0.03%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PDQ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $878064.84    | 0.25%             | 2048-12-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                           | General Motors Co                                                               | CUSIP: 37045VAJ9<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    260000 | PA      | $236557.32    | 0.07%             | 2045-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1382726.33   | 0.40%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY INDIANA LLC                     | Duke Energy Indiana LLC                                                         | CUSIP: 26443TAB2<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    220000 | PA      | $154192.44    | 0.04%             | 2049-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    640000 | PA      | $585710.44    | 0.17%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $835369.66    | 0.24%             | 2042-07-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | ULTRA U.S. TREASURY BOND                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -312 | NC      | $-439289.76   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    540000 | PA      | $494849.60    | 0.14%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                  | AbbVie Inc                                                                      | CUSIP: 00287YBD0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   3630000 | PA      | $3382110.97   | 0.97%             | 2048-11-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                             | Sands China Ltd                                                                 | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    950000 | PA      | $926424.61    | 0.27%             | 2027-03-08      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO I Ltd.                          | Elmwood CLO I Ltd                                                               | CUSIP: 290015AW6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2005201.40   | 0.57%             | 2037-04-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EMISIONES SAU                    | Telefonica Emisiones SA                                                         | CUSIP: 87938WAU7<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |    490000 | PA      | $437812.04    | 0.13%             | 2047-03-08      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VDU5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1180863.60   | 0.34%             | 2037-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1049423.62   | 0.30%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967KR1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $151652.15    | 0.04%             | 2046-05-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                                               | CUSIP: 29379VBX0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1217351.51   | 0.35%             | 2030-01-31      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    230000 | PA      | $234002.54    | 0.07%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                  | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1231105.60   | 0.35%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| WEA FINANCE LLC/WESTFIEL                    | WEA Finance LLC / Westfield UK & Europe Finance PLC                             | CUSIP: 92890HAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $175286.37    | 0.05%             | 2044-09-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    420000 | PA      | $360483.25    | 0.10%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    640000 | PA      | $643278.98    | 0.18%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GFC8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1035833.13   | 0.30%             | 2044-01-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZN7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1436667.52   | 0.41%             | 2043-02-24      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                       | Petroleos del Peru SA                                                           | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |   1420000 | PA      | $1192182.30   | 0.34%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                        | Shell Finance US Inc                                                            | CUSIP: 822905AD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880000 | PA      | $800702.35    | 0.23%             | 2043-08-12      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                    | Devon Energy Corp                                                               | CUSIP: 25179MAN3<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    660000 | PA      | $578078.01    | 0.17%             | 2042-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                    | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     10000 | PA      | $10063.03     | 0.00%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   6730000 | PA      | $4785556.89   | 1.37%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   6760000 | PA      | $6886286.53   | 1.97%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                  | Intel Corp                                                                      | CUSIP: 458140BM1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1045971.30   | 0.30%             | 2050-03-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    620000 | PA      | $426970.14    | 0.12%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                                               | CUSIP: 29379VBY8<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    210000 | PA      | $157563.03    | 0.05%             | 2051-01-31      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VCQ5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    130000 | PA      | $126340.98    | 0.04%             | 2034-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                                    | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    189000 | PA      | $188942.38    | 0.05%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PCR1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73249.10     | 0.02%             | 2045-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                     | KazMunayGas National Co JSC                                                     | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |   4960000 | PA      | $4729587.96   | 1.35%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $203678.17    | 0.06%             | 2042-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    680000 | PA      | $631066.75    | 0.18%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    270000 | PA      | $262123.43    | 0.07%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                  | Pfizer Inc                                                                      | CUSIP: 717081EV1<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $1778549.38   | 0.51%             | 2049-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                                     | CUSIP: 68389XBD6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1910000 | PA      | $1795741.62   | 0.51%             | 2030-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1204000 | PA      | $1195120.26   | 0.34%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                        | Lockheed Martin Corp                                                            | CUSIP: 539830BR9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    560000 | PA      | $551305.90    | 0.16%             | 2032-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                                                  | CUSIP: 05581KAC5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1840000 | PA      | $1845978.07   | 0.53%             | 2027-03-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                              | Amazon.com Inc                                                                  | CUSIP: 023135BU9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $642656.33    | 0.18%             | 2060-06-03      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MIDAMERICAN ENERGY CO                       | MidAmerican Energy Co                                                           | CUSIP: 595620AR6<br>LEI: NINLOILYRTLIMK26MZ18 | Long             | DBT              | CORP              | US        |   1581000 | PA      | $1273397.57   | 0.36%             | 2047-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    880000 | PA      | $881988.65    | 0.25%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2840000 | PA      | $2611315.11   | 0.75%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    670000 | PA      | $648786.03    | 0.19%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                  | Intel Corp                                                                      | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    820000 | PA      | $518683.38    | 0.15%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    910000 | PA      | $699854.45    | 0.20%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    590000 | PA      | $519059.00    | 0.15%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264AAX3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    270000 | PA      | $246221.71    | 0.07%             | 2040-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   2140000 | PA      | $2267369.46   | 0.65%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Aimco                                       | Aimco CLO 15 Ltd                                                                | CUSIP: 00889BAE1<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |   6500000 | PA      | $6501651.65   | 1.86%             | 2038-04-17      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                | Ecopetrol SA                                                                    | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   4250000 | PA      | $3094462.40   | 0.89%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    130000 | PA      | $104102.70    | 0.03%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1020000 | PA      | $779423.43    | 0.22%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VFU3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6335.12      | 0.00%             | 2050-11-20      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                      | Pacific Gas and Electric Co                                                     | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    980000 | PA      | $945484.26    | 0.27%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       152 | NC      | $27687.85     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    352000 | PA      | $296765.88    | 0.08%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                          | Union Pacific Corp                                                              | CUSIP: 907818FL7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    920000 | PA      | $638539.40    | 0.18%             | 2070-02-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                    | Enterprise Products Operating LLC                                               | CUSIP: 29379VBT9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402517.61    | 0.12%             | 2028-10-16      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38148LAF3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    880000 | PA      | $838625.08    | 0.24%             | 2045-05-22      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185286.70    | 0.05%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                        | Freeport-McMoRan Inc                                                            | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2436551.63   | 0.70%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $509283.45    | 0.15%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                 | Rad CLO 22 Ltd                                                                  | CUSIP: 74923VAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2007486.00   | 0.57%             | 2037-01-20      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                             | Sands China Ltd                                                                 | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    570000 | PA      | $538174.16    | 0.15%             | 2029-03-08      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    600000 | PA      | $461154.41    | 0.13%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       438 | NC      | $262938.15    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                              | Home Depot Inc/The                                                              | CUSIP: 437076CT7<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1799949.29   | 0.51%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                            | CUSIP: 96949LAC9<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    970000 | PA      | $902895.05    | 0.26%             | 2045-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                         | Petroleos Mexicanos                                                             | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    307000 | PA      | $250011.34    | 0.07%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VFR0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    780000 | PA      | $688296.38    | 0.20%             | 2031-01-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                                       | CUSIP: 674599CL7<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   2290000 | PA      | $1673013.09   | 0.48%             | 2047-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GVS0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1520000 | PA      | $1402405.91   | 0.40%             | 2045-10-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1194000 | PA      | $693576.01    | 0.20%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                                  | Humana Inc                                                                      | CUSIP: 444859BE1<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $939595.37    | 0.27%             | 2044-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    769000 | PA      | $773231.56    | 0.22%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    125000 | PA      | $93812.50     | 0.03%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -424 | NC      | $-137044.96   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| CONTINENTAL RESOURCES                       | Continental Resources Inc/OK                                                    | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    340000 | PA      | $333068.41    | 0.10%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                                                | CUSIP: 05526DBX2<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2856553.04   | 0.82%             | 2032-10-19      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                    | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAP4<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |   7080000 | PA      | $5318690.70   | 1.52%             | 2050-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAMERON LNG LLC                             | Cameron LNG LLC                                                                 | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    886000 | PA      | $783766.16    | 0.22%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                                  | Pfizer Inc                                                                      | CUSIP: 717081EZ2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1221936.74   | 0.35%             | 2040-05-28      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    680000 | PA      | $465066.03    | 0.13%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    230000 | PA      | $170846.51    | 0.05%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                                       | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1858257.42   | 0.53%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                       | Time Warner Cable LLC                                                           | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1610338.88   | 0.46%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP                        | Lockheed Martin Corp                                                            | CUSIP: 539830BN8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   6580000 | PA      | $5356826.69   | 1.53%             | 2052-09-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       293 | NC      | $118080.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PEA6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1092026.43   | 0.31%             | 2060-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GFD1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    900000 | PA      | $1014151.40   | 0.29%             | 2037-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TSMC ARIZONA CORP                           | TSMC Arizona Corp                                                               | CUSIP: 872898AC5<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $2090684.26   | 0.60%             | 2031-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 94974BGQ7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1570483.12   | 0.45%             | 2045-11-17      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VEA8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1874817.14   | 0.54%             | 2033-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                    | Petrobras Global Finance BV                                                     | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |   1480000 | PA      | $1427116.05   | 0.41%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                  | AbbVie Inc                                                                      | CUSIP: 00287YAM1<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   4050000 | PA      | $3681445.99   | 1.05%             | 2042-11-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1833282.62   | 0.52%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                         | Petroleos Mexicanos                                                             | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1100000 | PA      | $879458.14    | 0.25%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                             | Danske Bank A/S                                                                 | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1240000 | PA      | $1241462.37   | 0.36%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.45.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $15015651.79  | 4.30%             |  |  |  | No            |                  2 | On Loan: No      |
| REYNOLDS AMERICAN INC                       | Reynolds American Inc                                                           | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1127461.70   | 0.32%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                    | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                       | CUSIP: 71568PAM1<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |   4000000 | PA      | $3237328.00   | 0.93%             | 2050-02-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION                     | Exxon Mobil Corp                                                                | CUSIP: 30231GAW2<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    530000 | PA      | $452421.03    | 0.13%             | 2046-03-01      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                                              | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $599650.41    | 0.17%             | 2028-03-24      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                           | Elevation CLO 2025-18 Ltd                                                       | CUSIP: 28623JAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4360000 | PA      | $4366390.02   | 1.25%             | 2038-03-28      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                            | Trinitas CLO XXV Ltd                                                            | CUSIP: 89640BAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1810000 | PA      | $1816731.03   | 0.52%             | 2037-01-23      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PAN6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    380000 | PA      | $310350.31    | 0.09%             | 2049-01-23      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                                       | CUSIP: 674599DD4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    600000 | PA      | $677176.20    | 0.19%             | 2031-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   7280000 | PA      | $6607412.67   | 1.89%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                         | Carrier Global Corp                                                             | CUSIP: 14448CAQ7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    260000 | PA      | $244983.77    | 0.07%             | 2030-02-15      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                            | Altria Group Inc                                                                | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      4000 | PA      | $4069.00      | 0.00%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                    | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $150752.20    | 0.04%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VGB4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2360000 | PA      | $1714922.46   | 0.49%             | 2051-03-22      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    430000 | PA      | $406108.86    | 0.12%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1503838.24   | 0.43%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                        | BlueMountain CLO 2015-3 Ltd                                                     | CUSIP: 09628JAL5<br>LEI: 5493009UJ1T6R11V4458 | Long             | ABS-CBDO         | CORP              | KY        |    711318 | PA      | $711502.07    | 0.20%             | 2031-04-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                                                    | CUSIP: 902613AA6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1970000 | PA      | $1891738.62   | 0.54%             | 2030-08-13      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                 | MetLife Inc                                                                     | CUSIP: 59156RBN7<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25128.65     | 0.01%             | 2045-03-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                    | Western Midstream Operating LP                                                  | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    120000 | PA      | $104499.58    | 0.03%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                            | CUSIP: 969457BM1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     10000 | PA      | $12213.82     | 0.00%             | 2032-03-15      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                    | Occidental Petroleum Corp                                                       | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $229731.86    | 0.07%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1162795.79   | 0.33%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    720000 | PA      | $713953.12    | 0.20%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 94974BGT1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    190000 | PA      | $161902.40    | 0.05%             | 2046-06-14      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                      | Pacific Gas and Electric Co                                                     | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $130954.78    | 0.04%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                      | Kazakhstan Government International Bond                                        | CUSIP: 486661AF8<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |   2130000 | PA      | $1980727.41   | 0.57%             | 2044-10-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Empower CLO Ltd.                            | Empower CLO 2024-1 Ltd                                                          | CUSIP: 29244RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3050000 | PA      | $3059286.03   | 0.88%             | 2037-04-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                    | EQT Corp                                                                        | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2448677.48   | 0.70%             | 2030-02-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                                                    | CUSIP: 225401AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   3660000 | PA      | $3635442.79   | 1.04%             | 2031-04-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                           | HSBC Holdings PLC                                                               | CUSIP: 404280DC0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   2220000 | PA      | $2216813.10   | 0.63%             | 2033-03-29      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                                    | CUSIP: 06738EBK0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1330000 | PA      | $1354863.70   | 0.39%             | 2030-06-20      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                    | RTX Corp                                                                        | CUSIP: 913017CP2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    740000 | PA      | $610286.02    | 0.17%             | 2047-05-04      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

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

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer