# EDGAR Filing Document

**Accession Number:** 0000874835
**File Stem:** 0000940400-26-021652
**Filing Date:** 2026-5
**Character Count:** 686821
**Document Hash:** 04529365525a98f68ad4de069d286d17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021652.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021652

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000874835

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06310
- **FILM NUMBER:** 261031917

**BUSINESS ADDRESS:**
- **STREET 1:** LEGG MASON & CO., LLC
- **STREET 2:** 620 EIGHTH AVENUE, 49TH FLOOR
- **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, 49TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGG MASON PARTNERS VARIABLE PORTFOLIOS II
- **DATE OF NAME CHANGE:** 20060501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREENWICH STREET SERIES FUND
- **DATE OF NAME CHANGE:** 19970902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHEARSON SERIES FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Western Asset Core Plus VIT Portfolio (Series ID: S000016930)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000047111 | Class I      | QLMHIX          |
| C000154792 | Class II     | LVITX           |

## Nport-Ex

Schedule of Investments (unaudited)

March 31, 2026

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

 **Western Asset Core Plus VIT Portfolio**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 34.0%** | **Corporate Bonds & Notes — 34.0%** | **Corporate Bonds & Notes — 34.0%** | **Corporate Bonds & Notes — 34.0%** | **Corporate Bonds & Notes — 34.0%** |
| **Communication Services — 5.2%** | **Communication Services — 5.2%** | **Communication Services — 5.2%** | **Communication Services — 5.2%** | **Communication Services — 5.2%** |
| *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; $136883<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 148572<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 33866<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 152002<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19276<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9687<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 68000<br>| &nbsp;&nbsp;&nbsp; 54985<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 96000<br>| &nbsp;&nbsp;&nbsp; 62482<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/1/57 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 6767<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 9/15/59 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 19455<br>|
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 7/16/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201324<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/8/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49532<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 3/22/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 57161<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 70163<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 132000<br>| &nbsp;&nbsp;&nbsp; 119869<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/10/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 67926<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 182000<br>| &nbsp;&nbsp;&nbsp; 176220<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/16/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 98848<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 11/20/40 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 56193<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 38416<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7978<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 39816<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/16/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9441<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/22/50 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 75577<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 18211<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1730650* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.755% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp;&nbsp; 22731<br>|
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9681<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co., Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 56290<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *88702* |
| *Interactive Media & Services — 0.9%* | *Interactive Media & Services — 0.9%* | *Interactive Media & Services — 0.9%* | *Interactive Media & Services — 0.9%* | *Interactive Media & Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49581<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29798<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19757<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29518<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 79070<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59766<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29351<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/46 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59554<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37798<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69825<br>|
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/65 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37056<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 237727<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* | *Interactive Media & Services — continued* |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; $58886<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 85226<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 56284<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/65 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 111544<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *1050741* |
| *Media — 1.5%* | *Media — 1.5%* | *Media — 1.5%* | *Media — 1.5%* | *Media — 1.5%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 235290<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89707<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 218159<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150789<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 35922<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 112253<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 83100<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 71755<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8055<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 25039<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39617<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59766<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48013<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 168228<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 32451<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.969% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 58931<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 115066<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29760<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9678<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 32206<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 5.476% | &nbsp;&nbsp; 1/25/39 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38713<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40359<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 7.300% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10471<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 81637<br>|
| &nbsp;&nbsp;&nbsp; Versant Media Group Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20484<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *1815449* |
| *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* | *Wireless Telecommunication Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 303143<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99601<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19880<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 57079<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58161<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 360433<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; $45449<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 46122<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 122994<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 133491<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 191497<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 26386<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 14632<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *1478868* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6164410** |
| **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** |
| *Automobile Components — 0.2%* | *Automobile Components — 0.2%* | *Automobile Components — 0.2%* | *Automobile Components — 0.2%* | *Automobile Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cyprium Corp./Cyprium Holdings Luxembourg SARL, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38926<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/24/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 157294<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *196220* |
| *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40352<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40970<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10643<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/17/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19976<br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 94836<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *206777* |
| *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* | *Broadline Retail — 0.8%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/20/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 187852<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49643<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/13/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49533<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 3/20/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39288<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 11/20/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58855<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 3/13/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49564<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/22/37 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 72037<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/13/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49857<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/3/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 52588<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/13/56 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39996<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/22/57 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 15616<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 3/13/66 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30121<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 3.061% | &nbsp;&nbsp; 7/13/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 233071<br> <sup>(a)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *928021* |
| *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121264<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40529<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48208<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71964<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10290<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 87481<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 86769<br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/24/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 192136<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29165<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; $9710<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70707<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 181843<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 57951<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/27/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19035<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/8/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 195330<br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 3/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 188457<br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60141<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 88922<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1559902* |
| *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 12/6/28 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9962<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 65877<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 55974<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 7740<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 76020<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40054<br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97455<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129911<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *482993* |
| *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* |
| &nbsp;&nbsp;&nbsp; NIKE Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 3/27/40 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; *31492*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3405405** |
| **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** |
| *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; 67631<br>|
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48596<br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *116227* |
| *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; *79016*<br>|
| *Food Products — 0.3%* | *Food Products — 0.3%* | *Food Products — 0.3%* | *Food Products — 0.3%* | *Food Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior <br> Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/10/37 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70263<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20242<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60593<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 146363<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *297461* |
| *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* | *Personal Care Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; *40333*<br>|
| *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 13000<br>| &nbsp;&nbsp;&nbsp; 13109<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 87780<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 77553<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/16/46 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 29336<br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/14/49 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 116429<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.557% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39574<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Tobacco — continued* | *Tobacco — continued* | *Tobacco — continued* | *Tobacco — continued* | *Tobacco — continued* |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.540% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; $65010<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.081% | &nbsp;&nbsp; 8/2/53 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11061<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/13/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91357<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20472<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 91686<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/20/42 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8749<br>|
| &nbsp;&nbsp;&nbsp; Reynolds American Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77527<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *729643* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1262680** |
| **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** | **Energy — 4.9%** |
| *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19460<br>|
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 26634<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *46094* |
| *Oil, Gas & Consumable Fuels — 4.9%* | *Oil, Gas & Consumable Fuels — 4.9%* | *Oil, Gas & Consumable Fuels — 4.9%* | *Oil, Gas & Consumable Fuels — 4.9%* | *Oil, Gas & Consumable Fuels — 4.9%* |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 135128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.633% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38918<br>|
| &nbsp;&nbsp;&nbsp; BP Capital Markets America Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/24/50 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 25734<br>|
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 2.902% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18324<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; 160000<br>| &nbsp;&nbsp;&nbsp; 139228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29930<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19210<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 72937<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp., Senior Notes | &nbsp;&nbsp; 3.078% | &nbsp;&nbsp; 5/11/50 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 6741<br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50693<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 94870<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 2.268% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 88567<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 238350<br>|
| &nbsp;&nbsp;&nbsp; Coterra Energy Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109615<br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77471<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 162151<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year <br> Treasury Constant Maturity Rate + 5.694%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49941<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (7.125% to 5/15/30 then 5 year <br> Treasury Constant Maturity Rate + 5.306%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51023<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40418<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30562<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58019<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142606<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8970<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8895<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49074<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99820<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 28917<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18859<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; $109831<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 88756<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 7.550% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 23772<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9057<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/16/55 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38506<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; 30000<br>| &nbsp;&nbsp;&nbsp; 29809<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27615<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70468<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 84045<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100877<br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77981<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.452% | &nbsp;&nbsp; 4/15/51 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 49905<br>|
| &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 112914<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 141973<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/24/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202455<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9456<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29974<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 45882<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9039<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10085<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 107889<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8135<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49417<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 393223<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 79673<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.450% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 32074<br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71544<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20119<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41645<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20979<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20543<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50966<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 54085<br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39026<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/12/52 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 183902<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 4/6/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 75339<br>|
| &nbsp;&nbsp;&nbsp; Shell Finance US Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/11/45 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 25530<br>|
| &nbsp;&nbsp;&nbsp; Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 57160<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 41908<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 79989<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20193<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59929<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9482<br>|
| &nbsp;&nbsp;&nbsp; Tennessee Gas Pipeline Co. LLC, Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 46864<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10998<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; $31247<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 11214<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 243754<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50420<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20018<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77712<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 42210<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38029<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 33546<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 90627<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 23762<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180301<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 93925<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *5744768* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **5790862** |
| **Financials — 9.5%** | **Financials — 9.5%** | **Financials — 9.5%** | **Financials — 9.5%** | **Financials — 9.5%** |
| *Banks — 6.5%* | *Banks — 6.5%* | *Banks — 6.5%* | *Banks — 6.5%* | *Banks — 6.5%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes | &nbsp;&nbsp; 4.551% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197221<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/19/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149930<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/21/44 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 74487<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; 240000<br>| &nbsp;&nbsp;&nbsp; 213613<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%) | &nbsp;&nbsp; 2.592% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 267988<br> <sup>(d)</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; 20000<br>| &nbsp;&nbsp;&nbsp; 18110<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.419% to 12/20/27 then 3 mo. Term SOFR + <br> 1.302%) | &nbsp;&nbsp; 3.419% | &nbsp;&nbsp; 12/20/28 | &nbsp;&nbsp; 481000<br>| &nbsp;&nbsp;&nbsp; 472689<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.946% to 1/23/48 then 3 mo. Term SOFR + <br> 1.452%) | &nbsp;&nbsp; 3.946% | &nbsp;&nbsp; 1/23/49 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 38583<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term SOFR + <br> 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39459<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.083% to 3/20/50 then 3 mo. Term SOFR + <br> 3.412%) | &nbsp;&nbsp; 4.083% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 100626<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.330% to 3/15/49 then 3 mo. Term SOFR + <br> 1.782%) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 129812<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.376% to 4/27/27 then SOFR + 1.580%) | &nbsp;&nbsp; 4.376% | &nbsp;&nbsp; 4/27/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59966<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.571% to 4/27/32 then SOFR + 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 176931<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119956<br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Subordinated Notes (3.803% to 12/15/27 then USD 5 year ICE <br> Swap Rate + 1.432%) | &nbsp;&nbsp; 3.803% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29532<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (8.500% to 8/14/28 then 5 year <br> Treasury Constant Maturity Rate + 4.354%) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/14/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 208519<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant <br> Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 293066<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.894% to 12/5/33 then SOFR + 1.866%) | &nbsp;&nbsp; 5.894% | &nbsp;&nbsp; 12/5/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 209318<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Subordinated Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/13/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200010<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 year Treasury <br> Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160229<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 46112<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/30/45 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp;&nbsp; $39462<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; 430000<br>| &nbsp;&nbsp;&nbsp; 394277<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.785% to 3/17/32 then SOFR + 1.939%) | &nbsp;&nbsp; 3.785% | &nbsp;&nbsp; 3/17/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 75070<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.412% to 3/31/30 then SOFR + 3.914%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 108769<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.658% to 5/24/27 then SOFR + 1.887%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 5/24/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120252<br> <sup>(d)</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; 50000<br>| &nbsp;&nbsp;&nbsp; 49797<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210055<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 168601<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; 200000<br>| &nbsp;&nbsp;&nbsp; 199737<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (2.848% to 6/4/30 then SOFR + 2.387%) | &nbsp;&nbsp; 2.848% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 184882<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.279% to 3/10/36 then SOFR + 1.550%) | &nbsp;&nbsp; 5.279% | &nbsp;&nbsp; 3/10/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 196483<br> <sup>(d)</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; 350000<br>| &nbsp;&nbsp;&nbsp; 323522<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.545% to 11/8/31 then SOFR + 1.180%) | &nbsp;&nbsp; 2.545% | &nbsp;&nbsp; 11/8/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 186751<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.109% to 4/22/40 then 3 mo. Term SOFR + <br> 2.460%) | &nbsp;&nbsp; 3.109% | &nbsp;&nbsp; 4/22/41 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 30525<br> <sup>(d)</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; 40000<br>| &nbsp;&nbsp;&nbsp; 26133<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (3.509% to 1/23/28 then 3 mo. Term SOFR + <br> 1.207%) | &nbsp;&nbsp; 3.509% | &nbsp;&nbsp; 1/23/29 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 236210<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 131699<br> <sup>(d)</sup><br>|
| &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; 120000<br>| &nbsp;&nbsp;&nbsp; 122986<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/4/32 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 76838<br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51140<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 6/8/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19673<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100256<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.775% to 6/12/28 then SOFR + 2.020%) | &nbsp;&nbsp; 5.775% | &nbsp;&nbsp; 6/12/29 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92587<br> <sup>(d)</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; 50000<br>| &nbsp;&nbsp;&nbsp; 52207<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139056<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 208867<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (2.393% to 6/2/27 then SOFR + 2.100%) | &nbsp;&nbsp; 2.393% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 156196<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 45923<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.478% to 4/4/30 then 3 mo. Term SOFR + <br> 4.032%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 4/4/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 109082<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.013% to 4/4/50 then 3 mo. Term SOFR + <br> 4.502%) | &nbsp;&nbsp; 5.013% | &nbsp;&nbsp; 4/4/51 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 387984<br> <sup>(d)</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; 60000<br>| &nbsp;&nbsp;&nbsp; 61511<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122770<br> <sup>(d)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *7635458* |
| *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/24/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 110647<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (6.136% to 8/24/33 then SOFR + 2.010%) | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 8/24/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 53245<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CI Financial Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(e)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139346<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 105355<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/21/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; $17339<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (2.650% to 10/21/31 then SOFR + 1.264%) | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/21/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 230903<br> <sup>(d)</sup><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; 30000<br>| &nbsp;&nbsp;&nbsp; 21149<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.210% to 4/22/41 then SOFR + 1.513%) | &nbsp;&nbsp; 3.210% | &nbsp;&nbsp; 4/22/42 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 14840<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.615% to 3/15/27 then SOFR + 1.846%) | &nbsp;&nbsp; 3.615% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39687<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.814% to 4/23/28 then 3 mo. Term SOFR <br> + 1.420%) | &nbsp;&nbsp; 3.814% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118392<br> <sup>(d)</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; 260000<br>| &nbsp;&nbsp;&nbsp; 258567<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.511% to 10/20/31 then SOFR + 1.200%) | &nbsp;&nbsp; 2.511% | &nbsp;&nbsp; 10/20/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 26499<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%) | &nbsp;&nbsp; 3.622% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 134286<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (3.772% to 1/24/28 then 3 mo. Term SOFR + 1.402%) | &nbsp;&nbsp; 3.772% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 197375<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.493% to 1/16/31 then SOFR + 0.950%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 1/16/32 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 108182<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.892% to 10/22/35 then SOFR + 1.314%) | &nbsp;&nbsp; 4.892% | &nbsp;&nbsp; 10/22/36 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 241773<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (2.484% to 9/16/31 then SOFR + 1.360%) | &nbsp;&nbsp; 2.484% | &nbsp;&nbsp; 9/16/36 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 51646<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/26/48 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 167063<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year <br> Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 277278<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/17/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250000<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; 250000<br>| &nbsp;&nbsp;&nbsp; 244667<br> <sup>(a)(d)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *2955229* |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; *49817*<br>|
| *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 148372<br>|
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 57488<br>|
| &nbsp;&nbsp;&nbsp; Block Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59071<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51428<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39590<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40611<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *396560* |
| *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Aon North America Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61299<br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41531<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, Subordinated Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 12/16/39 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp;&nbsp; 8977<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teachers Insurance & Annuity Association of America, Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 53409<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *165216* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **11202280** |
| **Health Care — 3.3%** | **Health Care — 3.3%** | **Health Care — 3.3%** | **Health Care — 3.3%** | **Health Care — 3.3%** |
| *Biotechnology — 0.7%* | *Biotechnology — 0.7%* | *Biotechnology — 0.7%* | *Biotechnology — 0.7%* | *Biotechnology — 0.7%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203240<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/21/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 260342<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 81740<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121833<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 11/14/48 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8973<br>|
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/21/49 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 81229<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* |
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; $44339<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *801696* |
| *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29531<br>|
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 78316<br>|
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38806<br>|
| &nbsp;&nbsp;&nbsp; Abbott Laboratories, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29437<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 39902<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/13/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102624<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51131<br>|
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 4/30/54 | &nbsp;&nbsp; 98000<br>| &nbsp;&nbsp;&nbsp; 95821<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *465568* |
| *Health Care Providers & Services — 1.6%* | *Health Care Providers & Services — 1.6%* | *Health Care Providers & Services — 1.6%* | *Health Care Providers & Services — 1.6%* | *Health Care Providers & Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 28000<br>| &nbsp;&nbsp;&nbsp; 27521<br>|
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9040<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139912<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37628<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29750<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 136000<br>| &nbsp;&nbsp;&nbsp; 135546<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 135318<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 69394<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 9000<br>| &nbsp;&nbsp;&nbsp; 7519<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/20/45 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 43930<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38422<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 56436<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30018<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60048<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40004<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102023<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/47 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 110080<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 408293<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 2/3/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 25694<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27168<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 17933<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 87762<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100116<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 15939<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 16335<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 18692<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 65951<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/59 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 34918<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/60 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 5956<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1897346* |
| *Pharmaceuticals — 0.6%* | *Pharmaceuticals — 0.6%* | *Pharmaceuticals — 0.6%* | *Pharmaceuticals — 0.6%* | *Pharmaceuticals — 0.6%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204938<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82256<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/22/34 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; $102556<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/9/34 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 119846<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/9/54 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27350<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/9/64 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 90032<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 12/10/51 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 42613<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 5/28/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 62950<br>|
| &nbsp;&nbsp;&nbsp; Wyeth LLC, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10605<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *743146* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3907756** |
| **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** |
| *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19974<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39449<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49237<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48236<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 16627<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 21296<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.858% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 44059<br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10492<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 31019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 8986<br>|
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/16/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9895<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.622% | &nbsp;&nbsp; 3/16/46 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29582<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Honeywell Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.732% | &nbsp;&nbsp; 3/16/56 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 79132<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69121<br>|
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries Inc., Senior Notes | &nbsp;&nbsp; 5.749% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 41461<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.854% | &nbsp;&nbsp; 4/27/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39260<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.054% | &nbsp;&nbsp; 4/27/45 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18696<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58331<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29159<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 150118<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 2/15/64 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27261<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 78600<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 139223<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/16/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 179286<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 137215<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 95697<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 71037<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 50832<br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62004<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *1655285* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *60885*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; GFL Environmental Holdings US Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 68743<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60781<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; $70489<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *200013* |
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39563<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49575<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/4/56 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 28880<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *118018* |
| *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 18508<br>|
| &nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 12/2/51 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 52404<br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59295<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49165<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fedex Freight Holding Co. Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39027<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 2.891% | &nbsp;&nbsp; 4/6/36 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 201516<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 3/20/60 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 63750<br>|
| &nbsp;&nbsp;&nbsp; Union Pacific Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/5/70 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 40069<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *523734* |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 18333<br>| &nbsp;&nbsp;&nbsp; 18313<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39223<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 225809<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *283345* |
| *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101166<br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20522<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 51279<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61252<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *234219* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3075499** |
| **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** |
| *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* | *Electronic Equipment, Instruments & Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *31005*<br> <sup>(a)</sup><br>|
| *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/26/50 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 22837<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 12/14/45 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 42468<br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *65305* |
| *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19695<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 118219<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.137% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 144503<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 48766<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9706<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/25/34 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202684<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 56675<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 8/12/51 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 12150<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62823<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; 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; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 2/9/33 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; $53496<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 43179<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/1/60 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 64736<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/20/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69922<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *906554* |
| *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp., Senior Notes | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 8/8/36 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 4510<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.921% | &nbsp;&nbsp; 3/17/52 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp;&nbsp; 28963<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9131<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 117325<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/4/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9788<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 115492<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38106<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/4/33 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19477<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/26/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 28155<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 2/4/36 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 38477<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/26/45 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 60437<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 12083<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/27/54 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 54318<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/26/55 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 58932<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/4/66 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27607<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40305<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30270<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30068<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 47837<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *771281* |
| *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Black Pearl Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *61143*<br> <sup>(a)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1835288** |
| **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** | **Materials — 1.4%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/2/34 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *291569*<br> <sup>(a)</sup><br>|
| *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* | *Construction Materials — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 4/7/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10114<br>|
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/7/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40692<br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *50806* |
| *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* | *Metals & Mining — 0.9%* |
| &nbsp;&nbsp;&nbsp; Barrick North America Finance LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/30/41 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60128<br>|
| &nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, Senior Notes | &nbsp;&nbsp; 5.529% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 196564<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 192557<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29820<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40609<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 113627<br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49792<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 10/27/27 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69361<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 5.673% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 122640<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 6.141% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; $50337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/27/35 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 114416<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10068<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *1049919* |
| *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90975<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 167328<br>|
| &nbsp;&nbsp;&nbsp; Suzano Netherlands BV, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 67769<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *326072* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1718366** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50018<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 69236<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **129084** |
| **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** |
| *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* |
| &nbsp;&nbsp;&nbsp; American Transmission Systems Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 62753<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad, Senior Notes | &nbsp;&nbsp; 3.348% | &nbsp;&nbsp; 2/9/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 268962<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49622<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9874<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, First Mortgage Bonds | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49436<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39313<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92189<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 79368<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 94044<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59800<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 50809<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29613<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 168555<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 49077<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58518<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40894<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19808<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 77564<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 62754<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 22455<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 46322<br>|
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 145903<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 70524<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 1/31/36 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 97886<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *1746043* |
| *Multi-Utilities — 0.0%††* | *Multi-Utilities — 0.0%††* | *Multi-Utilities — 0.0%††* | *Multi-Utilities — 0.0%††* | *Multi-Utilities — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York Inc., Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9596<br>|
| &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 38397<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; $33134<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *81127* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1827170** |
| **Total Corporate Bonds & Notes (Cost — $41,638,984)** | **Total Corporate Bonds & Notes (Cost — $41,638,984)** | **Total Corporate Bonds & Notes (Cost — $41,638,984)** | **Total Corporate Bonds & Notes (Cost — $41,638,984)** | &nbsp;&nbsp; **40318800** |
| **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** | **Mortgage-Backed Securities — 24.8%** |
| *FHLMC — 4.8%* | *FHLMC — 4.8%* | *FHLMC — 4.8%* | *FHLMC — 4.8%* | *FHLMC — 4.8%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 11483<br>| &nbsp;&nbsp;&nbsp; 11158<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/33- <br>1/1/38<br>| &nbsp;&nbsp; 45602 | &nbsp;&nbsp;&nbsp; 44202<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/1/40- <br>3/1/52<br>| &nbsp;&nbsp; 2375180 | &nbsp;&nbsp;&nbsp; 2042829<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 11/1/40- <br>5/1/41<br>| &nbsp;&nbsp; 631289 | &nbsp;&nbsp;&nbsp; 537607<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 591540<br>| &nbsp;&nbsp;&nbsp; 591198<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/53- <br>7/1/53<br>| &nbsp;&nbsp; 719513 | &nbsp;&nbsp;&nbsp; 703832<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/53- <br>4/1/54<br>| &nbsp;&nbsp; 297692 | &nbsp;&nbsp;&nbsp; 302739<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 300438<br>| &nbsp;&nbsp;&nbsp; 309069<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/54- <br>8/1/55<br>| &nbsp;&nbsp; 334739 | &nbsp;&nbsp;&nbsp; 347312<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/55 | &nbsp;&nbsp; 236840 | &nbsp;&nbsp;&nbsp; 242988<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.617%) | &nbsp;&nbsp; 5.189% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 129021<br>| &nbsp;&nbsp;&nbsp; 133295<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.627%) | &nbsp;&nbsp; 3.007% | &nbsp;&nbsp; 11/1/48 | &nbsp;&nbsp; 162817<br>| &nbsp;&nbsp;&nbsp; 163148<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Gold | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 206821<br>| &nbsp;&nbsp;&nbsp; 194840<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *5624217* |
| *FNMA — 13.5%* | *FNMA — 13.5%* | *FNMA — 13.5%* | *FNMA — 13.5%* | *FNMA — 13.5%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.760% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 508013<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/36- <br>6/1/52<br>| &nbsp;&nbsp; 766833 | &nbsp;&nbsp;&nbsp; 713280<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/1/36- <br>6/1/62<br>| &nbsp;&nbsp; 1528192 | &nbsp;&nbsp;&nbsp; 1325774<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/37- <br>1/1/50<br>| &nbsp;&nbsp; 1081019 | &nbsp;&nbsp;&nbsp; 1012168<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.870% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 93807<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/1/40- <br>5/1/52<br>| &nbsp;&nbsp; 1882305 | &nbsp;&nbsp;&nbsp; 1595490<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/40- <br>6/1/57<br>| &nbsp;&nbsp; 840904 | &nbsp;&nbsp;&nbsp; 806291<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/50- <br>1/1/59<br>| &nbsp;&nbsp; 317575 | &nbsp;&nbsp;&nbsp; 310785<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 208527<br>| &nbsp;&nbsp;&nbsp; 209923<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/53- <br>9/1/55<br>| &nbsp;&nbsp; 843886 | &nbsp;&nbsp;&nbsp; 870006<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/1/54- <br>7/1/55<br>| &nbsp;&nbsp; 141555 | &nbsp;&nbsp;&nbsp; 146723<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 490333<br>| &nbsp;&nbsp;&nbsp; $500216<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2102344<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 1932682<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 96524<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1380905<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2110001<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 305845<br> <sup>(i)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *16020777* |
| *GNMA — 6.5%* | *GNMA — 6.5%* | *GNMA — 6.5%* | *GNMA — 6.5%* | *GNMA — 6.5%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/42- <br>10/15/42<br>| &nbsp;&nbsp; 70567 | &nbsp;&nbsp;&nbsp; 64543<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 29626<br>| &nbsp;&nbsp;&nbsp; 27294<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/20/45- <br>11/20/49<br>| &nbsp;&nbsp; 457328 | &nbsp;&nbsp;&nbsp; 436721<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/20/46- <br>10/20/47<br>| &nbsp;&nbsp; 491490 | &nbsp;&nbsp;&nbsp; 455460<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/20/50- <br>4/20/52<br>| &nbsp;&nbsp; 872090 | &nbsp;&nbsp;&nbsp; 772122<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 263537 | &nbsp;&nbsp;&nbsp; 227043<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/20/52- <br>9/20/52<br>| &nbsp;&nbsp; 439190 | &nbsp;&nbsp;&nbsp; 427163<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/52- <br>8/20/53<br>| &nbsp;&nbsp; 288105 | &nbsp;&nbsp;&nbsp; 287836<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/20/53 | &nbsp;&nbsp; 205953<br>| &nbsp;&nbsp;&nbsp; 208023<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/54 | &nbsp;&nbsp; 320423<br>| &nbsp;&nbsp;&nbsp; 331818<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 826328<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 860469<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 267872<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 91737<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 990537<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1006525<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203393<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207877<br> <sup>(i)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *7692761* |
| **Total Mortgage-Backed Securities (Cost — $29,889,779)** | **Total Mortgage-Backed Securities (Cost — $29,889,779)** | **Total Mortgage-Backed Securities (Cost — $29,889,779)** | **Total Mortgage-Backed Securities (Cost — $29,889,779)** | &nbsp;&nbsp; **29337755** |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 18.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 18.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 18.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 18.4%** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— 18.4%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. Term SOFR + 3.127%) | &nbsp;&nbsp; 6.797% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 398707<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust, 2022-3 A3 | &nbsp;&nbsp; 4.124% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 450803<br>| &nbsp;&nbsp;&nbsp; 422017<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2017-BNK7 A5 | &nbsp;&nbsp; 3.435% | &nbsp;&nbsp; 9/15/60 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 571205<br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2024-5YR7 C | &nbsp;&nbsp; 7.104% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 557774<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, 2025-5C34 A3 | &nbsp;&nbsp; 5.659% | &nbsp;&nbsp; 5/15/58 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 103400<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-IG1 AS | &nbsp;&nbsp; 2.909% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 425799<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2022-B32 XA, IO | &nbsp;&nbsp; 0.454% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 4105271<br>| &nbsp;&nbsp;&nbsp; 48321<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, 2023-IND A (1 mo. Term SOFR + 1.692%) | &nbsp;&nbsp; 5.365% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 160485<br>| &nbsp;&nbsp;&nbsp; 160774<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2021-NQM2 A1 | &nbsp;&nbsp; 0.970% | &nbsp;&nbsp; 3/25/60 | &nbsp;&nbsp; 5419<br>| &nbsp;&nbsp;&nbsp; 5346<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2024-NQM5 A1 | &nbsp;&nbsp; 5.803% | &nbsp;&nbsp; 6/25/64 | &nbsp;&nbsp; 248605<br>| &nbsp;&nbsp;&nbsp; 250061<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2024-KING E (1 mo. Term SOFR + 3.688%) | &nbsp;&nbsp; 7.360% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 523113<br>| &nbsp;&nbsp;&nbsp; 524398<br> <sup>(a)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2025-COPT A (1 mo. Term SOFR + 1.750%) | &nbsp;&nbsp; 5.423% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; $330659<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2026-VLT9 A (1 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149566<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2022-LBA6 A (1 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.673% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250010<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BXMT Ltd., 2026-FL6 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.127% | &nbsp;&nbsp; 8/19/43 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219609<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevy Chase Funding LLC Mortgage-Backed Certificates, 2004-3A A2 (1 mo. Term <br> SOFR + 0.414%) | &nbsp;&nbsp; 4.093% | &nbsp;&nbsp; 8/25/35 | &nbsp;&nbsp; 154126<br>| &nbsp;&nbsp;&nbsp; 151923<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM3 A3 | &nbsp;&nbsp; 1.632% | &nbsp;&nbsp; 4/25/66 | &nbsp;&nbsp; 44531<br>| &nbsp;&nbsp;&nbsp; 39395<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2021-NQM8 A1 | &nbsp;&nbsp; 2.841% | &nbsp;&nbsp; 10/25/66 | &nbsp;&nbsp; 459027<br>| &nbsp;&nbsp;&nbsp; 418887<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2020-1 B1 | &nbsp;&nbsp; 5.056% | &nbsp;&nbsp; 5/25/65 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 711001<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, 2022-1 A2 | &nbsp;&nbsp; 3.001% | &nbsp;&nbsp; 1/25/67 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 90653<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extended Stay America Trust, 2025-ESH A (1 mo. Term SOFR + 1.300%) | &nbsp;&nbsp; 4.973% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120158<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multiclass Certificates, 2020-RR07 BX, <br> IO | &nbsp;&nbsp; 2.608% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 158716<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, K104 X1, IO | &nbsp;&nbsp; 1.106% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 3286965<br>| &nbsp;&nbsp;&nbsp; 115069<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, K736 X1, IO | &nbsp;&nbsp; 1.257% | &nbsp;&nbsp; 7/25/26 | &nbsp;&nbsp; 795249<br>| &nbsp;&nbsp;&nbsp; 1086<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, K1517 X1, IO | &nbsp;&nbsp; 1.322% | &nbsp;&nbsp; 7/25/35 | &nbsp;&nbsp; 136304<br>| &nbsp;&nbsp;&nbsp; 11988<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KG06 X1, IO | &nbsp;&nbsp; 0.532% | &nbsp;&nbsp; 10/25/31 | &nbsp;&nbsp; 3088683<br>| &nbsp;&nbsp;&nbsp; 73602<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4391 MZ | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 140898<br>| &nbsp;&nbsp;&nbsp; 128780<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4980 KI, IO | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/25/50 | &nbsp;&nbsp; 709127<br>| &nbsp;&nbsp;&nbsp; 166857<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 IK, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 760224<br>| &nbsp;&nbsp;&nbsp; 116307<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5010 JI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 137136<br>| &nbsp;&nbsp;&nbsp; 22947<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5013 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 68501<br>| &nbsp;&nbsp;&nbsp; 11481<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5018 MI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 70812<br>| &nbsp;&nbsp;&nbsp; 9726<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5093 IY, IO, PAC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 384839<br>| &nbsp;&nbsp;&nbsp; 84218<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5118 NI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/25/51 | &nbsp;&nbsp; 662663<br>| &nbsp;&nbsp;&nbsp; 87761<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5140 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/49 | &nbsp;&nbsp; 150902<br>| &nbsp;&nbsp;&nbsp; 21802<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5202 IN, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/25/47 | &nbsp;&nbsp; 591108<br>| &nbsp;&nbsp;&nbsp; 76151<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5206 IJ, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 894454<br>| &nbsp;&nbsp;&nbsp; 183258<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5224 HL, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/25/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 92655<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5230 PE | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/25/51 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 247090<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5274 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/25/51 | &nbsp;&nbsp; 567376<br>| &nbsp;&nbsp;&nbsp; 94871<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5293 CI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/25/51 | &nbsp;&nbsp; 2098344<br>| &nbsp;&nbsp;&nbsp; 323005<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5293 IO, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/25/51 | &nbsp;&nbsp; 811469<br>| &nbsp;&nbsp;&nbsp; 102074<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5377 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/25/51 | &nbsp;&nbsp; 1307574<br>| &nbsp;&nbsp;&nbsp; 159290<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5449 FQ (30 Day Average <br> SOFR + 1.500%) | &nbsp;&nbsp; 5.162% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 78879<br>| &nbsp;&nbsp;&nbsp; 79338<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5482 FC (30 Day Average <br> SOFR + 1.300%) | &nbsp;&nbsp; 4.962% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 80132<br>| &nbsp;&nbsp;&nbsp; 80664<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2026-DNA2 B1 (30 Day Average SOFR + 2.100%) | &nbsp;&nbsp; 5.772% | &nbsp;&nbsp; 3/25/46 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160189<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2021-DNA2 M2 (30 Day Average SOFR + 2.300%) | &nbsp;&nbsp; 5.962% | &nbsp;&nbsp; 8/25/33 | &nbsp;&nbsp; 56647<br>| &nbsp;&nbsp;&nbsp; 57578<br> <sup>(a)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2021-DNA6 B1 (30 Day Average SOFR + 3.400%) | &nbsp;&nbsp; 7.062% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; $242666<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2022-DNA2 M1A (30 Day Average SOFR + 1.300%) | &nbsp;&nbsp; 4.962% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 29937<br>| &nbsp;&nbsp;&nbsp; 29940<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2023-DNA2 M1A (30 Day Average SOFR + 2.100%) | &nbsp;&nbsp; 5.762% | &nbsp;&nbsp; 4/25/43 | &nbsp;&nbsp; 351770<br>| &nbsp;&nbsp;&nbsp; 355141<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit Risk <br> Trust, 2024-DNA1 M2 (30 Day Average SOFR + 1.950%) | &nbsp;&nbsp; 5.612% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 343263<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2019-R05 1B1 (30 Day <br> Average SOFR + 4.214%) | &nbsp;&nbsp; 7.876% | &nbsp;&nbsp; 7/25/39 | &nbsp;&nbsp; 236737<br>| &nbsp;&nbsp;&nbsp; 238704<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B1 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 6.762% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252445<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2023-R05 1M2 (30 Day <br> Average SOFR + 3.100%) | &nbsp;&nbsp; 6.762% | &nbsp;&nbsp; 6/25/43 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 259430<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2023-M4 A2 | &nbsp;&nbsp; 3.767% | &nbsp;&nbsp; 9/25/32 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 96622<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2012-118 VZ | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/25/42 | &nbsp;&nbsp; 100750<br>| &nbsp;&nbsp;&nbsp; 92381<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2014-6 Z | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 246318<br>| &nbsp;&nbsp;&nbsp; 219084<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2015-65 CZ | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 144756<br>| &nbsp;&nbsp;&nbsp; 128166<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-56 AQ | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 587384<br>| &nbsp;&nbsp;&nbsp; 473226<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-56 DI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/25/50 | &nbsp;&nbsp; 262678<br>| &nbsp;&nbsp;&nbsp; 43984<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2021-43 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/25/51 | &nbsp;&nbsp; 638870<br>| &nbsp;&nbsp;&nbsp; 98638<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2022-22 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 552965<br>| &nbsp;&nbsp;&nbsp; 95745<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2022-86 IO, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/25/50 | &nbsp;&nbsp; 807193<br>| &nbsp;&nbsp;&nbsp; 113087<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2023-2 CI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/50 | &nbsp;&nbsp; 807126<br>| &nbsp;&nbsp;&nbsp; 101937<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-5 DI, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 1679467<br>| &nbsp;&nbsp;&nbsp; 301404<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-22 IC, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/25/51 | &nbsp;&nbsp; 773040<br>| &nbsp;&nbsp;&nbsp; 104680<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2025-53 FA (30 Day <br> Average SOFR + 1.930%) | &nbsp;&nbsp; 5.592% | &nbsp;&nbsp; 7/25/55 | &nbsp;&nbsp; 82020<br>| &nbsp;&nbsp;&nbsp; 83365<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 427 C21, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 3/25/50 | &nbsp;&nbsp; 703512<br>| &nbsp;&nbsp;&nbsp; 87787<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 440 C6, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/25/52 | &nbsp;&nbsp; 1642113<br>| &nbsp;&nbsp;&nbsp; 210831<br>|
| &nbsp;&nbsp;&nbsp; GCAT Trust, 2024-INV3 A17 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/25/54 | &nbsp;&nbsp; 67715<br>| &nbsp;&nbsp;&nbsp; 69139<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2013-107 AD | &nbsp;&nbsp; 2.775% | &nbsp;&nbsp; 11/16/47 | &nbsp;&nbsp; 28884<br>| &nbsp;&nbsp;&nbsp; 26367<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-17 AM | &nbsp;&nbsp; 3.535% | &nbsp;&nbsp; 6/16/48 | &nbsp;&nbsp; 3305<br>| &nbsp;&nbsp;&nbsp; 3196<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2014-186 IO, IO | &nbsp;&nbsp; 0.375% | &nbsp;&nbsp; 8/16/54 | &nbsp;&nbsp; 222821<br>| &nbsp;&nbsp;&nbsp; 1550<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2015-167 OI, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/16/45 | &nbsp;&nbsp; 80040<br>| &nbsp;&nbsp;&nbsp; 15584<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2016-84 IG, IO, PAC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/16/45 | &nbsp;&nbsp; 595035<br>| &nbsp;&nbsp;&nbsp; 113758<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-91 IU, IO | &nbsp;&nbsp; 0.965% | &nbsp;&nbsp; 5/16/62 | &nbsp;&nbsp; 4063609<br>| &nbsp;&nbsp;&nbsp; 265748<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-118 IO, IO | &nbsp;&nbsp; 0.887% | &nbsp;&nbsp; 6/16/62 | &nbsp;&nbsp; 3481351<br>| &nbsp;&nbsp;&nbsp; 214552<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-123 NI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/20/50 | &nbsp;&nbsp; 61096<br>| &nbsp;&nbsp;&nbsp; 9202<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-129 IE, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/20/50 | &nbsp;&nbsp; 59932<br>| &nbsp;&nbsp;&nbsp; 8633<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2020-H04 FP (1 mo. Term <br> SOFR + 0.614%) | &nbsp;&nbsp; 4.283% | &nbsp;&nbsp; 6/20/69 | &nbsp;&nbsp; 77778<br>| &nbsp;&nbsp;&nbsp; 77853<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-57 BI, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/20/51 | &nbsp;&nbsp; 1088549<br>| &nbsp;&nbsp;&nbsp; 192158<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-96 VI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 691904<br>| &nbsp;&nbsp;&nbsp; 97016<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-176 IN, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 1054086<br>| &nbsp;&nbsp;&nbsp; 148124<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-188 PA, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 332013<br>| &nbsp;&nbsp;&nbsp; 275902<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-223 P, PAC-1 | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/20/51 | &nbsp;&nbsp; 348761<br>| &nbsp;&nbsp;&nbsp; 306222<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(j)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-H02 TF (1 mo. Term <br> SOFR + 1.394%) | &nbsp;&nbsp; 5.063% | &nbsp;&nbsp; 1/20/71 | &nbsp;&nbsp; 430499<br>| &nbsp;&nbsp;&nbsp; $439691<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-3 IO, IO | &nbsp;&nbsp; 0.640% | &nbsp;&nbsp; 2/16/61 | &nbsp;&nbsp; 276211<br>| &nbsp;&nbsp;&nbsp; 12069<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-99 JW | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/20/52 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 84580<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-189 PT | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 10/20/51 | &nbsp;&nbsp; 235330<br>| &nbsp;&nbsp;&nbsp; 197819<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-196 BE | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/16/64 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 70036<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-216 IO, IO | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/16/65 | &nbsp;&nbsp; 1454831<br>| &nbsp;&nbsp;&nbsp; 79899<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-220 E | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/16/64 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 143427<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-92 AH | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 6/16/64 | &nbsp;&nbsp; 98182<br>| &nbsp;&nbsp;&nbsp; 75207<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-169 SA, IO (-1.000 x 30 <br> Day Average SOFR + 6.600%) | &nbsp;&nbsp; 2.927% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 884762<br>| &nbsp;&nbsp;&nbsp; 88521<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-175 LS, IO (-1.000 x 30 <br> Day Average SOFR + 5.950%) | &nbsp;&nbsp; 2.277% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 495081<br>| &nbsp;&nbsp;&nbsp; 47942<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2025-214 S, IO (-1.000 x 30 <br> Day Average SOFR + 6.600%) | &nbsp;&nbsp; 2.927% | &nbsp;&nbsp; 12/20/55 | &nbsp;&nbsp; 587567<br>| &nbsp;&nbsp;&nbsp; 59871<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, 2025-FL4 A (1 mo. Term SOFR + 1.481%) | &nbsp;&nbsp; 5.154% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320130<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, 2024-70P E | &nbsp;&nbsp; 8.367% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 388521<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, 2024-RPL4 A1 | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 9/25/61 | &nbsp;&nbsp; 237139<br>| &nbsp;&nbsp;&nbsp; 231758<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HOMES Trust, 2023-NQM1 A1 | &nbsp;&nbsp; 6.182% | &nbsp;&nbsp; 1/25/68 | &nbsp;&nbsp; 224690<br>| &nbsp;&nbsp;&nbsp; 223823<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2015-FL7 D (PRIME + <br> 0.693%) | &nbsp;&nbsp; 7.443% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 188605<br>| &nbsp;&nbsp;&nbsp; 165471<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, 2021-GS5 A1 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/25/67 | &nbsp;&nbsp; 66451<br>| &nbsp;&nbsp;&nbsp; 66548<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 LLC, 2025-FL19 A (1 mo. Term SOFR + 1.488%) | &nbsp;&nbsp; 5.168% | &nbsp;&nbsp; 5/18/42 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 340517<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MF1 Ltd., 2022-FL8 A (1 mo. Term SOFR + 1.350%) | &nbsp;&nbsp; 5.027% | &nbsp;&nbsp; 2/19/37 | &nbsp;&nbsp; 187447<br>| &nbsp;&nbsp;&nbsp; 187641<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MLTI Trust, 2026-SF75 A (1 mo. Term SOFR + 1.400%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249159<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, 2022-LPFL A (1 mo. Term SOFR + 1.397%) | &nbsp;&nbsp; 5.077% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239931<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; NYCT Trust, 2024-3ELV A (1 mo. Term SOFR + 1.991%) | &nbsp;&nbsp; 5.663% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200612<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2021-NQM2 A3 | &nbsp;&nbsp; 1.563% | &nbsp;&nbsp; 5/25/61 | &nbsp;&nbsp; 57652<br>| &nbsp;&nbsp;&nbsp; 48282<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2022-NQM1 A2 | &nbsp;&nbsp; 3.001% | &nbsp;&nbsp; 11/25/61 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 400231<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2023-NQM6 A3 | &nbsp;&nbsp; 6.975% | &nbsp;&nbsp; 7/25/63 | &nbsp;&nbsp; 132664<br>| &nbsp;&nbsp;&nbsp; 132913<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2022-AFC2 M1 | &nbsp;&nbsp; 6.105% | &nbsp;&nbsp; 8/25/57 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 729069<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2023-AFC1 A1 | &nbsp;&nbsp; 6.598% | &nbsp;&nbsp; 2/25/58 | &nbsp;&nbsp; 283227<br>| &nbsp;&nbsp;&nbsp; 282616<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRKCM Trust, 2024-HOME1 A1 | &nbsp;&nbsp; 6.431% | &nbsp;&nbsp; 5/25/59 | &nbsp;&nbsp; 136480<br>| &nbsp;&nbsp;&nbsp; 137807<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RIDE, 2025-SHRE D | &nbsp;&nbsp; 6.297% | &nbsp;&nbsp; 2/14/47 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 265553<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SLG Office Trust, 2021-OVA A | &nbsp;&nbsp; 2.585% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 337000<br>| &nbsp;&nbsp;&nbsp; 300081<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; STWD LLC, 2025-FL4 A (1 mo. Term SOFR + 1.450%) | &nbsp;&nbsp; 5.127% | &nbsp;&nbsp; 11/19/42 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310021<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, 2017-4 B2 | &nbsp;&nbsp; 3.631% | &nbsp;&nbsp; 6/25/57 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 210411<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2018-C9 XA, IO | &nbsp;&nbsp; 0.870% | &nbsp;&nbsp; 3/15/51 | &nbsp;&nbsp; 7515219<br>| &nbsp;&nbsp;&nbsp; 107759<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; VLS Commercial Mortgage Trust, 2020-LAB B | &nbsp;&nbsp; 2.453% | &nbsp;&nbsp; 10/10/42 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 171971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2016-C36 A4 | &nbsp;&nbsp; 3.065% | &nbsp;&nbsp; 11/15/59 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 307270<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2017-RB1 XA, IO | &nbsp;&nbsp; 1.165% | &nbsp;&nbsp; 3/15/50 | &nbsp;&nbsp; 1669017<br>| &nbsp;&nbsp;&nbsp; 12288<br> <sup>(d)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $22,026,229)** | **Total Collateralized Mortgage Obligations (Cost — $22,026,229)** | **Total Collateralized Mortgage Obligations (Cost — $22,026,229)** | **Total Collateralized Mortgage Obligations (Cost — $22,026,229)** | &nbsp;&nbsp; **21743141** |
| **U.S. Government & Agency Obligations — 18.3%** | **U.S. Government & Agency Obligations — 18.3%** | **U.S. Government & Agency Obligations — 18.3%** | **U.S. Government & Agency Obligations — 18.3%** | **U.S. Government & Agency Obligations — 18.3%** |
| *U.S. Government Obligations — 18.3%* | *U.S. Government Obligations — 18.3%* | *U.S. Government Obligations — 18.3%* | *U.S. Government Obligations — 18.3%* | *U.S. Government Obligations — 18.3%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 154673<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp; 532774<br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* | *U.S. Government Obligations — continued* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; $68347<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 143499<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 86268<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 90752<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 58071<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 78628<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 141859<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 199391<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 125431<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 467625<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 206263<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 116484<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 1139834<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp; 1038687<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 894471<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp; 165444<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/52 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 42667<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 489866<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 923234<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 698846<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 410113<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; 421054<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 38161<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 194805<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 68228<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19634<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 119655<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40280<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19850<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 29957<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9916<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp; 2265076<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp; 1985687<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/31/31 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; 4531398<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19929<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 3290000 | &nbsp;&nbsp;&nbsp; 3275606<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19247<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 39091<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Strip Principal (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 295969<br>|
| **Total U.S. Government & Agency Obligations (Cost — $25,309,412)** | **Total U.S. Government & Agency Obligations (Cost — $25,309,412)** | **Total U.S. Government & Agency Obligations (Cost — $25,309,412)** | **Total U.S. Government & Agency Obligations (Cost — $25,309,412)** | &nbsp;&nbsp; **21666770** |
|  |  |  | &nbsp;&nbsp; Face <br>Amount†/ <br>Units<br>|  |
| **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** | **Asset-Backed Securities — 7.6%** |
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.310%) | &nbsp;&nbsp; 4.995% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 189506<br> <sup>(a)(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†/<br> Units<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., 2021-15A AR (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/17/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; $270073<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Heritage Auto Receivables Issuer Trust, 2025-1A A3 | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 189900<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, 2024-1A A | &nbsp;&nbsp; 5.360% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 255856<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2025-2A A1 (3 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 4.981% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169849<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayswater Park CLO Ltd., 2023-1A AR (3 mo. Term SOFR + 1.210%) | &nbsp;&nbsp; 4.878% | &nbsp;&nbsp; 1/20/39 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200034<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund LLC, 2025-EDU1 C (30 Day Average SOFR + <br> 1.800%) | &nbsp;&nbsp; 5.462% | &nbsp;&nbsp; 7/27/48 | &nbsp;&nbsp; 258986<br>| &nbsp;&nbsp;&nbsp; 259816<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Birch Grove CLO Ltd., 2024-11A A1 (3 mo. Term SOFR + 1.360%) | &nbsp;&nbsp; 5.029% | &nbsp;&nbsp; 1/22/38 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 410956<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2018-1A A1R (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 4.988% | &nbsp;&nbsp; 1/18/38 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130033<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; DLLMT LLC, 2024-1A A4 | &nbsp;&nbsp; 4.980% | &nbsp;&nbsp; 4/20/32 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 263521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2024-1A A2 | &nbsp;&nbsp; 6.372% | &nbsp;&nbsp; 10/20/54 | &nbsp;&nbsp; 236400<br>| &nbsp;&nbsp;&nbsp; 218644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC, 2025-1A A2 | &nbsp;&nbsp; 5.296% | &nbsp;&nbsp; 10/20/55 | &nbsp;&nbsp; 249375<br>| &nbsp;&nbsp;&nbsp; 223870<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Edsouth Indenture LLC, 2015-1 A (30 Day Average SOFR + 0.914%) | &nbsp;&nbsp; 4.576% | &nbsp;&nbsp; 10/25/56 | &nbsp;&nbsp; 134887<br>| &nbsp;&nbsp;&nbsp; 134190<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2025-18A A1 (3 mo. Term SOFR + 1.240%) | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 3/28/38 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249952<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd., 2024-5A AR1 (3 mo. Term SOFR + 1.520%) | &nbsp;&nbsp; 5.188% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 260669<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Guys Holdings Inc., 2023-1A A2 | &nbsp;&nbsp; 7.549% | &nbsp;&nbsp; 1/26/54 | &nbsp;&nbsp; 246875<br>| &nbsp;&nbsp;&nbsp; 251712<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd., 2024-33A A1 (3 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.218% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 415000<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC, 2023-4A A | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 249834<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; InStar Leasing LLC, 2021-1A A | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 85467<br>| &nbsp;&nbsp;&nbsp; 81584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jack in the Box Funding LLC, 2019-1A A23 | &nbsp;&nbsp; 4.970% | &nbsp;&nbsp; 8/25/49 | &nbsp;&nbsp; 123500<br>| &nbsp;&nbsp;&nbsp; 116375<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinetic ABS Issuer LLC, 2026-1A A2 | &nbsp;&nbsp; 5.219% | &nbsp;&nbsp; 2/25/56 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129946<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; M&T Bank RV Trust, 2026-1A A | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/46 | &nbsp;&nbsp; 114851<br>| &nbsp;&nbsp;&nbsp; 113774<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Man Capital CLO Ltd., 2021-2RA A1R (3 mo. Term SOFR + 1.320%) | &nbsp;&nbsp; 4.990% | &nbsp;&nbsp; 4/17/39 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249433<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, 2024-1A A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/20/49 | &nbsp;&nbsp; 318592<br>| &nbsp;&nbsp;&nbsp; 302621<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, 2019-A A2B (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 4.687% | &nbsp;&nbsp; 1/15/43 | &nbsp;&nbsp; 11030<br>| &nbsp;&nbsp;&nbsp; 11031<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Refinance Loan Trust, 2026-A A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/18/56 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 207854<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Navient Student Loan Trust, 2016-3A A3 (30 Day Average SOFR + 1.464%) | &nbsp;&nbsp; 5.126% | &nbsp;&nbsp; 6/25/65 | &nbsp;&nbsp; 152626<br>| &nbsp;&nbsp;&nbsp; 155025<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2021-1A A1AR (3 mo. Term SOFR + 1.150%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219401<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Park Blue CLO Ltd., 2022-2A A1R (3 mo. Term SOFR + 1.420%) | &nbsp;&nbsp; 5.088% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 510706<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phantom Aviation, 2026-1A A | &nbsp;&nbsp; 5.240% | &nbsp;&nbsp; 1/15/51 | &nbsp;&nbsp; 119536<br>| &nbsp;&nbsp;&nbsp; 117492<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RASC Trust, 2006-KS1 M3 (1 mo. Term SOFR + 0.534%) | &nbsp;&nbsp; 4.423% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; 250393<br>| &nbsp;&nbsp;&nbsp; 245612<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Experts Issuer LLC, 2025-1A A | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 115938<br>| &nbsp;&nbsp;&nbsp; 115667<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., 2025-8A A1 (3 mo. Term SOFR + 1.210%) | &nbsp;&nbsp; 4.882% | &nbsp;&nbsp; 4/15/38 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220060<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2015-C R | &nbsp;&nbsp; 11.247% | &nbsp;&nbsp; 9/18/46 | &nbsp;&nbsp; 1092<br>| &nbsp;&nbsp;&nbsp; 307875<br> <sup>(a)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-A A2A1 (1 mo. Term SOFR + 0.844%) | &nbsp;&nbsp; 4.517% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 126685<br>| &nbsp;&nbsp;&nbsp; 125598<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2021-E A1A | &nbsp;&nbsp; 1.680% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 60615<br>| &nbsp;&nbsp;&nbsp; 57583<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2023-B B | &nbsp;&nbsp; 5.770% | &nbsp;&nbsp; 10/16/56 | &nbsp;&nbsp; 512805<br>| &nbsp;&nbsp;&nbsp; 519876<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, 2024-E A1A | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 10/16/56 | &nbsp;&nbsp; 193754<br>| &nbsp;&nbsp;&nbsp; 195378<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan Trust, 2007-WF1 A1 (1 mo. Term <br> SOFR + 0.534%) | &nbsp;&nbsp; 4.213% | &nbsp;&nbsp; 2/25/37 | &nbsp;&nbsp; 132977<br>| &nbsp;&nbsp;&nbsp; 131130<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sycamore Tree CLO Ltd., 2025-6A A1 (3 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.868% | &nbsp;&nbsp; 4/20/38 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200053<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC, 2024-1A A2 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 157537<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd., 2019-38A ARR (3 mo. Term SOFR + 1.000%) | &nbsp;&nbsp; 4.667% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 131073<br>| &nbsp;&nbsp;&nbsp; 131229<br> <sup>(a)(d)</sup><br>|
| **Total Asset-Backed Securities (Cost — $10,196,906)** | **Total Asset-Backed Securities (Cost — $10,196,906)** | **Total Asset-Backed Securities (Cost — $10,196,906)** | **Total Asset-Backed Securities (Cost — $10,196,906)** | &nbsp;&nbsp; **8966255** |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face <br>Amount†<br>| Value |
| **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** | **Sovereign Bonds — 3.1%** |
| *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* | *Argentina — 0.4%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (0.750% to 7/9/27 then 1.750%) | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 7/9/30 | &nbsp;&nbsp; 162487<br>| &nbsp;&nbsp;&nbsp; $136245<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, Senior Notes, Step bond <br> (4.125% to 7/9/27 then 4.750%) | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/9/35 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 115600<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 151198<br>| &nbsp;&nbsp;&nbsp; 114344<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 204562<br>| &nbsp;&nbsp;&nbsp; 154700<br> <sup>(h)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *520889* |
| *Brazil — 0.2%* | *Brazil — 0.2%* | *Brazil — 0.2%* | *Brazil — 0.2%* | *Brazil — 0.2%* |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional Serie F, Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1564000 <br><sup>BRL</sup><br>| &nbsp;&nbsp;&nbsp; *253223*<br>|
| *Chile — 0.3%* | *Chile — 0.3%* | *Chile — 0.3%* | *Chile — 0.3%* | *Chile — 0.3%* |
| &nbsp;&nbsp;&nbsp; Bonos de la Tesoreria de la Republica en pesos, Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 130000000 <br><sup>CLP</sup><br>| &nbsp;&nbsp;&nbsp; 144420<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chile Government International Bond, Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 7/27/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 179214<br>|
| *Total Chile* | *Total Chile* | *Total Chile* | *Total Chile* | &nbsp;&nbsp; *323634* |
| *Costa Rica — 0.2%* | *Costa Rica — 0.2%* | *Costa Rica — 0.2%* | *Costa Rica — 0.2%* | *Costa Rica — 0.2%* |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International Bond, Senior Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 4/3/34 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *285351*<br> <sup>(a)</sup><br>|
| *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* | *Jamaica — 0.1%* |
| &nbsp;&nbsp;&nbsp; Jamaica Government International Bond, Senior Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 11/3/30 | &nbsp;&nbsp; 14500000 <br><sup>JMD</sup><br>| &nbsp;&nbsp;&nbsp; *96753*<br>|
| *Malaysia — 0.1%* | *Malaysia — 0.1%* | *Malaysia — 0.1%* | *Malaysia — 0.1%* | *Malaysia — 0.1%* |
| &nbsp;&nbsp;&nbsp; Malaysia Government Bond | &nbsp;&nbsp; 4.254% | &nbsp;&nbsp; 5/31/35 | &nbsp;&nbsp; 600000 <br><sup>MYR</sup><br>| &nbsp;&nbsp;&nbsp; *155180*<br>|
| *Mexico — 0.4%* | *Mexico — 0.4%* | *Mexico — 0.4%* | *Mexico — 0.4%* | *Mexico — 0.4%* |
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/13/42 | &nbsp;&nbsp; 3120000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; 144644<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 2/10/48 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 332134<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *476778* |
| *Panama — 0.1%* | *Panama — 0.1%* | *Panama — 0.1%* | *Panama — 0.1%* | *Panama — 0.1%* |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 2.252% | &nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *164740*<br>|
| *Paraguay — 0.3%* | *Paraguay — 0.3%* | *Paraguay — 0.3%* | *Paraguay — 0.3%* | *Paraguay — 0.3%* |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bond, Senior Notes | &nbsp;&nbsp; 3.849% | &nbsp;&nbsp; 6/28/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *297040*<br> <sup>(h)</sup><br>|
| *Peru — 0.3%* | *Peru — 0.3%* | *Peru — 0.3%* | *Peru — 0.3%* | *Peru — 0.3%* |
| &nbsp;&nbsp;&nbsp; Peru Government Bond, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/12/34 | &nbsp;&nbsp; 250000 <br><sup>PEN</sup><br>| &nbsp;&nbsp;&nbsp; 68200<br>|
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 3/14/37 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 194805<br>|
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/18/50 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 47672<br>|
| *Total Peru* | *Total Peru* | *Total Peru* | *Total Peru* | &nbsp;&nbsp; *310677* |
| *Poland — 0.2%* | *Poland — 0.2%* | *Poland — 0.2%* | *Poland — 0.2%* | *Poland — 0.2%* |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/34 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; *231452*<br>|
| *South Africa — 0.1%* | *South Africa — 0.1%* | *South Africa — 0.1%* | *South Africa — 0.1%* | *South Africa — 0.1%* |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government Bond | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/31/44 | &nbsp;&nbsp; 2600000 <br><sup>ZAR</sup><br>| &nbsp;&nbsp;&nbsp; *139334*<br>|
| *Supranational — 0.3%* | *Supranational — 0.3%* | *Supranational — 0.3%* | *Supranational — 0.3%* | *Supranational — 0.3%* |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 10/6/30 | &nbsp;&nbsp; 38000000 <br><sup>INR</sup><br>| &nbsp;&nbsp;&nbsp; *393653*<br>|
| *Uruguay — 0.1%* | *Uruguay — 0.1%* | *Uruguay — 0.1%* | *Uruguay — 0.1%* | *Uruguay — 0.1%* |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/21/31 | &nbsp;&nbsp; 2740000 <br><sup>UYU</sup><br>| &nbsp;&nbsp;&nbsp; *69962*<br>|
| **Total Sovereign Bonds (Cost — $3,797,399)** | **Total Sovereign Bonds (Cost — $3,797,399)** | **Total Sovereign Bonds (Cost — $3,797,399)** | **Total Sovereign Bonds (Cost — $3,797,399)** | &nbsp;&nbsp; **3718666** |
| **Senior Loans — 2.2%** | **Senior Loans — 2.2%** | **Senior Loans — 2.2%** | **Senior Loans — 2.2%** | **Senior Loans — 2.2%** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* | *Entertainment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, Term Loan B5 (3 mo. Term SOFR + 2.000%)  | 5.664% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 249<br>| &nbsp;&nbsp;&nbsp;&nbsp; **249**<br> <sup>(d)(l)(m)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** | **Consumer Discretionary — 0.4%** |
| *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* | *Automobile Components — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%)  | 6.168% | &nbsp;&nbsp; 5/6/30 | &nbsp;&nbsp; 31842<br>| &nbsp;&nbsp;&nbsp; $*31782*<br> <sup>(d)(l)(m)</sup><br>|
| *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* | *Automobiles — 0.1%* |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, Term Loan (3 mo. Term SOFR + 2.000%)  | 5.660% | &nbsp;&nbsp; 10/16/31 | &nbsp;&nbsp; 99002<br>| &nbsp;&nbsp;&nbsp;&nbsp; *99089*<br> <sup>(d)(l)(m)</sup><br>|
| *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, Term Loan B5 (3 mo. Term SOFR + 2.500%)  | 6.200% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 59399<br>| &nbsp;&nbsp;&nbsp;&nbsp; *59352*<br> <sup>(d)(l)(m)</sup><br>|
| *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* | *Hotels, Restaurants & Leisure — 0.0%††* |
| &nbsp;&nbsp;&nbsp; PCI Gaming Authority, 2024 Term Loan B (1 mo. Term SOFR + 2.000%)  | 5.668% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 33123<br>| &nbsp;&nbsp;&nbsp;&nbsp; *33159*<br> <sup>(d)(l)(m)</sup><br>|
| *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Harbor Freight Tools USA Inc., Initial Term Loan |  | &nbsp;&nbsp; 6/11/31 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89200<br> <sup>(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term SOFR + 4.250%) | 7.950% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 107763<br> <sup>(d)(l)(m)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *196963* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **420345** |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* | *Beverages — 0.1%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2026 Refinancing Term Loan  |  | &nbsp;&nbsp; 3/19/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **60169**<br> <sup>(n)</sup><br>|
| **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** | **Financials — 0.8%** |
| *Banks — 0.0%††* | *Banks — 0.0%††* | *Banks — 0.0%††* | *Banks — 0.0%††* | *Banks — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + 3.000%)  | 6.668% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *59138*<br> <sup>(d)(l)(m)</sup><br>|
| *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, Incremental Term Loan B (1 mo. Term SOFR + 2.500%) | 6.168% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 138254<br>| &nbsp;&nbsp;&nbsp; 134098<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; GIP Pilot Acquisition Partners LP, Amendment No. 2 Refinancing Term Loan (3 mo. <br> Term SOFR + 2.000%) | 5.646% | &nbsp;&nbsp; 10/4/30 | &nbsp;&nbsp; 58986<br>| &nbsp;&nbsp;&nbsp; 59134<br> <sup>(d)(l)(m)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *193232* |
| *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + 2.000%)  | 5.673% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 188484<br>| &nbsp;&nbsp;&nbsp;&nbsp; *185272*<br> <sup>(d)(l)(m)</sup><br>|
| *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* |
| &nbsp;&nbsp;&nbsp; AmWINS Group Inc., 2026 Refinancing Term Loan (1 mo. Term SOFR + 2.000%) | 5.668% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 119247<br>| &nbsp;&nbsp;&nbsp; 118592<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B14 (1 mo. Term SOFR + 3.750%) | 7.418% | &nbsp;&nbsp; 3/11/33 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 96813<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Incremental Term Loan (3 mo. Term SOFR + 2.250%) | 5.920% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 129616<br>| &nbsp;&nbsp;&nbsp; 129473<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services Inc., 2024 Term Loan (1 mo. Term SOFR + <br> 2.500%) | 6.168% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 99749<br>| &nbsp;&nbsp;&nbsp; 98075<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC, 2024 Term Loan B (3 mo. Term SOFR + 2.750%) | 6.450% | &nbsp;&nbsp; 5/6/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59306<br> <sup>(d)(l)(m)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *502259* |
| *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; Starwood Property Mortgage LLC, 2025 Repricing Term Loan (1 mo. Term SOFR + <br> 1.750%)  | 5.418% | &nbsp;&nbsp; 11/18/27 | &nbsp;&nbsp; 59401<br>| &nbsp;&nbsp;&nbsp;&nbsp; *59400*<br> <sup>(d)(f)(l)(m)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **999301** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2028 Refinancing Term Loan (1 mo. Term SOFR + 1.750%)  | 5.418% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 57026<br>| &nbsp;&nbsp;&nbsp;&nbsp; *57176*<br> <sup>(d)(l)(m)</sup><br>|
| *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* | *Health Care Providers & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, 2025 Term Loan (1 mo. Term SOFR + 2.500%)  | 6.168% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 75236<br>| &nbsp;&nbsp;&nbsp;&nbsp; *75401*<br> <sup>(d)(l)(m)(n)</sup><br>|
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | 6.418% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 79798<br>| &nbsp;&nbsp;&nbsp; 78452<br> <sup>(d)(l)(m)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount†<br>| Value |
| *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | 6.418% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 63683<br>| &nbsp;&nbsp;&nbsp; $58827<br> <sup>(d)(l)(m)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *137279* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **269856** |
| **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| *Machinery — 0.1%* | *Machinery — 0.1%* | *Machinery — 0.1%* | *Machinery — 0.1%* | *Machinery — 0.1%* |
| &nbsp;&nbsp;&nbsp; Chart Industries Inc., 2024 Term Loan B (3 mo. Term SOFR + 2.500%)  | 6.161% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 88931<br>| &nbsp;&nbsp;&nbsp;&nbsp; *88986*<br> <sup>(d)(l)(m)</sup><br>|
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Contingent DIP Facility |  | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 10726<br>| &nbsp;&nbsp;&nbsp; 1,341<br> \*<sup>(f)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.678% | &nbsp;&nbsp; 1/2/40 | &nbsp;&nbsp; 4533<br>| &nbsp;&nbsp;&nbsp; 4487<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Roll Up Term Loan |  | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 28153<br>| &nbsp;&nbsp;&nbsp; 19707<br> <sup>(f)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 1124<br>| &nbsp;&nbsp;&nbsp; 1113<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term SOFR + 8.000%) | 11.678% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 2220<br>| &nbsp;&nbsp;&nbsp; 2198<br> <sup>(d)(l)(m)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *28846* |
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; CoreLogic Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 3.614%)  | 7.282% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 129660<br>| &nbsp;&nbsp;&nbsp;&nbsp; *124313*<br> <sup>(d)(l)(m)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **242145** |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** | **Information Technology — 0.2%** |
| *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Tenth Amendment Term Loan B2 (3 mo. Term SOFR + <br> 3.250%) | 6.950% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 99750<br>| &nbsp;&nbsp;&nbsp; 91670<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%) | 7.518% | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 80606<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B |  | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 99749<br>| &nbsp;&nbsp;&nbsp; 95454<br> <sup>(n)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **267730** |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* | *Specialized REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management LLC, Amendment No. 1 Incremental Term <br> Loan B (1 mo. Term SOFR + 2.000%)  | 5.668% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 98987<br>| &nbsp;&nbsp;&nbsp;&nbsp; **98585**<br> <sup>(d)(l)(m)</sup><br>|
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* | *Independent Power and Renewable Electricity Producers — 0.2%* |
| &nbsp;&nbsp;&nbsp; Calpine Construction Finance Co. LP, 2025 Refinancing Term Loan (1 mo. Term SOFR <br> + 1.750%) | 5.418% | &nbsp;&nbsp; 7/31/30 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 130203<br> <sup>(d)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Initial Term Loan B (1 mo. Term SOFR + 2.250%) | 5.918% | &nbsp;&nbsp; 8/18/31 | &nbsp;&nbsp; 59397<br>| &nbsp;&nbsp;&nbsp; 59596<br> <sup>(d)(l)(m)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **189799** |
| **Total Senior Loans (Cost — $2,573,368)** | **Total Senior Loans (Cost — $2,573,368)** | **Total Senior Loans (Cost — $2,573,368)** | **Total Senior Loans (Cost — $2,573,368)** | &nbsp;&nbsp; **2548179** |
| **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** | **U.S. Treasury Inflation Protected Securities — 0.6%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed (Cost — $772,692) | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 756682<br>| &nbsp;&nbsp;&nbsp; **760689**<br>|
|  | Expiration <br>Date<br>| Contracts | &nbsp;&nbsp; Notional <br>Amount†<br>|  |
| **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** | **Purchased Options — 0.0%††** |
| **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** | **Exchange-Traded Purchased Options — 0.0%††** |
| &nbsp;&nbsp;&nbsp; 3-Month SOFR Futures, Call @ $96.750 | 6/12/26 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 3713<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Notes Futures, Call @ $103.750 | 5/22/26 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 39609<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Notes Futures, Call @ $109.250 | 4/10/26 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp; 2000<br>|
| **Total Purchased Options (Cost — $91,312)** | **Total Purchased Options (Cost — $91,312)** | **Total Purchased Options (Cost — $91,312)** | **Total Purchased Options (Cost — $91,312)** | &nbsp;&nbsp; **45322** |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

(Percentages shown based on Portfolio net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $2<br> \*<sup>(e)(p)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 1484 | &nbsp;&nbsp;&nbsp; 371<br> \*<br>|
| **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | **Total Common Stocks (Cost — $20,846)** | &nbsp;&nbsp;&nbsp; **373**<br>|
|  | &nbsp;&nbsp; Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC (Cost — $12,843) | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 1055<br>| &nbsp;&nbsp;&nbsp; **264**<br> \*<sup>(a)(e)(p)</sup><br>|
| **Total Investments — 109.0% (Cost — $136,329,770)** | **Total Investments — 109.0% (Cost — $136,329,770)** | **Total Investments — 109.0% (Cost — $136,329,770)** | &nbsp;&nbsp; **129106214** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (9.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (9.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (9.0)% | &nbsp;&nbsp;&nbsp; (10637571)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$118468643** |

---

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

---

| | |
|:---|:---|
| † | Face amount/notional amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(c)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(e)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(f)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(g)</sup> | Value is less than $1. |
| <sup>(h)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(i)</sup> | This security is traded on a to-be-announced ("TBA") basis. At March 31, 2026, the Portfolio held TBA securities with a total cost of $12,441,236. |
| <sup>(j)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(k)</sup> | Rate shown is the current yield based on income received over the trailing twelve months. |
| <sup>(l)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(m)</sup> | Senior loans may be considered restricted in that the Portfolio ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(n)</sup> | All or a portion of this loan has not settled as of March 31, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(o)</sup> | The coupon payment on this security is currently in default as of March 31, 2026. |
| <sup>(p)</sup> | Restricted security (Note 3). |

---

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

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ACES |  | Alternative Credit Enhancement Securities |
| BRL |  | Brazilian Real |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| CLP |  | Chilean Peso |
| DAC |  | Designated Activity Company |
| DIP |  | Debtor-in-possession |
| IBOR |  | Interbank Offered Rate |
| ICE |  | Intercontinental Exchange |
| INR |  | Indian Rupee |
| IO |  | Interest Only |
| JMD |  | Jamaican Dollar |
| JSC |  | Joint Stock Company |
| MXN |  | Mexican Peso |
| MYR |  | Malaysian Ringgit |
| PAC |  | Planned Amortization Class |
| PEN |  | Peruvian Nuevo Sol |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |
| USD |  | United States Dollar |
| UYU |  | Uruguayan Peso |
| ZAR |  | South African Rand |

---

At March 31, 2026, the Portfolio had the following open written options contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** | **Exchange-Traded Written Options** |
| Security | &nbsp;&nbsp;&nbsp; Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; Strike <br>Price<br>| Contracts | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| Value |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; $97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; $47500 | &nbsp;&nbsp;&nbsp;&nbsp; $(2138) |
| 3-Month SOFR Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;97.500 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; (2175) |
| 3-Month SOFR Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;96.500 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 67500 | &nbsp;&nbsp;&nbsp;&nbsp; (25650) |
| U.S. Treasury 2-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 5/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;103.000 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; (13203) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;109.750 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; (2000) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;109.000 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; (3953) |
| U.S. Treasury 5-Year Notes Futures, Call | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;110.250 | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; (3000) |
| U.S. Treasury 5-Year Notes Futures, Put | &nbsp;&nbsp;&nbsp;&nbsp; 4/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;107.000 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; (3094) |
| **Total Exchange-Traded Written Options (Premiums received — $81,700)** | **Total Exchange-Traded Written Options (Premiums received — $81,700)** | **Total Exchange-Traded Written Options (Premiums received — $81,700)** | **Total Exchange-Traded Written Options (Premiums received — $81,700)** | **Total Exchange-Traded Written Options (Premiums received — $81,700)** | &nbsp;&nbsp;&nbsp; **$(55213)** |

---

&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:** |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

At March 31, 2026, the Portfolio 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:** |  |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $12546409 | &nbsp;&nbsp;&nbsp;&nbsp; $12522250 | &nbsp;&nbsp;&nbsp;&nbsp; $(24159) |
| Australian 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 824463 | &nbsp;&nbsp;&nbsp;&nbsp; 817792 | &nbsp;&nbsp;&nbsp;&nbsp; (6671) |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 26304122 | &nbsp;&nbsp;&nbsp;&nbsp; 26345555 | &nbsp;&nbsp;&nbsp;&nbsp; 41433 |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18831380 | &nbsp;&nbsp;&nbsp;&nbsp; 18544829 | &nbsp;&nbsp;&nbsp;&nbsp; (286551) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3166410 | &nbsp;&nbsp;&nbsp;&nbsp; 3074625 | &nbsp;&nbsp;&nbsp;&nbsp; (91785) |
| United Kingdom Long Gilt Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 489369 | &nbsp;&nbsp;&nbsp;&nbsp; 464795 | &nbsp;&nbsp;&nbsp;&nbsp; (24574) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (392307) |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3448527 | &nbsp;&nbsp;&nbsp;&nbsp; 3461750 | &nbsp;&nbsp;&nbsp;&nbsp; (13223) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 113170 | &nbsp;&nbsp;&nbsp;&nbsp; 113516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(346) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4306375 | &nbsp;&nbsp;&nbsp;&nbsp; 4196250 | &nbsp;&nbsp;&nbsp;&nbsp; 110125 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 96556 |
| **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; **$(295751)** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| SOFR |  | Secured Overnight Financing Rate |

---

At March 31, 2026, the Portfolio had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 48169 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $118 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 73314 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 50376 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 102521 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 542271 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 643079 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; (15797) |
| INR | &nbsp;&nbsp; 3105345 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 33656 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (971) |
| INR | &nbsp;&nbsp; 6246066 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 67785 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (2042) |
| JPY | &nbsp;&nbsp; 11680000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73272 | Bank of America N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 56537 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1352) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 113403 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (3034) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 177544 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (5092) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 95218 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (2677) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 130275 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (3030) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 222285 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 261105 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (3973) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 141476 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2664 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 141498 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2686 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 190547 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 160741 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4606 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 199678 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 148267 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 25246 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 3916879 | BNP Paribas SA | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| CNH | &nbsp;&nbsp; 1102261 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 159291 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 93141 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (599) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 128079 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (835) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 189445 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 222304 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (3160) |
| JPY | &nbsp;&nbsp; 8460000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53811 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (423) |
| JPY | &nbsp;&nbsp; 8460000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53791 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (403) |
| JPY | &nbsp;&nbsp; 8470000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53856 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (405) |
| JPY | &nbsp;&nbsp; 10156000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 64555 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (464) |
| JPY | &nbsp;&nbsp; 21160000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 134893 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1360) |

---

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| JPY | &nbsp;&nbsp; 21160000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 134933 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; $(1400) |
| JPY | &nbsp;&nbsp; 21170000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 135012 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1416) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 82632 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (145) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 123380 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 169718 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 117894 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2217 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 131220 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 111454 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2293 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 165025 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 539274 | &nbsp;&nbsp; INR | &nbsp;&nbsp; 48877137 | Citibank N.A. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; 24815 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 61475 | &nbsp;&nbsp; MXN | &nbsp;&nbsp; 1102000 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 32167 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22523 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (334) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49423 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1136) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 49353 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1067) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 70721 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1740) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 70043 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1062) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 807599 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 544252 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp; 12838 |
| CNH | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 157510 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946 |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 69609 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (203) |
| JPY | &nbsp;&nbsp; 11730000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 73654 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 |
| JPY | &nbsp;&nbsp; 14660000 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 92293 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 27353 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (239) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 33277 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 48659 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (288) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 54523 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; (662) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 81757 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 120000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (1020) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 134344 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (3618) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 232829 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 336754 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 316327 | &nbsp;&nbsp; CNH | &nbsp;&nbsp; 2192261 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4/16/26 | &nbsp;&nbsp;&nbsp; (2368) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 333789 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 63166 | JPMorgan Chase & Co. | &nbsp;&nbsp; 6/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **$3328** |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| GBP |  | British Pound |
| INR |  | Indian Rupee |
| JPY |  | Japanese Yen |
| MXN |  | Mexican Peso |
| USD |  | United States Dollar |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  | <br> **OTC INTEREST RATE SWAPS**  |
| Swap Counterparty | Notional <br>Amount\*<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Portfolio<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| JPMorgan Chase & Co. | 4830000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/29 | BRL-CDI\*\* | 10.230%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $(104254) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $(104254) |
| JPMorgan Chase & Co. | 5002000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/31 | BRL-CDI\*\* | 13.250%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; (12404) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12404) |
| JPMorgan Chase & Co. | 7700000<sup>BRL</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1/2/31 | BRL-CDI\*\* | 13.300%\*\* | &nbsp;&nbsp;&nbsp;&nbsp; (17191) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17191) |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$(133849)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(133849)** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

 **Western Asset Core Plus VIT Portfolio**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Portfolio<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; 21018000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.320% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $115397 | &nbsp;&nbsp;&nbsp;&nbsp; $(1692) | &nbsp;&nbsp;&nbsp;&nbsp; $117089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 13410000<sup>MXN</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp;&nbsp;&nbsp; 28-Day MXN <br> TIIE - Banxico <br>every 28 days<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.225% <br>every 28 days<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4631) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4631) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 5530000 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/30 | 2.452%\*\* | CPURNSA\*\* | &nbsp;&nbsp;&nbsp;&nbsp; 14876 | &nbsp;&nbsp;&nbsp;&nbsp; (2675) | &nbsp;&nbsp;&nbsp;&nbsp; 17551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10714000 | &nbsp;&nbsp;&nbsp;&nbsp; 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp; 3.520% <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 112843 | &nbsp;&nbsp;&nbsp;&nbsp; 23285 | &nbsp;&nbsp;&nbsp;&nbsp; 89558 |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$238485** | &nbsp;&nbsp;&nbsp; **$18918** | &nbsp;&nbsp;&nbsp; **$219567** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <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 Portfolio<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.46 Index | $8408000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/31 | 1.000% quarterly | &nbsp;&nbsp;&nbsp; **$145130** | &nbsp;&nbsp;&nbsp; **$142206** | &nbsp;&nbsp;&nbsp; **$2924** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — BUY PROTECTION**<sup>4</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>Made by <br>the Portfolio<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| Markit CDX.NA.HY.46 Index | $201400 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/31 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$(9649)** | &nbsp;&nbsp;&nbsp; **$(7935)** | &nbsp;&nbsp;&nbsp; **$(1714)** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Portfolio<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Portfolio<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Depreciation<br>|
| JPMorgan Chase & Co. | $655000 | &nbsp;&nbsp;&nbsp;&nbsp; 4/9/26 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound + <br>1.100%\*\*<br>| JPEIFNTR^\*\* | &nbsp;&nbsp;&nbsp; **$(21929)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$(21929)** |

---

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

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

March 31, 2026

 **Western Asset Core Plus VIT Portfolio**

---

| | |
|:---|:---|
| <sup>1</sup> | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) <br> pay to 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 Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit <br> event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| <sup>4</sup> | If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) <br> receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or the underlying securities <br> comprising the referenced index or (ii) receive 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 the underlying securities comprising the referenced index.<br>|
| † | Percentage shown is an annual percentage rate. |
| ‡ | Periodic payments made/received by the Fund are based on the total return of the referenced entity. |
| ^ | Custom emerging markets debt basket is comprised of 41 bonds in the Sovereign Frontier sector. |
| \* | Notional amount denominated in U.S. dollars, unless otherwise noted. |
| \*\* | One time payment made at termination date. |

---

Reference rate(s) and their value(s) as of period end used in this table:

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; 28-Day MXN TIIE - Banxico | 7.057% |
| &nbsp;&nbsp;&nbsp; BRL-CDI | 14.650% |
| &nbsp;&nbsp;&nbsp; CPURNSA | 3.302% |
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 3.680% |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| BRL |  | Brazilian Real |
| BRL-CDI |  | Brazilian Cetip InterBank Deposit Rate |
| CPURNSA |  | U.S. CPI Urban Consumers NSA Index |
| JPEIFNTR |  | Western Asset Management Emerging Markets Frontier Custom Basket |
| MXN |  | Mexican Peso |
| SOFR |  | Secured Overnight Financing Rate |
| TIIE |  | Tasa de Intere's Interbancaria de Equilibrio (Equilibrium Interbanking Interest Rate) |

---

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

See Notes to Schedule of Investments.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Western Asset Core Plus VIT Portfolio (the "Portfolio") is a separate diversified investment series of Legg Mason Partners Variable Income 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 Portfolio may only be purchased or redeemed through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies or through eligible pension or other qualified plans.

The Portfolio 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 Portfolio 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 Portfolio holds securities or other assets that are denominated in a foreign currency, the Portfolio 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 Portfolio calculates its net asset value, the Portfolio values these securities as determined in accordance with procedures approved by the Portfolio's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Portfolio's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Portfolio'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 Portfolio's pricing policies, and reporting to the Portfolio's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Portfolio, 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.

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

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

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

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

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

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

• Level 3 — significant unobservable inputs (including the Portfolio'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 Portfolio's assets and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; $11202280 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $11202280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 29116520 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29116520 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 29337755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29337755 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 21743141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21743141 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 21666770 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21666770 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 8966255 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8966255 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3718666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3718666 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 939901 | &nbsp;&nbsp; 59400 | &nbsp;&nbsp; 999301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 221097 | &nbsp;&nbsp; 21048 | &nbsp;&nbsp; 242145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 1306733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1306733 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 760689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 760689 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp; $45322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45322 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264 |
| **Total Investments** | &nbsp;&nbsp; **$45693** | &nbsp;&nbsp; **$128980073** | &nbsp;&nbsp; **$80448** | &nbsp;&nbsp; **$129106214** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $151558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $151558 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $65643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65643 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 224198 | &nbsp;&nbsp; — | &nbsp;&nbsp; 224198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2924 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$151558** | &nbsp;&nbsp; **$292765** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$444323** |
| **Total** | &nbsp;&nbsp; **$197251** | &nbsp;&nbsp; **$129272838** | &nbsp;&nbsp; **$80448** | &nbsp;&nbsp; **$129550537** |

---

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Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; Written Options | &nbsp;&nbsp; $55213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $55213 |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; 447309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 447309 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $62315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62315 |
| &nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 133849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133849 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 4631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Buy <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1714 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 21929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21929 |
| **Total** | &nbsp;&nbsp; **$502522** | &nbsp;&nbsp; **$224438** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$726960** |

---

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

---

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

---

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Portfolio owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Portfolio. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2026. The following transactions were effected in such company for the period ended March 31, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $5933405 | $2127960 | 2127960 | $8061365 | 8061365 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>March 31, <br>2026<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $25827 |  |  |

---

**3. Restricted securities**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 3/31/2026<br>| Value Per <br>Share/Warrant<br>|
| Spirit Airlines LLC, Common Shares | &nbsp;&nbsp; 9 | 3/25 | $109 | $2 | &nbsp;&nbsp; $0.22<br> 0.00 %<sup>(a)</sup><br>|
| Spirit Airlines LLC, Warrants | &nbsp;&nbsp; 1055 | 3/25 | 12843 | 264 <br><sup>(b)</sup><br>| 0.25<br> 0.00 <br><sup>(a)</sup><br>|
| **Total** |  |  | **$12952** | **$266** | &nbsp;&nbsp; <br> **0.00%** <br><sup>(a)</sup><br>|

---

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

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

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

------

Western Asset Core Plus VIT Portfolio 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-06310

- **c. CIK number of Registrant:** 0000874835

- **d. LEI of Registrant:** 549300HMB5WZ1N3QY685

- **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:** 1-877-721-1926

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

- **a. Name of Series:** Western Asset Core Plus VIT Portfolio

- **b. EDGAR series identifier (if any):** S000016930

- **c. LEI of Series:** 549300ZKZMJ585OXJ739

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $139464990.45

**Total Liabilities:** $20932257.09

**Net Assets:** $118532733.36

**Delayed Delivery Securities:** $815058.41

**Stand-by Commitments:** $18087712.94

**Cash Not Reported:** $1537526.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 94.79000000 | **1-Year:** 6140.49000000 | **5-Year:** 30885.85000000 | **10-Year:** 14140.47000000 | **30-Year:** 1321.72000000

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

- **3-Month:** 23.68000000 | **1-Year:** 807.88000000 | **5-Year:** 1924.22000000 | **10-Year:** 305.22000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000047111 | 0.43%                | 1.71%                | -2.11%               |
| Class ID C000154792 | 0.43%                | 1.71%                | -2.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-276399.47              | $239817.09                                 |
| Month 2  | $-25222.82               | $1683946.61                                |
| Month 3  | $107068.39               | $-2991600.79                               |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate

- **Index Identifier:** BM0838

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FR SD5416                                                                   | CUSIP: 3132DTAR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82364 | PA      | $84148.58     | 0.07%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2022-22 IO                                                              | CUSIP: 3136BMZX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    552965 | PA      | $95745.05     | 0.08%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 5.5 11/15/45                                                           | CUSIP: 30303M8X3<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85226.09     | 0.07%             | 2045-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                                        | DISH 5.25 12/01/26 144A                                                     | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $29759.95     | 0.03%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                  | CHILE 2.55 07/27/33                                                         | CUSIP: 168863DT2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    210000 | PA      | $179214.00    | 0.15%             | 2033-07-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                           | CNH/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $946.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.55 12/01/33                                                             | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     40000 | PA      | $33866.12     | 0.03%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                 | GLENLN 4 03/27/27 144A                                                      | CUSIP: 378272AN8<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49792.02     | 0.04%             | 2027-03-27      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 3.95 04/01/50 20B                                                        | CUSIP: 209111FY4<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38396.63     | 0.03%             | 2050-04-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                   | VGNT 6.375 04/15/34 144A                                                    | CUSIP: 23292NAB4<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38925.68     | 0.03%             | 2034-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.25 04/15/29                                                            | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30561.76     | 0.03%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Equipmentshare Com Inc.                                                              | EQMSRM 8 03/15/33 144A                                                      | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31004.86     | 0.03%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 LLC                                                                    | MF1 2025-FL19 A                                                             | CUSIP: 55287KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    340000 | PA      | $340517.45    | 0.29%             | 2042-05-18      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786474                                                                   | CUSIP: 3622ACCK4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    145955 | PA      | $145806.23    | 0.12%             | 2053-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | U.S. Treasury Bond Futures, Jun-2026,ETH                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        27 | NC      | $-91784.51    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| SUNOCO LP                                                                            | ET 5.4 10/01/47                                                             | CUSIP: 86765BAV1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8895.28      | 0.01%             | 2047-10-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 6.125 11/01/32 144A                                                  | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39590.15     | 0.03%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.55 03/01/38                                                            | CUSIP: 097023BY0<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16627.38     | 0.01%             | 2038-03-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FR SD5514                                                                   | CUSIP: 3132DTDT4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    644400 | PA      | $630356.10    | 0.53%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RIDE TRUST 2025-SHRE                                                                 | RIDE 2025-SHRE D                                                            | CUSIP: 765692AG3<br>LEI: 5493000HCHF3YP6AGZ15 | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $265553.18    | 0.22%             | 2047-02-14      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2 11/15/41                                                                | CUSIP: 912810TC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    770000 | PA      | $532773.83    | 0.45%             | 2041-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-188 PA                                                             | CUSIP: 38383CRU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    332013 | PA      | $275901.61    | 0.23%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.1 02/15/31                                                          | CUSIP: 02079KBK2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29798.04     | 0.03%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                         | USD/JPY FORWARD                                                             | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $528.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 3.03 03/15/52                                                           | CUSIP: 75513ECP4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     80000 | PA      | $50831.59     | 0.04%             | 2052-03-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 7.875 09/15/31                                                          | CUSIP: 674599DE2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     70000 | PA      | $79672.53     | 0.07%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS V4.194 04/01/31 144A                                                    | CUSIP: 225401AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $244667.29    | 0.21%             | 2031-04-01      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AS5314                                                                   | CUSIP: 3138WE3Y3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    125221 | PA      | $121004.95    | 0.10%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.625 09/01/28                                                          | CUSIP: 404121AJ4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102022.50    | 0.09%             | 2028-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 3.375 02/15/30                                                          | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9039.58      | 0.01%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 5.622 03/16/46 144A                                                    | CUSIP: 43849RAH8<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29581.61     | 0.02%             | 2046-03-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                 | GLENLN 3.875 10/27/27 144A                                                  | CUSIP: 378272AQ1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69361.14     | 0.06%             | 2027-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 3.5 08/15/29                                                            | CUSIP: 674599CS2<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    410000 | PA      | $393222.80    | 0.33%             | 2029-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 3.9 06/15/32                                                            | CUSIP: 539830BR9<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58331.41     | 0.05%             | 2032-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 4.7 02/09/34                                                            | CUSIP: 532457CL0<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119846.41    | 0.10%             | 2034-02-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -19 | NC      | $-2137.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB0101                                                                   | CUSIP: 3140QKDF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     61146 | PA      | $55417.70     | 0.05%             | 2041-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Contingent TL                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10726 | PA      | $1340.72      | 0.00%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 4.9 03/22/33                                                           | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40333.34     | 0.03%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 5 01/21/44 MTN                                                          | CUSIP: 06051GFC8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     80000 | PA      | $74487.41     | 0.06%             | 2044-01-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 7.25 07/01/31 144A                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10491.67     | 0.01%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.HY.46                                                            | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-9984.89     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS5306                                                                   | CUSIP: 3140XL3Q9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127687 | PA      | $131555.21    | 0.11%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5377 IO                                                                 | CUSIP: 3137HBDW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   1307574 | PA      | $159290.01    | 0.13%             | 2051-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 3.9 06/15/47                                                             | CUSIP: 437076BS0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7739.93      | 0.01%             | 2047-06-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                              | ARGENT 0.75 07/09/30                                                        | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    162487 | PA      | $136245.45    | 0.11%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2017-RB1                                       | WFCM 2017-RB1 XA                                                            | CUSIP: 95000TBV7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1669017 | PA      | $12287.97     | 0.01%             | 2050-03-17      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| Devon Energy Corporation                                                             | DVN 5.6 07/15/41                                                            | CUSIP: 25179MAL7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77471.25     | 0.07%             | 2041-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2025-COPT                                               | BX 2025-COPT A                                                              | CUSIP: 05618XAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $330659.01    | 0.28%             | 2042-08-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                   | CTRA 4.375 03/15/29                                                         | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109615.40    | 0.09%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 4.375 10/15/28                                                           | CUSIP: 125523AH3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139911.59    | 0.12%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                                                   | Long Gilt Future - ICEU                                                     | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         4 | NC      | $-24573.32    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 5.625 06/15/35                                                          | CUSIP: 30161NAC5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92188.87     | 0.08%             | 2035-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.6 11/15/32                                                           | CUSIP: 30303MAC6<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    240000 | PA      | $237726.59    | 0.20%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM0068                                                                   | CUSIP: 3140X3CE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34825 | PA      | $33283.53     | 0.03%             | 2040-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.125 08/15/44                                                            | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $90751.95     | 0.08%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                  | EXE 4.75 02/01/32                                                           | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77981.18     | 0.07%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Gilead Sciences Inc.                                                                 | GILD 4.75 03/01/46                                                          | CUSIP: 375558BD4<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44338.45     | 0.04%             | 2046-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HOMES 2023-NQM1 TRUST                                                                | HOMES 2023-NQM1 A1                                                          | CUSIP: 43761JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224690 | PA      | $223823.50    | 0.19%             | 2068-01-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| BANK5 2024-5YR7                                                                      | BANK5 2024-5YR7 C                                                           | CUSIP: 06211UCD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $557773.83    | 0.47%             | 2057-06-15      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 5.732 03/16/56 144A                                                    | CUSIP: 43849RAJ4<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79132.06     | 0.07%             | 2056-03-16      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                                     | KZOKZ 5.375 04/24/30 144A                                                   | CUSIP: 48667QAQ8<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |    200000 | PA      | $202455.42    | 0.17%             | 2030-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                  | ABIBB 5.55 01/23/49                                                         | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48595.90     | 0.04%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                                                          | Balboa Bay Loan Funding 2025-2 Ltd                                          | CUSIP: 057915AA8<br>LEI: 2549002Z9TKO9WGID477 | Long             | ABS-CBDO         | CORP              | KY        |    170000 | PA      | $169848.73    | 0.14%             | 2039-01-20      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC (Zuffa)/TKO Group                                                   | TKO Group Holdings (UFC) Term Loan B 200 2031-11-01                         | CUSIP: 90266UAL7<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |       249 | PA      | $249.53       | 0.00%             | 2031-11-21      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Cotiviti Inc                                                                         | Cotiviti Inc Term Loan B 325 2031-02-12                                     | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |     63683 | PA      | $58827.06     | 0.05%             | 2031-05-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| RWE Finance US LLC                                                                   | RWE 5.125 09/18/35 144A                                                     | CUSIP: 749983AC6<br>LEI: 529900J7MYLKI84UP772 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145903.39    | 0.12%             | 2035-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 4.3 03/25/28                                                            | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    136000 | PA      | $135546.39    | 0.11%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MEX 4.6 02/10/48                                                            | CUSIP: 91087BAD2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    440000 | PA      | $332134.00    | 0.28%             | 2048-02-10      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.3 06/01/27                                                              | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    140000 | PA      | $136882.72    | 0.12%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 5.15 02/01/34 GMTN                                                       | CUSIP: 78016HZW3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51140.46     | 0.04%             | 2034-02-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SYCAMORE TREE CLO 2025-6 LTD                                                         | STCP 2025-6A A1                                                             | CUSIP: 87122HAA0<br>LEI: 2138001M3BAXCUCAUG38 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $200053.34    | 0.17%             | 2038-04-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS4480                                                                   | CUSIP: 3140XK6S4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70860 | PA      | $69946.91     | 0.06%             | 2050-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 4.05 02/01/30                                                           | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77711.67     | 0.07%             | 2030-02-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-96 VI                                                              | CUSIP: 38382UG39<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    691905 | PA      | $97016.51     | 0.08%             | 2051-06-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PCI Gaming Authority                                                                 | PCI Gaming Term Loan B 200 2031-05-29                                       | CUSIP: 70455DAG9<br>LEI: 549300KPXAJ1LRW5LP59 | Long             | LON              | CORP              | US        |     33123 | PA      | $33158.82     | 0.03%             | 2031-07-18      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                          | CRGYFN 7.375 01/15/33 144A                                                  | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40019.77     | 0.03%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 4.75 10/21/45                                                            | CUSIP: 38141GVS0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17339.24     | 0.01%             | 2045-10-21      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                 | GLENLN 5.673 04/01/35 144A                                                  | CUSIP: 378272CA4<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122640.11    | 0.10%             | 2035-04-01      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AB4698                                                                   | CUSIP: 31417BGG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135951 | PA      | $131523.01    | 0.11%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB2115                                                                   | CUSIP: 3140QMK52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66345 | PA      | $59905.41     | 0.05%             | 2041-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                              | MRP 6.375 08/01/30 144A                                                     | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50018.20     | 0.04%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 4980 KI                                                                 | CUSIP: 3137FTLA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    709127 | PA      | $166857.16    | 0.14%             | 2050-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2020-IG1 MORTGAGE TRUST                                                    | BMARK 2020-IG1 AS                                                           | CUSIP: 08162LAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $425798.60    | 0.36%             | 2043-09-17      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp.                                                               | OGLETH 5.9 02/01/55                                                         | CUSIP: 677050AY2<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58518.37     | 0.05%             | 2055-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| TENNESSEE GAS PIPELINE COMPANY LLC                                                   | KMI 2.9 03/01/30 144A                                                       | CUSIP: 880451AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $46864.36     | 0.04%             | 2030-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                                   | PERUGB 5.4 08/12/34                                                         | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    250000 | PA      | $68199.79     | 0.06%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5293 IO                                                                 | CUSIP: 3137H9QG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    811469 | PA      | $102073.68    | 0.09%             | 2051-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                                | URUGUA 8.25 05/21/31                                                        | CUSIP: 917288BM3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |   2740000 | PA      | $69962.28     | 0.06%             | 2031-05-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H022648<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $860468.75    | 0.73%             | 2056-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 2-Year T-Note Futures, Jun-2026,ETH                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       127 | NC      | $41432.61     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA2749                                                                   | CUSIP: 31418CBT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28556 | PA      | $26636.19     | 0.02%             | 2036-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.7 02/04/36                                                           | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38476.87     | 0.03%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Obx 2021-Nqm2 Trust                                                                  | OBX 2021-NQM2 A3                                                            | CUSIP: 670857AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57652 | PA      | $48282.27     | 0.04%             | 2061-05-25      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                         | NOC 5.25 05/01/50                                                           | CUSIP: 666807BU5<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139222.57    | 0.12%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2021-NQM2                                            | BRAVO 2021-NQM2 A1                                                          | CUSIP: 10569EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5419 | PA      | $5345.81      | 0.00%             | 2060-03-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 6.75 05/01/33 144A                                                   | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40611.12     | 0.03%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2020-56 DI                                                              | CUSIP: 3136BBMQ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    262678 | PA      | $43983.63     | 0.04%             | 2050-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 2.8 04/01/31                                                           | CUSIP: 161175BU7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35922.02     | 0.03%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2024-DNA1                                              | STACR 2024-DNA1 M2                                                          | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-O            | USGSE             | US        |    340000 | PA      | $343262.88    | 0.29%             | 2044-02-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                 | PANAMA 2.252 09/29/32                                                       | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    200000 | PA      | $164740.00    | 0.14%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                            | TD 4.456 06/08/32                                                           | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $19673.46     | 0.02%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.6 01/15/33                                                           | CUSIP: 11135FDA6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118218.82    | 0.10%             | 2033-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Prosus NV                                                                            | PRXNA 3.061 07/13/31 144A                                                   | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    260000 | PA      | $233070.90    | 0.20%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 4.5 05/15/36                                                            | CUSIP: 539830BK4<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29158.65     | 0.02%             | 2036-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.412 03/31/31                                                           | CUSIP: 172967MP3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108768.60    | 0.09%             | 2031-03-31      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN DE0234                                                                   | CUSIP: 3140BCHL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149025 | PA      | $152012.55    | 0.13%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                        | MPEL 6.5 09/24/33 144A                                                      | CUSIP: 58547DAJ8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $192136.15    | 0.16%             | 2033-09-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                                | USD/INR FORWARD                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3012.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V6.047 06/08/27 MTN                                                     | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100256.08    | 0.08%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.908 07/21/42                                                          | CUSIP: 38141GYK4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     30000 | PA      | $21149.21     | 0.02%             | 2042-07-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4 03/22/50                                                               | CUSIP: 92343VFD1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $75577.03     | 0.06%             | 2050-03-22      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 5.65 03/13/46                                                          | CUSIP: 023135DG8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49856.58     | 0.04%             | 2046-03-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2016-84 IG                                                              | CUSIP: 38379XGR5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    595035 | PA      | $113757.71    | 0.10%             | 2045-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                    | FE 3.9 07/15/27 B                                                           | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79368.25     | 0.07%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 4.125 04/01/40                                                          | CUSIP: 126650DK3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7518.97      | 0.01%             | 2040-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD4400                                                                   | CUSIP: 3132E03H3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     82692 | PA      | $68115.89     | 0.06%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LEHMAN XS TRUST SERIES 2005-5N                                                       | SASC 2007-WF1 A1                                                            | CUSIP: 86358BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132977 | PA      | $131129.64    | 0.11%             | 2037-02-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.625 05/31/31                                                            | CUSIP: 91282CKU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4400000 | PA      | $4531398.43   | 3.82%             | 2031-05-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3 02/15/41                                                             | CUSIP: 87264ABL8<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14632.19     | 0.01%             | 2041-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 4.95 06/15/28                                                            | CUSIP: 29278NAF0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40418.31     | 0.03%             | 2028-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                       | FDX 4.95 03/15/33 144A                                                      | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39026.63     | 0.03%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.65 10/21/32                                                           | CUSIP: 38141GYN8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    260000 | PA      | $230902.77    | 0.19%             | 2032-10-21      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| GALAXY CLO 33 LTD                                                                    | GALXY 2024-33A A1                                                           | CUSIP: 36321EAC9<br>LEI: 3912004FNLYTWOWSZU31 | Long             | ABS-CBDO         | CORP              | KY        |    415000 | PA      | $415000.00    | 0.35%             | 2037-04-20      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 2.125 09/15/31                                                          | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $69394.11     | 0.06%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2019-R05                                         | CAS 2019-R05 1B1                                                            | CUSIP: 20754HAD0<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    236738 | PA      | $238704.17    | 0.20%             | 2039-07-25      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 4.8 02/15/29                                                           | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10085.18     | 0.01%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Wyeth LLC                                                                            | PFE 5.95 04/01/37                                                           | CUSIP: 983024AN0<br>LEI: 549300Q9GR3WRH4N4836 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10605.22     | 0.01%             | 2037-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.875 02/13/29                                                           | CUSIP: 718172DG1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91356.83     | 0.08%             | 2029-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Huntington Ingalls Industries, Inc.                                                  | HII 5.749 01/15/35                                                          | CUSIP: 446413BB1<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41461.52     | 0.03%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 5.35 01/31/36 144A                                                      | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97886.35     | 0.08%             | 2036-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM6134                                                                   | CUSIP: 3140X9Y82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34991 | PA      | $33053.11     | 0.03%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 4.8 02/14/29                                                             | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13108.56     | 0.01%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP 4.625 03/13/27 144A                                                     | CUSIP: 05581KAC5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $200010.19    | 0.17%             | 2027-03-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                            | NEE 5.7 03/15/55                                                            | CUSIP: 341081GY7<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59799.68     | 0.05%             | 2055-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H032647<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100000 | PA      | $91736.78     | 0.08%             | 2056-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KINETIC ABS ISSUER LLC                                                               | UNITK 2026-1A A2                                                            | CUSIP: 49459AAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $129945.48    | 0.11%             | 2056-02-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -1 | NC      | $-345.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                                                                | LOW 4.5 04/15/30                                                            | CUSIP: 548661DU8<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40053.63     | 0.03%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.IG.46.V1                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $147932.53    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H020642<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $826328.12    | 0.70%             | 2056-04-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 5.95 02/14/49                                                            | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    120000 | PA      | $116428.84    | 0.10%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5010 IK                                                                 | CUSIP: 3137FVQ54<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    760224 | PA      | $116307.53    | 0.10%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BF0646                                                                   | CUSIP: 3140FXWG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    464772 | PA      | $383733.67    | 0.32%             | 2062-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 7.75 01/15/32 GMTN                                                      | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     40000 | PA      | $45881.73     | 0.04%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 BM9743                                                                   | CUSIP: 3617K1ZG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     73325 | PA      | $69409.10     | 0.06%             | 2049-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                         | USD/EUR FORWARD                                                             | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $9956.17      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2015-FL7                        | JPMCC 2015-FL7 D                                                            | CUSIP: 46644PAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    188605 | PA      | $165471.42    | 0.14%             | 2028-05-15      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F050643<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1900000 | PA      | $1874085.94   | 1.58%             | 2056-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GCAT 2024-INV3 TRUST                                                                 | GCAT 2024-INV3 A17                                                          | CUSIP: 36830FAS5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67715 | PA      | $69138.93     | 0.06%             | 2054-09-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                     | CHTR 7.375 02/01/36 144A                                                    | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $89706.75     | 0.08%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 5.1 02/22/31                                                            | CUSIP: 110122EG9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82255.44     | 0.07%             | 2031-02-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.78 02/15/35                                                            | CUSIP: 92343VGY4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    182000 | PA      | $176219.93    | 0.15%             | 2035-02-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2020-H04 FP                                                             | CUSIP: 38380L2S1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     77778 | PA      | $77853.02     | 0.07%             | 2069-06-20      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                 | ASUCOR 8 12/31/32 144A                                                      | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41531.52     | 0.04%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.25 10/15/30                                                         | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168227.75    | 0.14%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 2.9 05/15/50                                                            | CUSIP: 91324PDZ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $18692.23     | 0.02%             | 2050-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PRKCM 2023-AFC1 TRUST                                                                | PRKCM 2023-AFC1 A1                                                          | CUSIP: 693981AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    283227 | PA      | $282616.36    | 0.24%             | 2058-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM6184                                                                   | CUSIP: 3140X92S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    178906 | PA      | $147561.90    | 0.12%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 5.2 02/15/64                                                            | CUSIP: 539830CE7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27260.76     | 0.02%             | 2064-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                         | RCL 4.75 05/15/33                                                           | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     60000 | PA      | $57950.87     | 0.05%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                                | AMRZ 4.95 04/07/30                                                          | CUSIP: 43475RAR7<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10113.85     | 0.01%             | 2030-04-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 02/28/31                                                             | CUSIP: 91282CKC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1960000 | PA      | $1985686.72   | 1.68%             | 2031-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 2.25 07/01/30                                                           | CUSIP: 75513EAD3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137215.19    | 0.12%             | 2030-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 7.125 04/30/31 144A                                                  | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51428.30     | 0.04%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                      | GEV 4.25 02/04/31                                                           | CUSIP: 36828AAA9<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39562.96     | 0.03%             | 2031-02-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                           | LHX 5.054 04/27/45                                                          | CUSIP: 413875AT2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18695.91     | 0.02%             | 2045-04-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 5.75 11/15/65                                                          | CUSIP: 30303M8Y1<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    120000 | PA      | $111543.97    | 0.09%             | 2065-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Southern Copper Corporation                                                          | SCCO 7.5 07/27/35                                                           | CUSIP: 84265VAA3<br>LEI: 2549007U6NAP46Q9TU15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $114416.40    | 0.10%             | 2035-07-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BQ9453                                                                   | CUSIP: 3140KVQF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67011 | PA      | $55302.55     | 0.05%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786535                                                                   | CUSIP: 3622ACEG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    205953 | PA      | $208023.02    | 0.18%             | 2053-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AmWINS Group Inc                                                                     | AmWINS Group Term Loan B 200 2032-01-01                                     | CUSIP: 03234TBB3<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |    119549 | PA      | $118892.54    | 0.10%             | 2032-01-30      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| AMERICAN TRANSMISSION SYSTEMS INC                                                    | FE 2.65 01/15/32 144A                                                       | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $62753.35     | 0.05%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F052649<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2100000 | PA      | $2110000.54   | 1.78%             | 2056-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHMS K736 X1                                                                | CUSIP: 3137FNWZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    795249 | PA      | $1085.67      | 0.00%             | 2026-07-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Walt Disney Company                                                                  | DIS 6.65 11/15/37                                                           | CUSIP: 254687EH5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |     50000 | PA      | $56289.86     | 0.05%             | 2037-11-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.25 02/13/34                                                            | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91686.54     | 0.08%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2 08/15/51                                                                | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1570000 | PA      | $894470.70    | 0.75%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.25 02/15/54                                                             | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    780000 | PA      | $698846.48    | 0.59%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 3.75 05/15/30                                                            | CUSIP: 29278NAQ6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58019.33     | 0.05%             | 2030-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL HOLDINGS (US) INC                                                  | GFLCN 5.5 02/01/34 144A                                                     | CUSIP: 36273TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $68743.21     | 0.06%             | 2034-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                            | Primo Brands (BlueTriton Brands/Nestl Waters NA) Term Loan B 225 2028-03-01 | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |     54977 | PA      | $55095.91     | 0.05%             | 2028-03-31      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2025-1 LLC                                                    | SE 2025-1A A                                                                | CUSIP: 81758JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115938 | PA      | $115666.86    | 0.10%             | 2037-01-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 5.5 03/15/56                                                            | CUSIP: 002824BW9<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29437.09     | 0.02%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.35 03/20/33                                                          | CUSIP: 023135CU8<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39288.14     | 0.03%             | 2033-03-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC DIP New Money Term Loan 10/25                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      4533 | PA      | $4487.25      | 0.00%             | 2040-01-02      | None          | 11.68%                | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                                                             | COSTAR 6.55 04/03/34 144A                                                   | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    270000 | PA      | $285350.85    | 0.24%             | 2034-04-03      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                                  | EXE 5.375 03/15/30                                                          | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100876.94    | 0.09%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2020-91 IU                                                              | CUSIP: 38380PSK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   4063609 | PA      | $265748.26    | 0.22%             | 2062-05-16      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 6.125 02/15/33 144A                                                     | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    120000 | PA      | $121263.60    | 0.10%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 4.125 11/16/28                                                          | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    180000 | PA      | $179285.86    | 0.15%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2022-220 E                                                              | CUSIP: 38381HN49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    200000 | PA      | $143426.70    | 0.12%             | 2064-10-16      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 3.625 04/01/27                                                          | CUSIP: 126650DH0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29749.49     | 0.03%             | 2027-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNS 440 C6                                                                  | CUSIP: 31424U6J0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1642113 | PA      | $210831.05    | 0.18%             | 2052-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD1741                                                                   | CUSIP: 3132DN5A7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    591540 | PA      | $591197.90    | 0.50%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 15 LTD                                                                     | AIMCO 2021-15A AR                                                           | CUSIP: 00889BAE1<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    270000 | PA      | $270073.41    | 0.23%             | 2038-04-17      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                 | VIKCRU 5.875 10/15/33 144A                                                  | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     90000 | PA      | $88922.42     | 0.08%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 3.875 08/15/59                                                          | CUSIP: 91324PDV1<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34918.41     | 0.03%             | 2059-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2015-C                                              | SMB 2015-C R                                                                | CUSIP: 78448R106<br>LEI: 549300GD7VLLBVPDNJ81 | Long             | ABS-O            | CORP              | US        |      1092 | PA      | $307875.07    | 0.26%             | 2046-09-17      | Fixed         | 0.01%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                     | SANLTD 2.85 03/08/29                                                        | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $188457.38    | 0.16%             | 2029-03-08      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                                         | Cloudera First-lien Term Loan 375 2028-07-24                                | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |     90000 | PA      | $80606.25     | 0.07%             | 2028-10-08      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F060642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -800000 | PA      | $-815587.40   | -0.69%            | 2056-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 5.65 02/15/56                                                         | CUSIP: 02079KBP1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69824.86     | 0.06%             | 2056-02-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Coml Tr 2016-C36                                                         | WFCM 2016-C36 A4                                                            | CUSIP: 95000MBP5<br>LEI: 549300BSYX29G4VVM177 | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $307270.23    | 0.26%             | 2059-11-18      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $121186.83    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Driven Brands Funding Llc                                                            | HONK 2025-1A A2                                                             | CUSIP: 26209XAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    249375 | PA      | $223870.25    | 0.19%             | 2055-10-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM6597                                                                   | CUSIP: 3140XAKK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    197582 | PA      | $173373.85    | 0.15%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F060642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1100000 | PA      | $1121432.68   | 0.95%             | 2056-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRKCM 2024-HOME1 TRUST                                                               | PRKCM 2024-HOME1 A1                                                         | CUSIP: 69391XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    136480 | PA      | $137807.29    | 0.12%             | 2059-05-25      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                              | CHTR 6.55 05/01/37                                                          | CUSIP: 88732JAJ7<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40359.04     | 0.03%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 787276                                                                   | CUSIP: 3622AC6M7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    320423 | PA      | $331817.94    | 0.28%             | 2054-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.125 07/20/45                                                          | CUSIP: 126650CN8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43930.26     | 0.04%             | 2045-07-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.083 03/20/51 MTN                                                     | CUSIP: 06051GJA8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    130000 | PA      | $100625.63    | 0.08%             | 2051-03-20      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.65 11/20/35                                                          | CUSIP: 023135CV6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58855.46     | 0.05%             | 2035-11-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 4.3 03/16/31 144A                                                      | CUSIP: 43849RAE5<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9895.19      | 0.01%             | 2031-03-16      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.875 05/15/49                                                            | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    290000 | PA      | $206262.50    | 0.17%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                         | RCL 5.25 02/27/38                                                           | CUSIP: 78017TAD5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     20000 | PA      | $19034.55     | 0.02%             | 2038-02-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 2.891 04/06/36                                                          | CUSIP: 907818FQ6<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    240000 | PA      | $201516.44    | 0.17%             | 2036-04-06      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -22 | NC      | $-3953.13     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 6.05 11/01/35                                                            | CUSIP: 595112CH4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     40000 | PA      | $43179.21     | 0.04%             | 2035-11-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | FN FA2766                                                                   | CUSIP: 3140W3CC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    567174 | PA      | $586437.48    | 0.49%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 2.75 12/10/51                                                           | CUSIP: 58933YBF1<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     70000 | PA      | $42613.04     | 0.04%             | 2051-12-10      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | USD/INR FORWARD                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $24815.03     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                     | CP 3.1 12/02/51                                                             | CUSIP: 13645RBH6<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $52404.04     | 0.04%             | 2051-12-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| VLS COMMERCIAL MORTGAGE TRUST 2020-LAB                                               | VLS 2020-LAB B                                                              | CUSIP: 92858TAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $171970.93    | 0.15%             | 2042-10-10      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                                | JPY/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $436.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.814 04/23/29                                                          | CUSIP: 38141GWV2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118392.19    | 0.10%             | 2029-04-23      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 3.3 04/15/40                                                             | CUSIP: 437076CC4<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     70000 | PA      | $55973.74     | 0.05%             | 2040-04-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.4 02/15/33                                                          | CUSIP: 02079KBL0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19756.70     | 0.02%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 5.625 06/15/28                                                          | CUSIP: 517834AM9<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40528.83     | 0.03%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN AA5649                                                                   | CUSIP: 36178DH20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     13602 | PA      | $12446.55     | 0.01%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-53 FA                                                              | CUSIP: 3136BWRC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     82020 | PA      | $83365.43     | 0.07%             | 2055-07-25      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                       | ECOPET 5.875 05/28/45                                                       | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    220000 | PA      | $162151.11    | 0.14%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 4.375 04/15/40                                                         | CUSIP: 87264AAX3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26386.58     | 0.02%             | 2040-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2023-DNA2                                              | STACR 2023-DNA2 M1A                                                         | CUSIP: 35564KT58<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-O            | USGSE             | US        |    351770 | PA      | $355140.82    | 0.30%             | 2043-04-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                            | AUD/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5294.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.892 10/22/36 I                                                        | CUSIP: 61748UAN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $241773.37    | 0.20%             | 2036-10-22      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.4 04/01/33                                                           | CUSIP: 161175CJ1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    120000 | PA      | $112253.22    | 0.09%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                | QUIKHO 6.375 03/01/32 144A                                                  | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60885.18     | 0.05%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | FN FA2842                                                                   | CUSIP: 3140W3EQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75912 | PA      | $78579.21     | 0.07%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pm General Purchaser Llc                                                             | AMGENE 9.5 10/01/28 144A                                                    | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94836.00     | 0.08%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                                                         | BMY 5.2 02/22/34                                                            | CUSIP: 110122EH7<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102555.59    | 0.09%             | 2034-02-22      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 3.6 07/01/30 MTN                                                        | CUSIP: 58013MFQ2<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87480.72     | 0.07%             | 2030-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 5.35 05/15/53                                                         | CUSIP: 20030NEF4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    130000 | PA      | $115065.70    | 0.10%             | 2053-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 4.125 07/25/28                                                            | CUSIP: 172967KU4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168601.06    | 0.14%             | 2028-07-25      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 2.3 05/15/31                                                            | CUSIP: 91324PED0<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17932.63     | 0.02%             | 2031-05-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                           | RCICN 5.3 02/15/34                                                          | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99600.61     | 0.08%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                         | AUD/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9478.14     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 3 10/23/26                                                              | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139055.75    | 0.12%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.625 11/15/44                                                            | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $58071.09     | 0.05%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR ZA2489                                                                   | CUSIP: 31329KXS8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32291 | PA      | $31092.32     | 0.03%             | 2038-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5018 MI                                                                 | CUSIP: 3137FXC89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     70812 | PA      | $9725.95      | 0.01%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 06/30/32                                                                | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3290000 | PA      | $3275606.25   | 2.76%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                            | TRGP 5 01/15/28                                                             | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79988.48     | 0.07%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Information Management LLC                                             | Iron Mountain Term Loan B (Incremental) 225 2030-11-29                      | CUSIP: 46284NAV1<br>LEI: 5493009M0X1LQXGBWV02 | Long             | LON              | CORP              | US        |     98987 | PA      | $98585.47     | 0.08%             | 2031-01-31      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.484 09/16/36                                                          | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     60000 | PA      | $51645.98     | 0.04%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 2 05/15/30                                                              | CUSIP: 91324PDX7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27167.87     | 0.02%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic Of)                                                              | ARGENT 4.125 07/09/35                                                       | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    160000 | PA      | $115600.00    | 0.10%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                                                                   | EOG 3.9 04/01/35                                                            | CUSIP: 26875PAN1<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27615.39     | 0.02%             | 2035-04-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 2.15 02/03/32                                                           | CUSIP: 444859BR2<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25694.38     | 0.02%             | 2032-02-03      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| BANK 2017-BNK7                                                                       | BANK 2017-BNK7 A5                                                           | CUSIP: 06541XAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    580000 | PA      | $571204.65    | 0.48%             | 2060-09-17      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2025-175 LS                                                             | CUSIP: 38385HFF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    495081 | PA      | $47941.72     | 0.04%             | 2055-10-20      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS5059                                                                   | CUSIP: 3140XLTR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    309994 | PA      | $290916.13    | 0.25%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.576 07/23/36                                                         | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131699.29    | 0.11%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H062644<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200000 | PA      | $207877.43    | 0.18%             | 2055-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Buenos Aires (Province Of)                                                           | BUENOS 6.625 09/01/37 144A                                                  | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    151198 | PA      | $114343.49    | 0.10%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 2.1 08/01/27                                                            | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77564.32     | 0.07%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 6.5 06/15/34 144A                                                    | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31247.46     | 0.03%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS8124                                                                   | CUSIP: 3140XQA23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    255428 | PA      | $227508.62    | 0.19%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 5.25 05/15/55                                                         | CUSIP: 02079KAM9<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37798.36     | 0.03%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F042640<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $96524.00     | 0.08%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Starwood Property Mortgage LLC                                                       | Starwood Property Mortgage Term Loan B 175 2027-11-01                       | CUSIP: 85570DAN2<br>LEI: 5493008SB15CNJRIOK13 | Long             | LON              | CORP              | US        |     59550 | PA      | $59550.02     | 0.05%             | 2027-11-18      | Floating      | 5.42%                 | No            |                  3 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 8.75 03/15/32                                                           | CUSIP: 969457BM1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     20000 | PA      | $23762.41     | 0.02%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.625 02/15/53                                                            | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1150000 | PA      | $923234.38    | 0.78%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 29 LTD                                                                   | ELM29 2024-5A AR1                                                           | CUSIP: 289913AC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    260000 | PA      | $260669.42    | 0.22%             | 2037-04-20      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.375 09/01/26                                                          | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60047.89     | 0.05%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                            | XYZ 6 08/15/33 144A                                                         | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59070.81     | 0.05%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB4103                                                                   | CUSIP: 3140QPRZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    208527 | PA      | $209923.10    | 0.18%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 6.75 01/15/36 144A                                                   | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    230000 | PA      | $243754.46    | 0.21%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | SOLV 5.9 04/30/54                                                           | CUSIP: 83444MAS0<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     98000 | PA      | $95821.19     | 0.08%             | 2054-04-30      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| BRAZIL, FEDERATIVE REPUBLIC OF - SECRETARIA DO TESOURO NACIONAL                      | BNTNF 10 01/01/33 NTNF                                                      | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |   1564000 | PA      | $253223.24    | 0.21%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                           | SAGB 8.75 01/31/44 2044                                                     | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   2600000 | PA      | $139333.49    | 0.12%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.25 02/01/32                                                             | CUSIP: 00206RKH4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    170000 | PA      | $148571.77    | 0.13%             | 2032-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                            | TRGP 4 01/15/32                                                             | CUSIP: 87612BBU5<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9481.48      | 0.01%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 5.35 11/15/45                                                         | CUSIP: 02079KAZ0<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29351.27     | 0.02%             | 2045-11-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 3.125 05/15/60                                                          | CUSIP: 91324PEA6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     10000 | PA      | $5955.75      | 0.01%             | 2060-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.875 03/25/31                                                         | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    130000 | PA      | $115491.98    | 0.10%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Lightning Power, LLC                                                                 | Lightning Power Term Loan B 325 2031-07-28                                  | CUSIP: 53229LAB3<br>LEI: 254900BWCHJ03XRL8K59 | Long             | LON              | CORP              | US        |     59548 | PA      | $59747.83     | 0.05%             | 2031-08-18      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                   | CHRD 6 10/01/30 144A                                                        | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50693.00     | 0.04%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 10-Year T-Note Options                                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -38 | NC      | $-38.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 5.3 05/15/65                                                          | CUSIP: 02079KAN7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37056.21     | 0.03%             | 2065-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 4.95 04/15/52                                                          | CUSIP: 87612GAB7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41907.99     | 0.04%             | 2052-04-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHMS K104 X1                                                                | CUSIP: 3137FREK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3286965 | PA      | $115068.76    | 0.10%             | 2030-01-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                                           | Sotera Health (fka Sterigenics Nordin) Term Loan B 250 2031-05-01           | CUSIP: 83600VAH4<br>LEI: 549300OVT7MBXFLOFU20 | Long             | LON              | CORP              | US        |     75236 | PA      | $75400.99     | 0.06%             | 2031-05-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| VANTAGE DATA CENTERS ISSUER LLC                                                      | VDC 2024-1A A2                                                              | CUSIP: 92212KAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160000 | PA      | $157536.74    | 0.13%             | 2054-09-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.511 10/20/32 MTN                                                      | CUSIP: 61747YEH4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26498.80     | 0.02%             | 2032-10-20      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Berkshire Hathaway Finance Corporation                                               | BRK 4.25 01/15/49                                                           | CUSIP: 084664CR0<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     70000 | PA      | $57488.57     | 0.05%             | 2049-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -22 | NC      | $-3093.75     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                             | GN BS8439                                                                   | CUSIP: 3617MKLU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     29626 | PA      | $27294.22     | 0.02%             | 2050-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 08/31/27                                                            | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $119655.47    | 0.10%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 2.45 10/29/26                                                           | CUSIP: 00774MAV7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $148371.67    | 0.13%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 3.137 11/15/35 144A                                                    | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    170000 | PA      | $144503.38    | 0.12%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                                     | CFELEC 3.348 02/09/31 REGS                                                  | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    300000 | PA      | $268961.70    | 0.23%             | 2031-02-09      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.55 11/01/26                                                           | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20119.08     | 0.02%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET V6.5 PERP H                                                              | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49941.17     | 0.04%             | N/A             | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                                | EUR/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-15797.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.946 01/23/49                                                         | CUSIP: 06051GHA0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38582.82     | 0.03%             | 2049-01-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST 2024-E                                              | SMB 2024-E A1A                                                              | CUSIP: 78450XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    193754 | PA      | $195378.32    | 0.16%             | 2056-10-16      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 5.95 03/13/66                                                          | CUSIP: 023135DJ2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30121.20     | 0.03%             | 2066-03-13      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.875 11/20/50                                                           | CUSIP: 92343VFU3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     30000 | PA      | $18210.66     | 0.02%             | 2050-11-20      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -64 | NC      | $-3000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA2                                              | STACR 2021-DNA2 M2                                                          | CUSIP: 35564KDB2<br>LEI: 5493000ISZLYXFDXNW47 | Long             | ABS-O            | USGSE             | US        |     56647 | PA      | $57577.77     | 0.05%             | 2033-08-25      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2023-2 CI                                                               | CUSIP: 3136BPUY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    807126 | PA      | $101937.41    | 0.09%             | 2050-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.509 01/23/29                                                         | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    240000 | PA      | $236210.27    | 0.20%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 5.8 11/01/30                                                            | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41644.50     | 0.04%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                         | Focus Financial Term Loan B-8 (add-on) 275 2031-09-01                       | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    138254 | PA      | $134098.30    | 0.11%             | 2031-09-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 4.5 06/01/42                                                            | CUSIP: 913017BT5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     80000 | PA      | $71037.45     | 0.06%             | 2042-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Express Company                                                             | AXP 4.05 05/03/29                                                           | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49816.67     | 0.04%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW 5.875 08/24/26                                                         | CUSIP: 808513CG8<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110646.83    | 0.09%             | 2026-08-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 4.85 04/01/30                                                          | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40304.80     | 0.03%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Bond Stripped Principal Payment                                        | SP 0 05/15/49                                                               | CUSIP: 912803FJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $295968.64    | 0.25%             | 2049-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                                         | GD 4.25 04/01/40                                                            | CUSIP: 369550BH0<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8985.64      | 0.01%             | 2040-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.557 07/25/34 MTN                                                     | CUSIP: 95000U3F8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61511.03     | 0.05%             | 2034-07-25      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.013 04/04/51 MTN                                                     | CUSIP: 95000U2M4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    440000 | PA      | $387984.02    | 0.33%             | 2051-04-04      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 5.8 04/01/55                                                         | CUSIP: 68233JDD3<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19808.16     | 0.02%             | 2055-04-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 04/30/32                                                                | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19928.52     | 0.02%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                     | BMO V3.803 12/15/32                                                         | CUSIP: 06368BGS1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $29532.11     | 0.02%             | 2032-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                            | MARS 5.7 05/01/55 144A                                                      | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146362.87    | 0.12%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        32 | NC      | $250.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 01/31/31                                                             | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $9915.63      | 0.01%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 3.125 07/31/29                                                          | CUSIP: 29379VBV4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28916.98     | 0.02%             | 2029-07-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-57 BI                                                              | CUSIP: 38382QCY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1088549 | PA      | $192157.79    | 0.16%             | 2051-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 3.9 08/08/29                                                            | CUSIP: 517834AF4<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48207.61     | 0.04%             | 2029-08-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.658 05/24/28                                                           | CUSIP: 172967NS6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120252.46    | 0.10%             | 2028-05-24      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Georgia-Pacific LLC                                                                  | GP 4.95 06/30/32 144A                                                       | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90975.29     | 0.08%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H052645<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $1006524.99   | 0.85%             | 2056-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                              | BECN 6.75 04/30/32 144A                                                     | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61251.96     | 0.05%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                                   | PERU 6.55 03/14/37                                                          | CUSIP: 715638AU6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    180000 | PA      | $194805.00    | 0.16%             | 2037-03-14      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.95 09/26/55                                                          | CUSIP: 68389XDR3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $58932.47     | 0.05%             | 2055-09-26      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                       | MBONO 7.75 11/13/42 M                                                       | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   3120000 | PA      | $144644.17    | 0.12%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| The Kroger Co.                                                                       | KR 5 09/15/34                                                               | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79015.94     | 0.07%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 5.625 11/15/55 .                                                       | CUSIP: 30303MAE2<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56283.60     | 0.05%             | 2055-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                                  | LNG 4.625 10/15/28                                                          | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29930.29     | 0.03%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.785 03/17/33                                                           | CUSIP: 172967NN7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75070.47     | 0.06%             | 2033-03-17      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.15 10/16/28                                                           | CUSIP: 29379VBT9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99820.30     | 0.08%             | 2028-10-16      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5010 JI                                                                 | CUSIP: 3137FVQG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    137136 | PA      | $22947.10     | 0.02%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 6.25 02/01/41                                                            | CUSIP: 38141GGM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105354.68    | 0.09%             | 2041-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                                             | SPIRIT AVIA HOL RESTRICT                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         9 | NS      | $2.25         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX TRUST 2022-LBA6                                                                   | BX 2022-LBA6 A                                                              | CUSIP: 12433EAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250010.35    | 0.21%             | 2039-01-18      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                                                  | DAL 4.75 10/20/28 144A                                                      | CUSIP: 830867AB3<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |     18333 | PA      | $18313.42     | 0.02%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                 | POLAND 5.125 09/18/34 10Y                                                   | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    230000 | PA      | $231452.34    | 0.20%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SL3103                                                                   | CUSIP: 31427QNV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     88014 | PA      | $91500.61     | 0.08%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Georgia Power Company                                                                | SO 5.2 03/15/35                                                             | CUSIP: 373334LB5<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50808.68     | 0.04%             | 2035-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.95 04/01/30                                                          | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9131.08      | 0.01%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| OBX 2022-NQM1 TRUST                                                                  | OBX 2022-NQM1 A2                                                            | CUSIP: 67114VAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $400230.70    | 0.34%             | 2061-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Jamaica (Government of)                                                              | JAMAN 9.625 11/03/30                                                        | CUSIP: 470160CF7<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |  14500000 | PA      | $96753.04     | 0.08%             | 2030-11-03      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET V7.125 PERP G                                                            | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51023.00     | 0.04%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4 01/31/31                                                                | CUSIP: 91282CJX0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2260000 | PA      | $2265076.16   | 1.91%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 5.3 01/15/31                                                             | CUSIP: 595112CD3<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62823.47     | 0.05%             | 2031-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 784106                                                                   | CUSIP: 3622A2R38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10119 | PA      | $9530.34      | 0.01%             | 2046-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                       | FDX 4.3 03/15/29 144A                                                       | CUSIP: 314352AA3<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59294.76     | 0.05%             | 2029-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 5.05 03/30/29                                                          | CUSIP: 161175BR4<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150788.90    | 0.13%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.875 11/14/48                                                         | CUSIP: 00287YBD0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8972.92      | 0.01%             | 2048-11-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-176 IN                                                             | CUSIP: 38383CED8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1054086 | PA      | $148123.98    | 0.12%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 6.65 10/15/34 H                                                         | CUSIP: 293791AP4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     80000 | PA      | $88755.80     | 0.07%             | 2034-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Ginnie Mae (Ze)                                                                      | GNR 2025-214 S                                                              | CUSIP: 38385KQ86<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    587567 | PA      | $59871.10     | 0.05%             | 2055-12-20      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 4 03/01/31                                                              | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19210.01     | 0.02%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.25 08/15/54                                                             | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    470000 | PA      | $421053.91    | 0.36%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5013 IN                                                                 | CUSIP: 3137FW3E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     68501 | PA      | $11481.37     | 0.01%             | 2050-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5 04/15/34                                                              | CUSIP: 91324PFB3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100115.72    | 0.08%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.875 04/15/30                                                         | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    370000 | PA      | $360432.62    | 0.30%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.125 02/13/31                                                           | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20471.77     | 0.02%             | 2031-02-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 4.551 11/06/30                                                       | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $197221.09    | 0.17%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings, LLC                                                       | Truist Insurance Holdings Term Loan B 275 2031-05-01                        | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60000 | PA      | $59306.40     | 0.05%             | 2031-05-06      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.2 05/15/32                                                            | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87761.98     | 0.07%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 8.125 07/15/39                                                            | CUSIP: 172967EW7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     37000 | PA      | $46111.87     | 0.04%             | 2039-07-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                 | HWM 4.55 11/15/32                                                           | CUSIP: 443201AD0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69121.35     | 0.06%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 2-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -65 | NC      | $-13203.13    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | IRS MXN                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-4545.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F050643<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -500000 | PA      | $-493180.51   | -0.42%            | 2056-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 3.4 04/01/30                                                          | CUSIP: 20030NDG3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48012.61     | 0.04%             | 2030-04-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.85 11/01/42                                                            | CUSIP: 92343VBG8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     10000 | PA      | $7978.21      | 0.01%             | 2042-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.85 03/15/44                                                           | CUSIP: 29379VBA0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9056.48      | 0.01%             | 2044-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bayswater Park CLO Ltd. / Bayswater Park CLO LLC                                     | BAYPK 2023-1A AR                                                            | CUSIP: 072929AQ5<br>LEI: 254900BXH0PMWI87VS84 | Long             | ABS-CBDO         | CORP              | JE        |    200000 | PA      | $200033.96    | 0.17%             | 2039-01-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC (THE)                                                         | WMB 4.85 03/01/48                                                           | CUSIP: 96949LAE5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    110000 | PA      | $93924.73     | 0.08%             | 2048-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2021-R01                                         | CAS 2021-R01 1B1                                                            | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    250000 | PA      | $252444.98    | 0.21%             | 2041-10-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Venture 38 Clo Ltd.                                                                  | VENTR 2019-38A ARR                                                          | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    131073 | PA      | $131229.38    | 0.11%             | 2032-07-30      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| NYC TRUST 2024-3ELV                                                                  | NYCT 2024-3ELV A                                                            | CUSIP: 62956HAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200612.00    | 0.17%             | 2029-08-15      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.375 04/15/29                                                         | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58160.79     | 0.05%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2014-186 IO                                                             | CUSIP: 38378XW72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    222821 | PA      | $1550.36      | 0.00%             | 2054-08-16      | Variable      | 0.38%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 7.125 12/01/31 144A                                                     | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62004.36     | 0.05%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5482 FC                                                                 | CUSIP: 3137HHLW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     80132 | PA      | $80663.84     | 0.07%             | 2054-12-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                                            | Primo Brands (BlueTriton Brands/Nestl Waters NA) Term Loan B 275 2031-03-15 | CUSIP: 89678QAF3<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |     60000 | PA      | $60168.60     | 0.05%             | 2031-03-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FA0659                                                                   | CUSIP: 3140W0WV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    274742 | PA      | $226058.57    | 0.19%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-NQM8 TRUST                                                                 | CSMC 2021-NQM8 A1                                                           | CUSIP: 12659FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    459027 | PA      | $418887.21    | 0.35%             | 2066-10-25      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| AMERICAN HERITAGE AUTO RECEIVABLES TRUST 2025-1                                      | AHART 2025-1A A3                                                            | CUSIP: 02650VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $189900.17    | 0.16%             | 2030-11-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.875 09/26/45                                                         | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $60436.74     | 0.05%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BF0338                                                                   | CUSIP: 3140FXLU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     68380 | PA      | $65936.32     | 0.06%             | 2059-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS7940                                                                   | CUSIP: 3140XPZE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77800 | PA      | $76313.57     | 0.06%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2021-E                                              | SMB 2021-E A1A                                                              | CUSIP: 78450MAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     60615 | PA      | $57582.73     | 0.05%             | 2051-02-15      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | IRS BRL                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-17191.37    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 2.7 04/15/30                                                             | CUSIP: 437076CB6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65876.68     | 0.06%             | 2030-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H030641<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    300000 | PA      | $267871.80    | 0.23%             | 2056-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.875 02/15/31                                                         | CUSIP: 87264ABT1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46121.84     | 0.04%             | 2031-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                                                      | IADB 7.35 10/06/30 GMTN                                                     | CUSIP: 000000000<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | US        |  38000000 | PA      | $393652.86    | 0.33%             | 2030-10-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2025-169 SA                                                             | CUSIP: 38385HKU0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    884762 | PA      | $88520.67     | 0.07%             | 2055-10-20      | Floating      | 2.93%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        33 | NC      | $257.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Weekly Options - Week 2                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        32 | NC      | $2000.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                                                  | HAL 4.85 11/15/35                                                           | CUSIP: 406216BJ9<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19460.14     | 0.02%             | 2035-11-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.972 02/04/33 MTN                                                     | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18109.59     | 0.02%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                                                | AMRZ 5.4 04/07/35                                                           | CUSIP: 43475RAT3<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40692.07     | 0.03%             | 2035-04-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 6.2 03/15/40                                                            | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71544.13     | 0.06%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 4.75 03/15/38                                                           | CUSIP: 002824BV1<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38805.67     | 0.03%             | 2038-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5.5 03/16/47                                                             | CUSIP: 92343VDV3<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9441.24      | 0.01%             | 2047-03-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MF1 2022-FL8 LTD                                                                     | MF1 2022-FL8 A                                                              | CUSIP: 55284JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    187447 | PA      | $187641.46    | 0.16%             | 2037-02-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Oncor Electric Delivery Company LLC                                                  | ONCRTX 5.35 04/01/35                                                        | CUSIP: 68233JDC5<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40894.28     | 0.03%             | 2035-04-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.25 08/22/57                                                          | CUSIP: 023135BM7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15616.30     | 0.01%             | 2057-08-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FA1134                                                                   | CUSIP: 3140W1HL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65643 | PA      | $68144.45     | 0.06%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.875 02/08/29                                                           | CUSIP: 92343VES9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49531.65     | 0.04%             | 2029-02-08      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JBS NV                                                                               | JBS 5.625 03/10/37 144A                                                     | CUSIP: 46590XBA3<br>LEI: 254900JSFON4WL81TW77 | Long             | DBT              | CORP              | NL        |     70000 | PA      | $70262.85     | 0.06%             | 2037-03-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MIDSTREAM LLC                                                             | BLURAC 7.25 07/15/32 144A                                                   | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $135128.24    | 0.11%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                 | VIKCRU 7 02/15/29 144a                                                      | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     60000 | PA      | $60140.64     | 0.05%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                    | FE 4.85 07/15/47 C                                                          | CUSIP: 337932AJ6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    110000 | PA      | $94043.88     | 0.08%             | 2047-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA2707                                                                   | CUSIP: 31418CAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42068 | PA      | $39982.49     | 0.03%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3 08/15/52                                                                | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $42666.80     | 0.04%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4130                                                                   | CUSIP: 31418DSU7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33083 | PA      | $30782.04     | 0.03%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                          | CQP 3.25 01/31/32                                                           | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72936.70     | 0.06%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNS 427 C21                                                                 | CUSIP: 31423XMX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    703512 | PA      | $87786.89     | 0.07%             | 2050-03-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 3.3 08/01/40                                                            | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22454.69     | 0.02%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                                     | SANLTD 2.3 03/08/27                                                         | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $195330.44    | 0.16%             | 2027-03-08      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.2 03/01/29                                                             | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48235.93     | 0.04%             | 2029-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 6.55 06/01/34                                                          | CUSIP: 161175CR3<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83099.87     | 0.07%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.625 PERP                                                               | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160228.84    | 0.14%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | USD/JPY FORWARD                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5870.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                          | FMCN 6.375 02/15/36 144A                                                    | CUSIP: 335934AY1<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $192557.36    | 0.16%             | 2036-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN AB2892                                                                   | CUSIP: 36178NF95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24321 | PA      | $22265.14     | 0.02%             | 2042-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EDSOUTH INDENTURE N.9 LLC                                                            | EDUSA 2015-1 A                                                              | CUSIP: 281378AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    134887 | PA      | $134190.32    | 0.11%             | 2056-10-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AH6622                                                                   | CUSIP: 3138A8LC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13575 | PA      | $13127.38     | 0.01%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 3.3 04/01/27                                                          | CUSIP: 20030NDK4<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39616.66     | 0.03%             | 2027-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V2.393 06/02/28 MTN                                                     | CUSIP: 95000U2S1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156195.92    | 0.13%             | 2028-06-02      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                | AL 5.3 02/01/28                                                             | CUSIP: 00914AAU6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101165.66    | 0.09%             | 2028-02-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.15 03/22/30                                                            | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57160.82     | 0.05%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | USD/CAD FORWARD                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1291.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 3.875 09/16/46                                                           | CUSIP: 02209SAV5<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     40000 | PA      | $29336.24     | 0.02%             | 2046-09-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 787097                                                                   | CUSIP: 3622ACX21<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     67996 | PA      | $67998.62     | 0.06%             | 2053-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QB9087                                                                   | CUSIP: 3133AGCY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     57599 | PA      | $47516.72     | 0.04%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST 2024-RPL4                                        | GSMBS 2024-RPL4 A1                                                          | CUSIP: 362948AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    237139 | PA      | $231757.58    | 0.20%             | 2061-09-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM3773                                                                   | CUSIP: 3140X7FP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    267581 | PA      | $250721.30    | 0.21%             | 2048-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX 6 03/15/31                                                              | CUSIP: 75513ECV1<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     90000 | PA      | $95696.89     | 0.08%             | 2031-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                               | MU 5.875 02/09/33                                                           | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53495.61     | 0.05%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 5 01/15/29                                                              | CUSIP: 26884LAL3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70467.70     | 0.06%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                                                | Jane Street Group Term Loan B 200 2031-12-01                                | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |    188982 | PA      | $185760.52    | 0.16%             | 2031-12-15      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                            | AUD/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7498.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OCP SA                                                                               | OCPMR 6.75 05/02/34 144A                                                    | CUSIP: 67091TAF2<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    280000 | PA      | $291568.78    | 0.25%             | 2034-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP V5.894 12/05/34 144A                                                    | CUSIP: 05581KAG6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $209317.75    | 0.18%             | 2034-12-05      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.8 09/26/32                                                           | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38105.79     | 0.03%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.65 11/20/40                                                            | CUSIP: 92343VFT6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $56193.39     | 0.05%             | 2040-11-20      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                              | TLN 6.5 02/01/36 144A                                                       | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70523.65     | 0.06%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 4.5 02/15/27                                                            | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40004.39     | 0.03%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.95 03/15/31                                                          | CUSIP: 00287YDT3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81740.43     | 0.07%             | 2031-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.875 11/15/35                                                         | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58886.37     | 0.05%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.8 02/15/36                                                           | CUSIP: 11135FCY5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48765.68     | 0.04%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-NQM3 TRUST                                                                 | CSMC 2021-NQM3 A3                                                           | CUSIP: 12660LAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     44531 | PA      | $39394.87     | 0.03%             | 2066-04-25      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2022-3                                                      | AOMT 2022-3 A3                                                              | CUSIP: 03464TAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450803 | PA      | $422017.30    | 0.36%             | 2067-01-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST 2023-B                                              | SMB 2023-B B                                                                | CUSIP: 78449HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    512805 | PA      | $519876.00    | 0.44%             | 2056-10-16      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 05/15/55                                                             | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $194804.69    | 0.16%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2020-118 IO                                                             | CUSIP: 38380P2F0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   3481351 | PA      | $214552.54    | 0.18%             | 2062-06-16      | Variable      | 0.89%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.15 10/15/28                                                         | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59765.81     | 0.05%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                              | MIK 8.5 03/15/33 144A                                                       | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97454.90     | 0.08%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FHR 5140 NI                                                                 | CUSIP: 3137H24R2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    150902 | PA      | $21801.83     | 0.02%             | 2049-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 3.839 03/20/60                                                          | CUSIP: 907818FG8<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     90000 | PA      | $63749.77     | 0.05%             | 2060-03-20      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                                                      | FOXA 5.476 01/25/39                                                         | CUSIP: 35137LAJ4<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38713.47     | 0.03%             | 2039-01-25      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                                                        | QCOM 5 05/20/35                                                             | CUSIP: 747525BW2<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69922.50     | 0.06%             | 2035-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5224 HL                                                                 | CUSIP: 3137H7G72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $92655.12     | 0.08%             | 2052-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.85 02/04/66                                                          | CUSIP: 68389XEC5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27606.81     | 0.02%             | 2066-02-04      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD7563                                                                   | CUSIP: 3132DVML6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     75113 | PA      | $73475.61     | 0.06%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 7.081 08/02/53                                                       | CUSIP: 054989AD0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11060.63     | 0.01%             | 2053-08-02      | Fixed         | 7.08%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 2.8 01/31/30                                                            | CUSIP: 29379VBX0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18858.89     | 0.02%             | 2030-01-31      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 5.35 09/01/40                                                             | CUSIP: 04650NAB0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19276.36     | 0.02%             | 2040-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 3.45 08/08/36                                                          | CUSIP: 594918BS2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4510.03      | 0.00%             | 2036-08-08      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                                                          | LMT 4.15 06/15/53                                                           | CUSIP: 539830BS7<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    190000 | PA      | $150117.84    | 0.13%             | 2053-06-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| M&T BANK RV TRUST 2026-1                                                             | MTBRV 2026-1A A                                                             | CUSIP: 551923AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    114851 | PA      | $113774.20    | 0.10%             | 2046-01-16      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.75 05/01/35 144A                                                   | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $11214.03     | 0.01%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC Third DIP New Money TL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      2220 | PA      | $2197.95      | 0.00%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                               | UAL 4.625 04/15/29 144A                                                     | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    230000 | PA      | $225809.15    | 0.19%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5449 FQ                                                                 | CUSIP: 3137HFHU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     78879 | PA      | $79337.73     | 0.07%             | 2054-09-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 5.375 08/15/35                                                            | CUSIP: 00206RMY5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152002.35    | 0.13%             | 2035-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                    | CSCHLD 4.5 11/15/31 144a                                                    | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    510000 | PA      | $303143.29    | 0.26%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CIfc FundIng 2018-I Ltd. / CIfc FundIng 2018-I LLC                                   | CIFC 2018-1A A1R                                                            | CUSIP: 17181NAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |    130000 | PA      | $130033.11    | 0.11%             | 2038-01-19      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Halliburton Company                                                                  | HAL 5 11/15/45                                                              | CUSIP: 406216BK6<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26633.69     | 0.02%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2021-43 IO                                                              | CUSIP: 3136BH7G8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    638870 | PA      | $98637.73     | 0.08%             | 2051-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.926 05/15/37 144A                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9705.82      | 0.01%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Teachers Insurance and Annuity Association of America                                | TIAAGL 6.85 12/16/39 144A                                                   | CUSIP: 878091BC0<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8977.03      | 0.01%             | 2039-12-16      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5230 PE                                                                 | CUSIP: 3137H7XD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    300000 | PA      | $247089.66    | 0.21%             | 2051-12-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Southern Natural Gas Co LLC                                                          | SONGAS 8 03/01/32                                                           | CUSIP: 843452AZ6<br>LEI: 254900KDLS1X42SY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $57160.20     | 0.05%             | 2032-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Reynolds American Inc.                                                               | BATSLN 5.85 08/15/45                                                        | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77526.77     | 0.07%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.419 12/20/28                                                         | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    481000 | PA      | $472689.34    | 0.40%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Teck Resources Limited                                                               | TCKBCN 6 08/15/40                                                           | CUSIP: 878742AS4<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10067.94     | 0.01%             | 2040-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 4391 MZ                                                                 | CUSIP: 3137BDMP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    140898 | PA      | $128780.22    | 0.11%             | 2044-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA3210                                                                   | CUSIP: 31418CR89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    293350 | PA      | $272312.35    | 0.23%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.65 09/15/59                                                             | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     30000 | PA      | $19454.61     | 0.02%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 785667                                                                   | CUSIP: 3622ABFG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    135141 | PA      | $116426.87    | 0.10%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Florida Gas Transmission Co.                                                         | CITCOR 5.75 07/15/35 144A                                                   | CUSIP: 340711BC3<br>LEI: 549300Q0UQF87NXNOC32 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112913.64    | 0.10%             | 2035-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | FCX 5.45 03/15/43                                                           | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    120000 | PA      | $113627.04    | 0.10%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BIRCH GROVE CLO 11 LTD                                                               | BGCLO 2024-11A A1                                                           | CUSIP: 09077YAA2<br>LEI: 2549009HQHT8KMO8YJ79 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $410955.71    | 0.35%             | 2038-01-22      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIATION HOLDINGS INC                                                         | Spirit Aviation Holdings Inc. COM                                           | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1484 | NS      | $371.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRKCM 2022-AFC2 TRUST                                                                | PRKCM 2022-AFC2 M1                                                          | CUSIP: 69377TAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    730000 | PA      | $729068.74    | 0.62%             | 2057-08-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 785663                                                                   | CUSIP: 3622ABFC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    128396 | PA      | $110616.37    | 0.09%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC 4.15 01/24/29 MTN                                                       | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    210000 | PA      | $208867.46    | 0.18%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 3.6 04/01/50                                                           | CUSIP: 68389XBX2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $12083.64     | 0.01%             | 2050-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 7.5 01/15/31 A                                                          | CUSIP: 969457BB5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33546.05     | 0.03%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 5.25 03/16/37                                                            | CUSIP: 92343VDU5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98848.27     | 0.08%             | 2037-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 3.75 04/01/30                                                           | CUSIP: 126650DJ6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135317.97    | 0.11%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust 2019-1                                            | EFMT 2022-1 A2                                                              | CUSIP: 31573CAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $90652.69     | 0.08%             | 2067-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                                                | WCNCN 5 03/01/34                                                            | CUSIP: 94106BAG6<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     70000 | PA      | $70488.41     | 0.06%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP V8.5 PERP 144A                                                          | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $208519.40    | 0.18%             | N/A             | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.25 03/13/31                                                          | CUSIP: 023135DD5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49642.77     | 0.04%             | 2031-03-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.109 04/22/51                                                         | CUSIP: 46647PBN5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $26132.60     | 0.02%             | 2051-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                  | BTPCL 6 04/01/33                                                            | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        | 130000000 | PA      | $144419.49    | 0.12%             | 2033-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| United Airlines Holdings Inc                                                         | UAL 5.375 03/01/31                                                          | CUSIP: 910047AL3<br>LEI: 98450079DA0B78DD6764 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39222.67     | 0.03%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLP COMMERCIAL MORTGAGE TRUST 2023-IND                                               | BLP 2023-IND A                                                              | CUSIP: 055531AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    160485 | PA      | $160774.05    | 0.14%             | 2040-03-15      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786340                                                                   | CUSIP: 3622AB4Z2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     74154 | PA      | $74030.70     | 0.06%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.625 08/31/29                                                            | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19849.61     | 0.02%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | IRS USD                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |         1 | NC      | $112843.17    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.125 07/31/28                                                            | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $40280.47     | 0.03%             | 2028-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.5 08/10/33                                                             | CUSIP: 92343VEA8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67926.39     | 0.06%             | 2033-08-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2 02/15/50                                                                | CUSIP: 912810SL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $116484.38    | 0.10%             | 2050-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHMR 2020-RR07 BX                                                           | CUSIP: 3137FRVE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3000000 | PA      | $158716.50    | 0.13%             | 2028-10-27      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 4.45 09/29/27                                                             | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210055.06    | 0.18%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                              | MRP 6.25 09/15/32 144A                                                      | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9829.33      | 0.01%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -27 | NC      | $-25650.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AB1613                                                                   | CUSIP: 31416WYK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75716 | PA      | $73169.84     | 0.06%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.21 04/22/42                                                           | CUSIP: 38141GYC2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     20000 | PA      | $14839.85     | 0.01%             | 2042-04-22      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SL0203                                                                   | CUSIP: 31427MGM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79208 | PA      | $81280.94     | 0.07%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ASSET SECURITIES CORP                                                    | RASC 2006-KS1 M3                                                            | CUSIP: 76113AAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250393 | PA      | $245611.58    | 0.21%             | 2036-02-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPERATING CO LLC                                                  | CPGX 6.036 11/15/33 144A                                                    | CUSIP: 19828TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $94869.63     | 0.08%             | 2033-11-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.55 03/21/31                                                            | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    132000 | PA      | $119869.30    | 0.10%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Range Resources Corp.                                                                | RRC 4.75 02/15/30 144A                                                      | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39025.84     | 0.03%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V5.279 03/10/37                                                        | CUSIP: 404280FM6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $196482.61    | 0.17%             | 2037-03-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                                                        | DISH 5.75 12/01/28 144A                                                     | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9677.98      | 0.01%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.5 05/01/33 144A                                                    | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10997.89     | 0.01%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 5.15 04/01/35                                                          | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30068.09     | 0.03%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Ascensus Group Holdings Inc (f/k/a Mercury Borrower Inc)                             | Ascensus Term Loan B 300 2028-08-01                                         | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60000 | PA      | $59137.50     | 0.05%             | 2032-11-24      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 4 03/15/31                                                              | CUSIP: 002824BS8<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29531.30     | 0.02%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 5.8 03/13/56                                                           | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39996.10     | 0.03%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 784905                                                                   | CUSIP: 3622AAKS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     51588 | PA      | $45671.82     | 0.04%             | 2050-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 5.15 03/15/34                                                           | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180300.92    | 0.15%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786134                                                                   | CUSIP: 3622ABV33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     57370 | PA      | $51069.49     | 0.04%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.775 06/12/29                                                         | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92586.81     | 0.08%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 4.35 01/17/27                                                            | CUSIP: 37045XBT2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19975.66     | 0.02%             | 2027-01-17      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD4782                                                                   | CUSIP: 3132DSJ37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    215328 | PA      | $218590.05    | 0.18%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        32 | NC      | $250.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Phantom 2026-1 Aviation Ltd. / Phantom 2026-1 Aviation LLC                           | PHNTOM 2026-1A A                                                            | CUSIP: 71711GAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    119536 | PA      | $117491.77    | 0.10%             | 2051-01-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORP                                                                     | PXD 2.15 01/15/31                                                           | CUSIP: 723787AR8<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     60000 | PA      | $54085.43     | 0.05%             | 2031-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.45 12/15/48                                                           | CUSIP: 91324PDQ2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $16335.22     | 0.01%             | 2048-12-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H050649<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $990536.72    | 0.84%             | 2056-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                              | MA 3.85 03/26/50                                                            | CUSIP: 57636QAQ7<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     30000 | PA      | $22836.92     | 0.02%             | 2050-03-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR ZS8673                                                                   | CUSIP: 3132A9T64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11483 | PA      | $11157.96     | 0.01%             | 2032-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                            | TRGP 5.5 03/01/30                                                           | CUSIP: 87612BBQ4<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20192.84     | 0.02%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5293 CI                                                                 | CUSIP: 3137H9QF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   2098344 | PA      | $323004.86    | 0.27%             | 2051-04-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                            | UNP 3.75 02/05/70                                                           | CUSIP: 907818FL7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |     60000 | PA      | $40068.94     | 0.03%             | 2070-02-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                                    | CLARIOS GLOBAL LP                                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | N/A       |     31842 | PA      | $31782.39     | 0.03%             | 2030-05-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| NAVIENT STUDENT LOAN TRUST 2016-3                                                    | NAVSL 2016-3A A3                                                            | CUSIP: 63940HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    152626 | PA      | $155024.84    | 0.13%             | 2065-06-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.2 09/26/35                                                           | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28154.98     | 0.02%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V3.622 04/01/31 MTN                                                      | CUSIP: 6174468P7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    140000 | PA      | $134285.69    | 0.11%             | 2031-04-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2025-ESH                                                 | ESA 2025-ESH A                                                              | CUSIP: 30227TAA8<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $120157.58    | 0.10%             | 2042-10-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3 02/15/49                                                                | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    640000 | PA      | $467625.00    | 0.39%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | SOLV 5.4 03/01/29                                                           | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39901.55     | 0.03%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 5.7 04/01/55                                                           | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47837.09     | 0.04%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.75 02/01/50                                                            | CUSIP: 097023CQ6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $21295.67     | 0.02%             | 2050-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | IRS BRL                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-12403.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 3.05 08/12/51                                                          | CUSIP: 458140BW9<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     20000 | PA      | $12150.39     | 0.01%             | 2051-08-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Five Guys Funding LLC                                                                | GUYS 2023-1A A2                                                             | CUSIP: 33830JAE5<br>LEI: 549300LV8X8T05G1H175 | Long             | ABS-O            | CORP              | US        |    246875 | PA      | $251712.29    | 0.21%             | 2054-01-25      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.625 08/15/43                                                            | CUSIP: 912810RC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $68346.88     | 0.06%             | 2043-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 3 02/24/50                                                             | CUSIP: 10373QBG4<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     40000 | PA      | $25734.00     | 0.02%             | 2050-02-24      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 5.875 01/15/31 144A                                                    | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     30000 | PA      | $29164.97     | 0.02%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.376 04/27/28                                                         | CUSIP: 06051GKP3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59965.70     | 0.05%             | 2028-04-27      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GN AB9108                                                                   | CUSIP: 36178WDM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     32644 | PA      | $29830.90     | 0.03%             | 2042-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                                         | NVDA 3.7 04/01/60                                                           | CUSIP: 67066GAJ3<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |     90000 | PA      | $64735.97     | 0.05%             | 2060-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 5.15 04/15/34                                                          | CUSIP: 87264ADF9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    190000 | PA      | $191497.58    | 0.16%             | 2034-04-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Weekly Options - Week 2                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -64 | NC      | $-2000.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V6.136 08/24/34                                                        | CUSIP: 808513CH6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53244.40     | 0.04%             | 2034-08-24      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS 3.5 11/16/26                                                             | CUSIP: 38145GAH3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139346.23    | 0.12%             | 2026-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 5.3 02/15/40                                                            | CUSIP: 26442CAH7<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49436.46     | 0.04%             | 2040-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.1 11/20/30                                                           | CUSIP: 023135CT1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    190000 | PA      | $187852.11    | 0.16%             | 2030-11-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                          | CLR 2.268 11/15/26 144A                                                     | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88567.40     | 0.07%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                    | HSBC V2.848 06/04/31                                                        | CUSIP: 404280CH0<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $184881.88    | 0.16%             | 2031-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc                                              | Sedgwick CMS Term Loan B 250 2031-07-01                                     | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |     99749 | PA      | $98074.46     | 0.08%             | 2031-07-31      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 4.54 08/15/47                                                        | CUSIP: 05526DBF1<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     80000 | PA      | $65010.34     | 0.05%             | 2047-08-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                          | PFE 1.7 05/28/30                                                            | CUSIP: 717081EY5<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62950.44     | 0.05%             | 2030-05-28      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | XOM 3.452 04/15/51                                                          | CUSIP: 30231GBM3<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |     70000 | PA      | $49905.11     | 0.04%             | 2051-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS1112                                                                   | CUSIP: 3140XGGW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    216624 | PA      | $178790.04    | 0.15%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | EUR/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $7588.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                          | TRACTC 5.875 03/01/31 144A                                                  | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69236.13     | 0.06%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SC0384                                                                   | CUSIP: 3132D9M92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    386572 | PA      | $339122.64    | 0.29%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| STWD 2025-FL4 LLC                                                                    | STWD 2025-FL4 A                                                             | CUSIP: 863922AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    310000 | PA      | $310020.55    | 0.26%             | 2042-11-19      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                     | BNSF 2.875 06/15/52                                                         | CUSIP: 12189LBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $18507.74     | 0.02%             | 2052-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V3.35 03/02/33 MTN                                                      | CUSIP: 95000U2U6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45923.18     | 0.04%             | 2033-03-02      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 2.7 02/01/27                                                             | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39449.12     | 0.03%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.5 05/15/35                                                          | CUSIP: 02079KAL1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29518.18     | 0.02%             | 2035-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RB5071                                                                   | CUSIP: 3133KYT41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49381 | PA      | $43657.93     | 0.04%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 3.4 03/22/41                                                             | CUSIP: 92343VGK4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38415.73     | 0.03%             | 2041-03-22      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.8 12/01/57                                                              | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $6767.40      | 0.01%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.875 08/15/45                                                            | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199390.62    | 0.17%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS 4.55 04/17/26                                                           | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $250000.17    | 0.21%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS2023                                                                   | CUSIP: 3140XHG92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    462218 | PA      | $440726.91    | 0.37%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2024-22 IC                                                              | CUSIP: 3136BRH67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    773040 | PA      | $104679.55    | 0.09%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                                              | UKG Term Loan B 350 2031-01-20                                              | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     99749 | PA      | $95454.16     | 0.08%             | 2031-02-10      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-H02 TF                                                             | CUSIP: 38380QXA5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    430499 | PA      | $439690.85    | 0.37%             | 2071-01-20      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FHR 5093 IY                                                                 | CUSIP: 3137FYJM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    384839 | PA      | $84218.19     | 0.07%             | 2050-12-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2015-65 CZ                                                              | CUSIP: 3136AP3N0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    144756 | PA      | $128166.04    | 0.11%             | 2045-09-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CoreLogic Inc                                                                        | CoreLogic Term Loan B 350 2028-03-28                                        | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |    129661 | PA      | $124312.72    | 0.10%             | 2028-06-02      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.572 10/20/32                                                         | CUSIP: 06051GKD0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    240000 | PA      | $213612.55    | 0.18%             | 2032-10-20      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                      | CI 4.8 08/15/38                                                             | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37628.39     | 0.03%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                         | Harbor Freight Term Loan B 250 2031-05-27                                   | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |     90000 | PA      | $89200.35     | 0.08%             | 2031-06-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB0470                                                                   | CUSIP: 3140QKQY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    197205 | PA      | $178369.81    | 0.15%             | 2041-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 02/15/45                                                             | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $78628.12     | 0.07%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 6 06/14/30                                                              | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10290.43     | 0.01%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 4.85 01/31/34                                                           | CUSIP: 29379VCF8<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109831.29    | 0.09%             | 2034-01-31      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                      | BBDBCN 6.75 06/15/33 144A                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31018.74     | 0.03%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                      | GEV 5.5 02/04/56                                                            | CUSIP: 36828AAC5<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28880.50     | 0.02%             | 2056-02-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.7 03/15/32                                                           | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133490.63    | 0.11%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 5.375 05/01/47                                                         | CUSIP: 161175BL7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8054.81      | 0.01%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Buenos Aires (Province Of)                                                           | BUENOS 6.625 09/01/37 REGS                                                  | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    204562 | PA      | $154700.01    | 0.13%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 5.55 02/16/55                                                           | CUSIP: 29379VCH4<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38505.82     | 0.03%             | 2055-02-16      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA2579                                                                   | CUSIP: 31418B2M7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43726 | PA      | $41690.35     | 0.04%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST 2024-1                                                       | MSAIC 2024-1A A                                                             | CUSIP: 618937AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    318592 | PA      | $302621.32    | 0.26%             | 2049-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2021-A                                              | SMB 2021-A A2A1                                                             | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126685 | PA      | $125598.36    | 0.11%             | 2053-01-15      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | TRS JPEIFNTR INDEX                                                          | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-29147.27    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.55 02/15/31                                                          | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45448.90     | 0.04%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                          | Asurion First-lien Term Loan B-14 375 2033-02-09                            | CUSIP: 04649VBF6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    100000 | PA      | $96813.00     | 0.08%             | 2033-03-11      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.5 02/15/33                                                              | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19246.88     | 0.02%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chart Industries, Inc.                                                               | Chart Industries Term Loan B 250 2030-03-01                                 | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |     88931 | PA      | $88986.62     | 0.08%             | 2030-03-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FHMS KG06 X1                                                                | CUSIP: 3137H4C73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3088683 | PA      | $73601.77     | 0.06%             | 2031-10-25      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 3.75 04/01/40                                                         | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     40000 | PA      | $32451.03     | 0.03%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 4.25 12/15/27                                                           | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27520.63     | 0.02%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA2773                                                                   | CUSIP: 31418CCK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    188533 | PA      | $179023.34    | 0.15%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 2.8 03/01/27                                                             | CUSIP: 097023BU8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49236.95     | 0.04%             | 2027-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Driven Brands Funding Llc                                                            | HONK 2024-1A A2                                                             | CUSIP: 26209XAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    236400 | PA      | $218643.81    | 0.18%             | 2054-10-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.875 06/30/30                                                            | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $29957.23     | 0.03%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2022-189 PT                                                             | CUSIP: 38383LDU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    235330 | PA      | $197819.05    | 0.17%             | 2051-10-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Calpine Construction Finance Company L P                                             | Calpine Construction Finance Corp Term Loan B 175 2030-07-01                | CUSIP: 13134NAK7<br>LEI: V0Q3DOB0FIB2XI1KWU77 | Long             | LON              | CORP              | US        |    130000 | PA      | $130202.80    | 0.11%             | 2030-07-31      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SL3013                                                                   | CUSIP: 31427QK35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     85820 | PA      | $89348.03     | 0.08%             | 2055-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        44 | NC      | $44.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                                                                   | CTRA 3.9 05/15/27                                                           | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |    240000 | PA      | $238350.38    | 0.20%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                                                      | FOXA 6.5 10/13/33                                                           | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32205.93     | 0.03%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM5783                                                                   | CUSIP: 3140X9M93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34333 | PA      | $32681.21     | 0.03%             | 2038-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Corporacion Nacional del Cobre de Chile                                              | CDEL 5.529 01/30/37 144A                                                    | CUSIP: 21987BBQ0<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $196564.00    | 0.17%             | 2037-01-30      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                         | GBP/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3436.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4 11/15/52                                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    570000 | PA      | $489866.01    | 0.41%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                       | ZFFNGR 7.5 03/24/31 144A                                                    | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    160000 | PA      | $157294.43    | 0.13%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.35 05/04/33                                                          | CUSIP: 68389XDY8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19476.71     | 0.02%             | 2033-05-04      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 3.35 04/15/50                                                            | CUSIP: 437076CD2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    110000 | PA      | $76020.07     | 0.06%             | 2050-04-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MAN CAPITAL 2021-2R                                                                  | MUCLO 2021-2RA A1R                                                          | CUSIP: 56164SAA0<br>LEI: 549300MBY3B6FX1O8T44 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249432.95    | 0.21%             | 2039-04-18      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.55 05/15/34                                                            | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    140000 | PA      | $142606.16    | 0.12%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 3.5 08/01/50                                                            | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     70000 | PA      | $46321.67     | 0.04%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 2-Year T-Note Options                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        65 | NC      | $39609.38     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                             | G2 BD0384                                                                   | CUSIP: 3617BFM90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    219136 | PA      | $203002.47    | 0.17%             | 2047-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 2.625 02/15/29                                                         | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     60000 | PA      | $57078.99     | 0.05%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                 | GLENLN 6.141 04/01/55 144a                                                  | CUSIP: 378272CB2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50336.44     | 0.04%             | 2055-04-01      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 4.7 04/15/48                                                           | CUSIP: 55336VAN0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8134.93      | 0.01%             | 2048-04-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORP                                               | FR SD0573                                                                   | CUSIP: 3132DMT62<br>LEI: 254900C5LP6DN9OP9V83 | Long             | ABS-MBS          | USGSE             | US        |     56249 | PA      | $46464.52     | 0.04%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHEVY CHASE FUNDING LLC MORTGAGE-BACKED CERTIFICATES SERIES 2004-3                   | CCMFC 2004-3A A2                                                            | CUSIP: 16678RBV8<br>LEI: 549300TC8R2SGZ2KM445 | Long             | ABS-O            | CORP              | US        |    154126 | PA      | $151923.00    | 0.13%             | 2035-08-27      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CA7422                                                                   | CUSIP: 3140QFG86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    463615 | PA      | $408805.96    | 0.34%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V3.772 01/24/29 GMTN                                                     | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197374.46    | 0.17%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-KING                                               | BX 2024-KING E                                                              | CUSIP: 05612RAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    523113 | PA      | $524398.08    | 0.44%             | 2034-05-15      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.55 03/13/33                                                          | CUSIP: 023135DE3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49533.36     | 0.04%             | 2033-03-13      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB0114                                                                   | CUSIP: 3140QKDU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63903 | PA      | $57879.79     | 0.05%             | 2041-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 1.75 01/20/31                                                            | CUSIP: 92343VFR0<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     80000 | PA      | $70162.96     | 0.06%             | 2031-01-20      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RB5105                                                                   | CUSIP: 3133KYU64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    308096 | PA      | $272359.24    | 0.23%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                 | RY 3.875 05/04/32                                                           | CUSIP: 78016FZQ0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     80000 | PA      | $76838.07     | 0.06%             | 2032-05-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 5.05 03/15/34                                                          | CUSIP: 00287YDU0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    120000 | PA      | $121833.16    | 0.10%             | 2034-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR RA3882                                                                   | CUSIP: 3133KKJ34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63595 | PA      | $52484.05     | 0.04%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FDG TR 2024-NQM5                                                   | BRAVO 2024-NQM5 A1                                                          | CUSIP: 105925AA9<br>LEI: 254900RBHU9OC1RNXD92 | Long             | ABS-O            | CORP              | US        |    248605 | PA      | $250060.58    | 0.21%             | 2064-06-25      | Variable      | 5.80%                 | No            |                  2 | On Loan: No      |
| GE Vernova Inc.                                                                      | GEV 4.875 02/04/36                                                          | CUSIP: 36828AAB7<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49574.76     | 0.04%             | 2036-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM3123                                                                   | CUSIP: 3140X6PH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75629 | PA      | $70573.23     | 0.06%             | 2038-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD 7.55 04/15/38                                                           | CUSIP: 29379VAM5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $23772.02     | 0.02%             | 2038-04-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 6.625 09/01/53                                                          | CUSIP: 682680BN2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20542.96     | 0.02%             | 2053-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |       -12 | NC      | $-2175.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 6 01/15/36 144A                                                         | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168555.36    | 0.14%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHMS K-1517 X1                                                              | CUSIP: 3137FWHG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    136304 | PA      | $11988.40     | 0.01%             | 2035-07-25      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 4.3 03/01/28                                                            | CUSIP: 49456BAP6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29973.70     | 0.03%             | 2028-03-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F022642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2102343.75   | 1.77%             | 2056-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 3.9 01/08/28                                                            | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49621.62     | 0.04%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7 06/15/30 144A                                                         | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20521.68     | 0.02%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.5 06/15/47                                                            | CUSIP: 404119BV0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    120000 | PA      | $110080.36    | 0.09%             | 2047-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. LTD                                                                     | BHCCN 10 04/15/32 144A                                                      | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $204937.80    | 0.17%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 3.2 11/21/29                                                           | CUSIP: 00287YBX6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    270000 | PA      | $260341.82    | 0.22%             | 2029-11-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.1 05/01/26                                                             | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19974.19     | 0.02%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                               | GM 6.6 04/01/36                                                             | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10642.98     | 0.01%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | USD/EUR FORWARD                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-4594.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2022-216 IO                                                             | CUSIP: 38381HK26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   1454831 | PA      | $79899.47     | 0.07%             | 2065-07-16      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                             | AESOP 2024-1A A                                                             | CUSIP: 05377RHY3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $255856.10    | 0.22%             | 2030-06-20      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.974 02/07/30 MTN                                                     | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39458.63     | 0.03%             | 2030-02-07      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 5.407 10/15/35 144A                                                     | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49076.99     | 0.04%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V3.109 04/22/41                                                         | CUSIP: 46647PBM7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     40000 | PA      | $30525.28     | 0.03%             | 2041-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                              | CHTR 7.3 07/01/38                                                           | CUSIP: 88732JAN8<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10471.07     | 0.01%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| AON NORTH AMERICA INC                                                                | AON 5.45 03/01/34                                                           | CUSIP: 03740MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61299.04     | 0.05%             | 2034-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D 7 06/15/38                                                                | CUSIP: 25746UBD0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     30000 | PA      | $33133.83     | 0.03%             | 2038-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 5.75 04/01/48                                                          | CUSIP: 161175BN3<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     30000 | PA      | $25039.17     | 0.02%             | 2048-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2013-107 AD                                                             | CUSIP: 38378KYP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     28884 | PA      | $26367.52     | 0.02%             | 2047-11-16      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.545 11/08/32                                                         | CUSIP: 46647PCR5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    210000 | PA      | $186750.93    | 0.16%             | 2032-11-08      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 08/15/55                                                             | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     70000 | PA      | $68228.13     | 0.06%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.95 02/04/31                                                          | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9787.80      | 0.01%             | 2031-02-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V4.478 04/04/31 MTN                                                     | CUSIP: 95000U2L6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109082.10    | 0.09%             | 2031-04-04      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786082                                                                   | CUSIP: 3622ABUF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     66742 | PA      | $58952.80     | 0.05%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                    | HRI 7.25 06/15/33 144A                                                      | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51279.60     | 0.04%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | AUD/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-145.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 4.4 01/15/31                                                            | CUSIP: 210385AQ3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9873.75      | 0.01%             | 2031-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.875 11/15/51                                                            | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    301000 | PA      | $165444.18    | 0.14%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                       | BNP V5.125 01/13/29 144A                                                    | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    290000 | PA      | $293066.12    | 0.25%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA6                                              | STACR 2021-DNA6 B1                                                          | CUSIP: 35564KLU1<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-O            | USGSE             | US        |    240000 | PA      | $242666.45    | 0.20%             | 2041-10-25      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2023-R05                                         | CAS 2023-R05 1M2                                                            | CUSIP: 207942AB9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    250000 | PA      | $259429.68    | 0.22%             | 2043-06-25      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.75 04/15/27                                                          | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19879.98     | 0.02%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                                                                   | F 6.1 08/19/32                                                              | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40352.46     | 0.03%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.8 02/15/36                                                          | CUSIP: 02079KBM8<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59766.25     | 0.05%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | FCX 5.4 11/14/34                                                            | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40609.24     | 0.03%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QY5002                                                                   | CUSIP: 31426PRY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    160905 | PA      | $166463.01    | 0.14%             | 2055-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QB9290                                                                   | CUSIP: 3133AGKB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     67291 | PA      | $55516.83     | 0.05%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-A                                     | NAVSL 2019-A A2B                                                            | CUSIP: 63941BAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11030 | PA      | $11030.80     | 0.01%             | 2043-01-15      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.5 04/15/31                                                           | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    130000 | PA      | $122993.96    | 0.10%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 4.35 06/15/45                                                             | CUSIP: 00206RBK7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     68000 | PA      | $54984.81     | 0.05%             | 2045-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 6.875 11/01/33                                                           | CUSIP: 02209SBR3<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     70000 | PA      | $77553.32     | 0.07%             | 2033-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 5 02/09/54                                                              | CUSIP: 532457CM8<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27349.53     | 0.02%             | 2054-02-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                                | Hub International Term Loan B 250 2030-06-01                                | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    129616 | PA      | $129472.81    | 0.11%             | 2030-06-20      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 AQ0348                                                                   | CUSIP: 36189ML55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    314645 | PA      | $301157.99    | 0.25%             | 2045-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V4.91 05/24/33                                                            | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49797.03     | 0.04%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 4.65 07/30/45                                                             | CUSIP: 172967JU6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     45000 | PA      | $39462.30     | 0.03%             | 2045-07-30      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786335                                                                   | CUSIP: 3622AB4U3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    211785 | PA      | $206467.28    | 0.17%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                              | MPLX 4.5 04/15/38                                                           | CUSIP: 55336VAM2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    120000 | PA      | $107888.79    | 0.09%             | 2038-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 785944                                                                   | CUSIP: 3622ABP55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    140629 | PA      | $124749.53    | 0.11%             | 2052-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BF0560                                                                   | CUSIP: 3140FXTS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     70316 | PA      | $57925.49     | 0.05%             | 2061-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.8 03/15/29                                                           | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203240.43    | 0.17%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 5.5 02/15/46                                                          | CUSIP: 02079KBN6<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59553.60     | 0.05%             | 2046-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM7607                                                                   | CUSIP: 3140XBNZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35981 | PA      | $34755.63     | 0.03%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                            | USD/JPY FORWARD                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $590.65       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION                                            | IRS BRL                                                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |         1 | NC      | $-104254.16   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 5.375 04/01/38                                                         | CUSIP: 161175BM5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     80000 | PA      | $71755.37     | 0.06%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2020-56 AQ                                                              | CUSIP: 3136BBME9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    587384 | PA      | $473225.62    | 0.40%             | 2050-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 3.25 05/15/51                                                           | CUSIP: 91324PEF5<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $65951.33     | 0.06%             | 2051-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                              | CHTR 5.875 11/15/40                                                         | CUSIP: 88732JAY4<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81636.62     | 0.07%             | 2040-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                              | BLKPRL 6.125 02/15/31 144A                                                  | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $61142.82     | 0.05%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Gulfstream Natural Gas System LLC                                                    | GULFNG 5.6 07/23/35 144A                                                    | CUSIP: 402740AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $141972.92    | 0.12%             | 2035-07-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Suzano Netherlands BV                                                                | SUZANO 5.5 01/15/36                                                         | CUSIP: 86960YAA0<br>LEI: 9845009ZB9F5D6DB3602 | Long             | DBT              | CORP              | NL        |     70000 | PA      | $67768.75     | 0.06%             | 2036-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREYSTONE CRE NOTES 2025-FL4 LTD                                                     | GSTNE 2025-FL4 A                                                            | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    320000 | PA      | $320129.70    | 0.27%             | 2043-01-15      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Elevation Clo 2016-5 Ltd                                                             | AWPT 2025-18A A1                                                            | CUSIP: 28623JAA4<br>LEI: 549300IH854FT1JLRT08 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249952.05    | 0.21%             | 2038-03-29      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SC0160                                                                   | CUSIP: 3132D9E91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    254094 | PA      | $222422.42    | 0.19%             | 2041-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 4.25 06/15/48                                                           | CUSIP: 91324PDL3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $15938.88     | 0.01%             | 2048-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.375 09/27/54                                                         | CUSIP: 68389XCU7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     70000 | PA      | $54317.85     | 0.05%             | 2054-09-27      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PALMER SQUARE CLO 2021-1 LTD                                                         | PLMRS 2021-1A A1AR                                                          | CUSIP: 69701WAJ5<br>LEI: 549300O6Q3S8TEDA9I81 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $219401.12    | 0.19%             | 2038-04-20      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2022-196 BE                                                             | CUSIP: 38381HB67<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    100000 | PA      | $70036.15     | 0.06%             | 2064-10-16      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 4.5 03/20/42                                                             | CUSIP: 718172AP4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8749.05      | 0.01%             | 2042-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                                                       | USD/CNH FORWARD                                                             | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $947.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Legacy Mortgage Trust 2018-Rpl5                                                      | LMAT 2021-GS5 A1                                                            | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     66451 | PA      | $66548.50     | 0.06%             | 2067-07-25      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS1014                                                                   | CUSIP: 3140XGDU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73874 | PA      | $60747.43     | 0.05%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.25 11/21/49                                                          | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $81229.04     | 0.07%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | MSFT 2.921 03/17/52                                                         | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |     45000 | PA      | $28963.59     | 0.02%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.574 07/25/29 MTN                                                     | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122769.96    | 0.10%             | 2029-07-25      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                                  | SUZANO 3.125 01/15/32                                                       | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |    190000 | PA      | $167327.59    | 0.14%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Malaysia (Government Of)                                                             | MGS 4.254 05/31/35 0415                                                     | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    600000 | PA      | $155179.72    | 0.13%             | 2035-05-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2022-3 IO                                                               | CUSIP: 38381ETV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    276211 | PA      | $12068.64     | 0.01%             | 2061-02-16      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                                               | CUSIP: 21H060648<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    200000 | PA      | $203392.49    | 0.17%             | 2056-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2023-92 AH                                                              | CUSIP: 38381H8H7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     98182 | PA      | $75206.81     | 0.06%             | 2064-06-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V2.522 04/22/31                                                         | CUSIP: 46647PBL9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    350000 | PA      | $323522.01    | 0.27%             | 2031-04-22      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                           | OKE 6.05 09/01/33                                                           | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20978.55     | 0.02%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                     | CHTR 4.75 02/01/32 144A                                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $235290.12    | 0.20%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Consolidated Edison Company of New York, Inc.                                        | ED 3.35 04/01/30 20A                                                        | CUSIP: 209111FX6<br>LEI: VZFZPMWDHTQCFKYOBP05 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9596.23      | 0.01%             | 2030-04-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BAYVIEW OPPORTUNITY MASTER FUND VII 2025-EDU1, LLC                                   | BVCLN 2025-EDU1 C                                                           | CUSIP: 07337GAC7<br>LEI: 2549001VJ64UFK8PZA41 | Long             | ABS-O            | CORP              | US        |    258986 | PA      | $259816.18    | 0.22%             | 2048-07-27      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| 280 Park Avenue Trust                                                                | PRK 2017-280P F                                                             | CUSIP: 90205FAQ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410000 | PA      | $398706.76    | 0.34%             | 2034-09-15      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                             | V 4.3 12/14/45                                                              | CUSIP: 92826CAF9<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42467.75     | 0.04%             | 2045-12-14      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Silver Point Clo 8 Ltd.                                                              | SPCLO 2025-8A A1                                                            | CUSIP: 827918AA1<br>LEI: 254900U97WKD6RJ07L38 | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $220060.06    | 0.19%             | 2038-04-15      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| GIP Pilot Acquisition Partners LP                                                    | GIP Pilot Acquisition Partners Term Loan B 200 2030-10-01                   | CUSIP: 31773HAE2<br>LEI: 254900NQOAOPPA12X060 | Long             | LON              | CORP              | US        |     58986 | PA      | $59133.95     | 0.05%             | 2030-10-04      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                      | EQT 3.625 05/15/31 144A                                                     | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $84045.21     | 0.07%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| OBX 2023-Nqm6 Trust                                                                  | OBX 2023-NQM6 A3                                                            | CUSIP: 67117VAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    132664 | PA      | $132913.13    | 0.11%             | 2063-07-25      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 5-Year T-Note Futures, Jun-2026,ETH                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -32 | NC      | $-13222.85    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FA0354                                                                   | CUSIP: 3140W0MC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    271163 | PA      | $223127.11    | 0.19%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 3 02/15/27                                                              | CUSIP: 674599CM5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49417.03     | 0.04%             | 2027-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 3.5 04/19/26 GMTN                                                       | CUSIP: 06051GFX2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149930.27    | 0.13%             | 2026-04-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.615 03/15/28                                                          | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39687.01     | 0.03%             | 2028-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2021-223 P                                                              | CUSIP: 38383FHR7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    348761 | PA      | $306221.68    | 0.26%             | 2051-06-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.375 11/15/48                                                            | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $125431.25    | 0.11%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Versant Media Group Inc.                                                             | VSNT 7.25 01/30/31 144A                                                     | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20484.42     | 0.02%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Barrick North America Finance LLC                                                    | ABXCN 5.7 05/30/41                                                          | CUSIP: 06849RAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60128.34     | 0.05%             | 2041-05-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                                                   | CUSIP: 01F030645<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2200000 | PA      | $1932682.29   | 1.63%             | 2056-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 5.625 09/30/31 144A                                                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     70000 | PA      | $70707.24     | 0.06%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan, Inc.                                                                  | KMI 5.2 03/01/48                                                            | CUSIP: 49456BAQ4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9038.79      | 0.01%             | 2048-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2015-167 OI                                                             | CUSIP: 38379FFB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     80041 | PA      | $15584.34     | 0.01%             | 2045-04-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.7 11/15/35                                                          | CUSIP: 02079KAY3<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79069.72     | 0.07%             | 2035-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 BC4732                                                                   | CUSIP: 3617B8HH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    262235 | PA      | $242928.29    | 0.20%             | 2047-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 6.858 05/01/54                                                           | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     40000 | PA      | $44059.02     | 0.04%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                                                               | athenahealth Term Loan B 300 2029-02-01                                     | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |     79798 | PA      | $78451.89     | 0.07%             | 2029-02-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FHR 5118 NI                                                                 | CUSIP: 3137H0TS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    662663 | PA      | $87760.85     | 0.07%             | 2051-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 3.557 08/15/27                                                       | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39573.99     | 0.03%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2024-5 DI                                                               | CUSIP: 3136BQ3W7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1679467 | PA      | $301403.78    | 0.25%             | 2051-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                | Petco Animal Supplies Term Loan B 425 2031-01-11                            | CUSIP: 71601HAG1<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    110000 | PA      | $107762.60    | 0.09%             | 2031-01-22      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| MTN COMMERCIAL MORTGAGE TRUST 2022-LPFL                                              | MTN 2022-LPFL A                                                             | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $239931.05    | 0.20%             | 2039-03-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Navient Refinance Loan Trust 2026-A                                                  | NAVRL 2026-A A                                                              | CUSIP: 63943HAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $207853.44    | 0.18%             | 2056-01-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cameron LNG LLC                                                                      | CAMLNG 2.902 07/15/31 144A                                                  | CUSIP: 133434AA8<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18323.82     | 0.02%             | 2031-07-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                                              | CREDIT SUISSE ESCROW CL                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.375 08/15/50                                                            | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2330000 | PA      | $1139834.18   | 0.96%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| General Motors Company                                                               | GM 5.6 10/15/32                                                             | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40970.20     | 0.03%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Teachers Insurance and Annuity Association of America                                | TIAAGL 4.9 09/15/44 144A                                                    | CUSIP: 878091BD8<br>LEI: O06XD7BJ4EPXNABVFN69 | Long             | DBT              | CORP              | US        |     60000 | PA      | $53408.54     | 0.05%             | 2044-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB2113                                                                   | CUSIP: 3140QMK37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    136307 | PA      | $122898.38    | 0.10%             | 2041-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                            | BRL/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $398.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Duke Energy Ohio Inc.                                                                | DUK 3.65 02/01/29                                                           | CUSIP: 26442EAF7<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39313.51     | 0.03%             | 2029-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FNR 2014-6 Z                                                                | CUSIP: 3136AH6K1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    246318 | PA      | $219083.76    | 0.18%             | 2044-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                     | PR 6.25 02/01/33 144A                                                       | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50966.30     | 0.04%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                         | NOC 3.25 01/15/28                                                           | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78600.08     | 0.07%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.65 05/06/30                                                          | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117324.85    | 0.10%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                        | USB V5.836 06/12/34                                                         | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52207.31     | 0.04%             | 2034-06-12      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SC0188                                                                   | CUSIP: 3132D9F58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     63744 | PA      | $55723.44     | 0.05%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 5.25 02/01/50                                                           | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     50000 | PA      | $42209.57     | 0.04%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RB5110                                                                   | CUSIP: 3133KYVB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    269591 | PA      | $229051.06    | 0.19%             | 2041-05-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.375 11/15/40                                                            | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    240000 | PA      | $154673.44    | 0.13%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CI Financial Corp                                                                    | CIXCN 7.5 05/30/29 144A                                                     | CUSIP: 125491AT7<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $146990.13    | 0.12%             | 2029-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5206 IJ                                                                 | CUSIP: 3137H6QT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    894454 | PA      | $183257.62    | 0.15%             | 2048-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 1.25 12/31/26                                                             | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19633.79     | 0.02%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.875 03/13/36                                                         | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49563.63     | 0.04%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | SOLV 5.6 03/23/34                                                           | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51131.46     | 0.04%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 3.55 09/15/55                                                             | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     96000 | PA      | $62482.26     | 0.05%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc.                                                        | Spirit Aviation Holdings Inc. WT EXP                                        | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1055 | NS      | $263.75       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SL0414                                                                   | CUSIP: 31427MN80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    372900 | PA      | $306039.92    | 0.26%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BZ0874                                                                   | CUSIP: 3140NU6L8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $508013.28    | 0.43%             | 2029-06-01      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 6.25 04/15/49                                                            | CUSIP: 29279FAA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49074.09     | 0.04%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AS8740                                                                   | CUSIP: 3138WJWA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14722 | PA      | $14232.34     | 0.01%             | 2037-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                              | FR SD5420                                                                   | CUSIP: 3132DTAV2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |    300438 | PA      | $309069.39    | 0.26%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                  | Medline Industries Term Loan B 200 2028-10-01                               | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     57026 | PA      | $57175.82     | 0.05%             | 2028-10-23      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FM9103                                                                   | CUSIP: 3140XDDH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    138788 | PA      | $121722.36    | 0.10%             | 2041-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BF0148                                                                   | CUSIP: 3140FXEW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100535 | PA      | $98588.30     | 0.08%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp                                                                     | NTT 4.876 07/16/30 144A                                                     | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $201323.53    | 0.17%             | 2030-07-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 5.25 06/15/26                                                           | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30018.13     | 0.03%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FHR 5202 IN                                                                 | CUSIP: 3137H62K0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    591108 | PA      | $76150.92     | 0.06%             | 2047-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 4.55 05/15/52                                                           | CUSIP: 036752AU7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     70000 | PA      | $56436.34     | 0.05%             | 2052-05-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B32 MORTGAGE TRUST                                                    | BMARK 2022-B32 XA                                                           | CUSIP: 08163NBL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4105271 | PA      | $48321.50     | 0.04%             | 2055-01-15      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | MCD 4.2 04/01/50 MTN                                                        | CUSIP: 58013MFR0<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |    110000 | PA      | $86769.47     | 0.07%             | 2050-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FH 841077                                                                   | CUSIP: 31288QFS4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    129021 | PA      | $133295.33    | 0.11%             | 2047-11-01      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 3.75 02/28/33                                                             | CUSIP: 91282CQC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $39090.62     | 0.03%             | 2033-02-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                       | WBD 4.054 03/15/29 *                                                        | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9681.25      | 0.01%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Operating LLC                                                    | EPD V5.375 02/15/78                                                         | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29808.61     | 0.03%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS SECURITIES CORP.                                                         | EUR/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: RCNB6OTYUAMMP879YW96 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-9679.77     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2022-86 IO                                                              | CUSIP: 3136BPPT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    807193 | PA      | $113086.88    | 0.10%             | 2050-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.33 03/15/50 MTN                                                      | CUSIP: 06051GHS1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    160000 | PA      | $129812.45    | 0.11%             | 2050-03-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.15 11/15/30                                                          | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19694.88     | 0.02%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BP Capital Markets America, Inc.                                                     | BPLN 3.633 04/06/30                                                         | CUSIP: 10373QBL3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38917.88     | 0.03%             | 2030-04-06      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786366                                                                   | CUSIP: 3622AB6B3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    227405 | PA      | $220696.45    | 0.19%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MLTI TRUST 2026-SF75                                                                 | MLTI 2026-SF75 A                                                            | CUSIP: 55318JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249159.40    | 0.21%             | 2031-03-17      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 785532                                                                   | CUSIP: 3622ABA93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    489097 | PA      | $432251.51    | 0.36%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.625 11/15/50                                                            | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1990000 | PA      | $1038686.71   | 0.88%             | 2050-11-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.125 08/15/44                                                            | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    110000 | PA      | $86268.36     | 0.07%             | 2044-08-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                      | DANBNK V4.298 04/01/28 144A                                                 | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $199736.61    | 0.17%             | 2028-04-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA2                                              | STACR 2022-DNA2 M1A                                                         | CUSIP: 35564KRE1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-O            | USGSE             | US        |     29937 | PA      | $29939.88     | 0.03%             | 2042-02-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Altria Group, Inc.                                                                   | MO 2.45 02/04/32                                                            | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87779.86     | 0.07%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | 10-Year T-Note Futures, Jun-2026,ETH                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       167 | NC      | $-286550.71   | -0.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SC0206                                                                   | CUSIP: 3132D9GP3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    129935 | PA      | $113274.22    | 0.10%             | 2041-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN DE9374                                                                   | CUSIP: 3140BNMY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490333 | PA      | $500215.61    | 0.42%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                       | WES 4.5 03/01/28                                                            | CUSIP: 958254AH7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20017.91     | 0.02%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| R.R. Donnelley & Sons Co.                                                            | RRD 9.5 08/01/29 144A                                                       | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60780.84     | 0.05%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                        | STACR 2026-DNA2 B1                                                          | CUSIP: 35564UEP8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    160000 | PA      | $160188.56    | 0.14%             | 2046-03-26      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RB5084                                                                   | CUSIP: 3133KYUH0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    361698 | PA      | $308555.96    | 0.26%             | 2040-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                 | ELV 4.1 05/15/32                                                            | CUSIP: 036752AT0<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38422.01     | 0.03%             | 2032-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ASX CLEARING CORPORATION LIMITED                                                     | ASX 10 Year Treasury Bond Futures                                           | CUSIP: 000000000<br>LEI: 549300USWUR0S7VMM868 | N/A              | DIR              | CORP              | AU        |        11 | NC      | $-6672.45     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.625 02/15/55                                                            | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $38160.94     | 0.03%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                         | UBS V9.25 PERP 144a                                                         | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    260000 | PA      | $277278.36    | 0.23%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                | RCL 6 02/01/33 144A                                                         | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    180000 | PA      | $181842.68    | 0.15%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SC0211                                                                   | CUSIP: 3132D9GU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     70626 | PA      | $61483.69     | 0.05%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL MORTGAGE TRUST 2020-1                                            | EFMT 2020-1 B1                                                              | CUSIP: 31574PAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    720000 | PA      | $711001.15    | 0.60%             | 2065-05-25      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS5313                                                                   | CUSIP: 3140XL3X4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     78328 | PA      | $73085.96     | 0.06%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 2.5 02/01/31                                                            | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62753.65     | 0.05%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FH 841076                                                                   | CUSIP: 31288QFR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    162817 | PA      | $163148.38    | 0.14%             | 2048-11-01      | Variable      | 3.01%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                            | MARS 5 03/01/32 144A                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20242.70     | 0.02%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 3.5 11/15/30                                                            | CUSIP: 969457BX7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38029.23     | 0.03%             | 2030-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Three-Month SOFR Futures, Mar-2026,ETH                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        52 | NC      | $-24159.20    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                                                | BAC 4.25 10/22/26 MTN                                                       | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119955.59    | 0.10%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2025-5C34                                                       | BBCMS 2025-5C34 A3                                                          | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $103399.91    | 0.09%             | 2058-05-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                            | TRGP 4.875 02/01/31                                                         | CUSIP: 87612BBS0<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59928.81     | 0.05%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 6.25 09/15/33 144A                                                     | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     10000 | PA      | $9710.33      | 0.01%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                      | HD 3.9 12/06/28                                                             | CUSIP: 437076BW1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9962.49      | 0.01%             | 2028-12-06      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | ABT 4.3 03/15/33                                                            | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78315.75     | 0.07%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | TII 1.875 07/15/34                                                          | CUSIP: 91282CLE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    756682 | PA      | $760688.99    | 0.64%             | 2034-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNA 2023-M4 A2                                                              | CUSIP: 3136BP3K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $96621.87     | 0.08%             | 2032-09-25      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                | WOOF 8.25 02/01/31 144A                                                     | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |    130000 | PA      | $129910.86    | 0.11%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                            | MARS 5.2 03/01/35 144A                                                      | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60593.04     | 0.05%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD0745                                                                   | CUSIP: 3132DMZJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     69613 | PA      | $57319.48     | 0.05%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Jack in the Box Inc.                                                                 | JACK 2019-1A A23                                                            | CUSIP: 466365AC7<br>LEI: 5493002OJW26P0SUUP68 | Long             | ABS-O            | CORP              | US        |    123500 | PA      | $116374.84    | 0.10%             | 2049-08-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                           | OXY 6.45 09/15/36                                                           | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     30000 | PA      | $32073.72     | 0.03%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BS5676                                                                   | CUSIP: 3140LGJW3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $93807.39     | 0.08%             | 2037-05-01      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                            | IRS USD                                                                     | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $14875.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                       | FDX 4.65 03/15/31 144A                                                      | CUSIP: 314352AC9<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49165.49     | 0.04%             | 2031-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines Contingent                                                           | SPIRIT FUNDED ROLL UP TL                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28153 | PA      | $19707.11     | 0.02%             | 2026-07-14      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                            | EUR/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-202.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2014-17 AM                                                              | CUSIP: 38378NWU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      3305 | PA      | $3195.91      | 0.00%             | 2048-06-16      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FR ZT1970                                                                   | CUSIP: 3132AEFK7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13311 | PA      | $13110.01     | 0.01%             | 2033-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 5 04/01/32                                                             | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30270.40     | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.493 01/16/32                                                          | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108182.26    | 0.09%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 AP6338                                                                   | CUSIP: 36189EBF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     69358 | PA      | $66154.15     | 0.06%             | 2045-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 7.75 06/15/31                                                           | CUSIP: 969457BD1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     80000 | PA      | $90627.05     | 0.08%             | 2031-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                                                 | LVS 6 08/15/29                                                              | CUSIP: 517834AK3<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71963.90     | 0.06%             | 2029-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BXMT 2026-FL6 LTD                                                                    | BXMT 2026-FL6 A                                                             | CUSIP: 05620AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    220000 | PA      | $219608.66    | 0.19%             | 2043-08-19      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | FABSJV 5.875 01/25/34                                                       | CUSIP: 350930AA1<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202683.60    | 0.17%             | 2034-01-25      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Energy Partners LP                                                     | KMI 5.5 03/01/44                                                            | CUSIP: 494550BU9<br>LEI: 549300PDHUGWPWGOT525 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9456.44      | 0.01%             | 2044-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INSTAR LEASING III LLC                                                               | INSTR 2021-1A A                                                             | CUSIP: 45783NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85467 | PA      | $81583.76     | 0.07%             | 2054-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 5 05/15/45                                                                | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    140000 | PA      | $141859.38    | 0.12%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5274 IO                                                                 | CUSIP: 3137H9F46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    567377 | PA      | $94871.26     | 0.08%             | 2051-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2012-118 VZ                                                             | CUSIP: 3136A92R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    100750 | PA      | $92381.40     | 0.08%             | 2042-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                          | HUM 3.95 03/15/27                                                           | CUSIP: 444859BF8<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    410000 | PA      | $408293.15    | 0.34%             | 2027-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V2.572 06/03/31                                                           | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    430000 | PA      | $394276.49    | 0.33%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2018-BIOA                                               | BX 2026-VLT9 A                                                              | CUSIP: 05618UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149565.59    | 0.13%             | 2045-03-15      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                                               | MXN/USD FORWARD                                                             | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $72.27        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.592 04/29/31                                                         | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $267987.58    | 0.23%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                             | Cloud Software Group (Citrix/TIBCO) Term Loan B 325 2031-03-01              | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     99749 | PA      | $91669.68     | 0.08%             | 2031-03-21      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA2832                                                                   | CUSIP: 31418CEE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98690 | PA      | $93802.91     | 0.08%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V4.571 04/27/33                                                         | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    180000 | PA      | $176930.56    | 0.15%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2020-123 NI                                                             | CUSIP: 38382HM98<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     61096 | PA      | $9202.43      | 0.01%             | 2050-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                                   | PERU 5.625 11/18/50                                                         | CUSIP: 715638BM3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     50000 | PA      | $47672.50     | 0.04%             | 2050-11-18      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SC0093                                                                   | CUSIP: 3132D9C69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    277783 | PA      | $244414.67    | 0.21%             | 2040-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FG U99124                                                                   | CUSIP: 3132H7D68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    206821 | PA      | $194839.94    | 0.16%             | 2045-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 3.7 02/15/29                                                          | CUSIP: 02079KBJ5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49580.71     | 0.04%             | 2029-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                                                 | RDSALN 2.75 04/06/30 *                                                      | CUSIP: 822905AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $75338.85     | 0.06%             | 2030-04-06      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V4.223 05/01/29                                                          | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    260000 | PA      | $258567.11    | 0.22%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                      | HERTZ 2023-4A A                                                             | CUSIP: 42806MCE7<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    240000 | PA      | $249834.22    | 0.21%             | 2030-03-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SL0789                                                                   | CUSIP: 31427M2X8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    157632 | PA      | $161707.47    | 0.14%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 2.5 06/03/50                                                           | CUSIP: 023135BT2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     90000 | PA      | $52587.48     | 0.04%             | 2050-06-03      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Peer Holding III BV                                                                  | PEER HOLDING III BV                                                         | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |     59398 | PA      | $59352.15     | 0.05%             | 2031-07-01      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, LLC                                                                 | Spirit Airlines, LLC Second DIP New Money Delayed TL                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      1124 | PA      | $1112.87      | 0.00%             | 2026-07-14      | Floating      | 11.68%                | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST 2017-4                                                     | TPMT 2017-4 B2                                                              | CUSIP: 89173UAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $210410.58    | 0.18%             | 2057-06-25      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN CB3044                                                                   | CUSIP: 3140QNL26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    364013 | PA      | $312434.06    | 0.26%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc.                                                                | FCX 4.625 08/01/30                                                          | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29819.52     | 0.03%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                     | NRG 5.75 01/15/34 144A                                                      | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29612.53     | 0.02%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 786095                                                                   | CUSIP: 3622ABUU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     66664 | PA      | $59425.93     | 0.05%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2020-129 IE                                                             | CUSIP: 38382JZK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     59932 | PA      | $8633.14      | 0.01%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | Options on Three-Month SOFR Futures                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              | CORP              | US        |        54 | NC      | $3712.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.125 08/15/46                                                           | CUSIP: 92343VDC5<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39816.29     | 0.03%             | 2046-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BF0191                                                                   | CUSIP: 3140FXF98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28222 | PA      | $26738.83     | 0.02%             | 2057-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                       | WBD 3.755 03/15/27 *                                                        | CUSIP: 55903VBL6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22730.67     | 0.02%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BM4751                                                                   | CUSIP: 3140J9H53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     82219 | PA      | $77616.89     | 0.07%             | 2043-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                                             | RILIN 3.625 01/12/52 144A                                                   | CUSIP: 759470BD8<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    260000 | PA      | $183901.85    | 0.16%             | 2052-01-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DLLMT 2024-1 LLC                                                                     | DLLMT 2024-1A A4                                                            | CUSIP: 23347AAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $263520.76    | 0.22%             | 2032-04-20      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| UBS COMMERCIAL MORTGAGE TRUST 2018-C9                                                | UBSCM 2018-C9 XA                                                            | CUSIP: 90291JAX5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7515219 | PA      | $107759.22    | 0.09%             | 2051-03-17      | Variable      | 0.93%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                                                           | USD/CNH FORWARD                                                             | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2367.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.5 02/15/44                                                              | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $143499.02    | 0.12%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR RB5114                                                                   | CUSIP: 3133KYVF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     65008 | PA      | $56913.15     | 0.05%             | 2041-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                                              | Belron Term Loan B 200 2031-10-01                                           | CUSIP: 08078UAQ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     99002 | PA      | $99088.50     | 0.08%             | 2031-10-16      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| PARK BLUE CLO 2022-II LTD/LLC                                                        | PKBLU 2022-2A A1R                                                           | CUSIP: 70018CAQ9<br>LEI: 2138008W8XU9WO8BZO09 | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $510705.48    | 0.43%             | 2037-07-20      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                          | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -36 | NC      | $110125.39    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                                                           | NKE 3.25 03/27/40                                                           | CUSIP: 654106AL7<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |     40000 | PA      | $31492.01     | 0.03%             | 2040-03-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.3 04/01/44                                                             | CUSIP: 86765BAP4<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |     10000 | PA      | $8970.45      | 0.01%             | 2044-04-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch Companies LLC / Anheuser-Busch InBev Worldwide Inc                    | ABIBB 4.9 02/01/46 *                                                        | CUSIP: 03522AAJ9<br>LEI: 5493002J2SVENP0PVK27 | Long             | DBT              | CORP              | US        |     75000 | PA      | $67630.62     | 0.06%             | 2046-02-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ABRY LIQUID CREDIT CLO 2025-2 LTD                                                    | ALC 2025-2A A1                                                              | CUSIP: 003943AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    190000 | PA      | $189506.23    | 0.16%             | 2038-01-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.2 03/15/28                                                           | CUSIP: 161175BK9<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218158.95    | 0.18%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| SHELL FINANCE US INC                                                                 | RDSALN 4.375 05/11/45 *                                                     | CUSIP: 822905AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $25530.23     | 0.02%             | 2045-05-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                    | PNC V5.582 06/12/29                                                         | CUSIP: 693475BR5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122985.89    | 0.10%             | 2029-06-12      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 3.969 11/01/47                                                        | CUSIP: 20030NCC3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     80000 | PA      | $58931.53     | 0.05%             | 2047-11-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.625 05/15/54                                                            | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    430000 | PA      | $410112.50    | 0.35%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Cameron LNG LLC                                                                      | CAMLNG 3.302 01/15/35 144A                                                  | CUSIP: 133434AB6<br>LEI: 549300C39FLHGVD73K22 | Long             | DBT              | CORP              | US        |    160000 | PA      | $139227.79    | 0.12%             | 2035-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust Commercial Mortgage Pass Through Certificates 2021-Ova              | SLG 2021-OVA A                                                              | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    337000 | PA      | $300081.52    | 0.25%             | 2041-07-17      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                                                         | CVX 3.078 05/11/50                                                          | CUSIP: 166764CA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $6741.48      | 0.01%             | 2050-05-11      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                      | LLY 5.1 02/09/64                                                            | CUSIP: 532457CN6<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90032.39     | 0.08%             | 2064-02-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 5.55 08/15/41                                                             | CUSIP: 00206RBA9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9686.72      | 0.01%             | 2041-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                           | LHX 4.854 04/27/35                                                          | CUSIP: 413875AS4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39260.12     | 0.03%             | 2035-04-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UBS AG LONDON BRANCH                                                                 | UBS 4.5 06/26/48                                                            | CUSIP: 902674A26<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $167063.13    | 0.14%             | 2048-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                            | VNOM 5.7 08/01/35                                                           | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50420.25     | 0.04%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 3.875 08/22/37                                                         | CUSIP: 023135BF2<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     80000 | PA      | $72036.83     | 0.06%             | 2037-08-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                      | SOLV 5.45 03/13/31                                                          | CUSIP: 83444MAQ4<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102623.57    | 0.09%             | 2031-03-13      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP TRUST 2024-70P                                           | GSMS 2024-70P E                                                             | CUSIP: 36269JAL2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $388520.93    | 0.33%             | 2041-03-12      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| Paraguay (Republic of)                                                               | PARGUY 3.849 06/28/33 REGS                                                  | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |    320000 | PA      | $297040.00    | 0.25%             | 2033-06-28      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                    | INTC 4.75 03/25/50                                                          | CUSIP: 458140BM1<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     70000 | PA      | $56675.06     | 0.05%             | 2050-03-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | GNR 2022-99 JW                                                              | CUSIP: 38383R7N1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    100000 | PA      | $84580.03     | 0.07%             | 2052-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Legg Mason Partners Variable Income Trust

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer